New amendment regarding the title deed and real estate appraisal

New amendment regarding the title deed and real estate appraisal

• A new stage begins regarding the title deed, there is a new regulation coming for those who intend to buy and sell houses and lands, and the title deed evaluation process begins, a plan for real estate dues has been published in the presidential program for 2023, and according to the system, the evaluation will determine the sale price of the property. So what is the appraisal obligation in the title deed? Here are all the details…

• Valuation has become mandatory in the title deed, according to the regulation, a new system will be introduced to determine the value of buying and selling real estate, from now on the valuation will select the sale price of the property, with the publication of planning related to real estate receivables in the presidential program for 2023, it is now expected that the transactions of buying and selling real estate will appear transparently with the commitment to evaluate in the title deed.

• Lawyer Ali Güvenç Kiraz, president of the Real Estate Law Association, who made statements to CNN Türk on the subject, stressed that if the obligation to evaluate the title deed becomes law and becomes legislation there will be a system that protects the citizen.

Works have started for the new phase in the title deed departments

• Noting that there is a perception in public opinion that ‘the obligation has been applied’, lawyer Ali Güvenç Kiraz, president of the Real Estate Law Association, said that the regulation is planning and that legal legislation has begun work on it.

How will the appraisal obligation be applied in the title deed?

• In the new system, the SPK-licensed valuation firm will issue an evaluation report, this appraisal report will now be the base number on which the value to be declared will be based and the value below this figure will not be declared.

How will title deed fees be affected? Will income tax increase?

• Suppose the property’s value is specified as 5 million liras in the appraisal report.
• In that case, the title deed fee will be paid in addition and the difference between 1 million and 5 million liras will be collected by the Ministry of Finance as the basic value of income tax.

The purpose of the system is to prevent tax loss

• According to real estate experts, the new regulation aims to prevent tax loss and to ensure transparent sales.

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