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Real Estate Fraud: Transferring the Money

Date Published:

June 8, 2017

Last Updated:

January 26, 2023

In order to complete the real estate ownership procedures in Turkey safely and securely, you need to open a bank account to pay the value of the property to the seller, whether it is an individual or a construction company. But have you thought about the fraudulent move that some people take when transferring money?! In the following article, presented by Turkey Dream Apartment Kamiran, we will explain cases of real estate fraud related to money transfer in Turkey and how to avoid it.

What is the importance of having a bank account in the process of buying a property in Turkey?
Opening a bank account in a Turkish bank is one of the procedures followed to facilitate obtaining the title deed of the property and completing the sale procedures. The Department of Land Registry and Property Registration adopts bank transfer as the safest and most reliable payment method for obtaining the property. It is also considered essential in cases of ownership to obtain citizenship if it is necessary. From the presence of bank payment receipts to be submitted in the application for obtaining Turkish citizenship.
There is no doubt that buying through a bank money transfer carries many benefits for all parties, as there is no need to provide a safe place to save money, either before or after payment, and differences in money counting, allegations of fraud, and other issues related to cash payment do not appear, but on the other party Real estate fraud can occur in the bank payment method through the existence of a discrepancy between the real owner of the property and the party that received the money.
So, how can we be sure that the owner of the apartment is the same as the owner of the account to which the money is sent?
This can be confirmed by referring to the title deed document of the property to be purchased, and we have noted in a previous article the importance of the buyer obtaining the original title deed information from the entity that owns it. Where there is a field in the title deed for the name of the owner of the property, and when reviewing the name in this field, it must exactly match the name of the recipient in the name of the bank description of the account to which the value of the property will be sent, and any difference between the two names may cost the investor significant material and moral losses as a result for this type of fraud.
However, it is important to know that most of the electronic systems used by the bank to transfer and send money often contain a field specifying the purpose behind sending money or indicating the reason for the financial movement, and the data mentioned in the description field is considered a legal argument that the investor may benefit from by filing a lawsuit to recover the money .
In the event that the property is owned by more than one party, i.e. there are several partners who own the property to be purchased, the entity responsible for selling the property must clarify this and inform the buying party of the details of the necessary transfers so as to ensure that no fraud occurs by sending the value of the apartment to one of the partners only, which makes him face a problem with the rest of the parties.
If you make sure that the name of the owner of the property in the title deed and in the bank description is exactly the same, then you can transfer the amount while you are assured and be completely sure that the amount will reach the required destination.
Our advice to you from Kamiran Company is to always deal with trusted entities, as dealing with well-known real estate companies ensures that you avoid falling victim to real estate fraud in general and fraud about money transfer in particular. Where Turkey Dream Apartment - Kamiran, checks all the papers and documents necessary to conduct a completely valid sale process. As a result of its long experience in the market, the company deals only with reputable construction companies that adhere to Turkish legal standards. The company's team also provides all the legal and investment advice necessary to preserve the investor's right and receive his agreed-upon property without being subjected to deception and fraud that may appear in the Turkish real estate market.

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