A precedent-setting decision has been announced for the title deed fee, an important expense when buying and selling property in the real estate market. Now, applications for title deed fee refunds have begun. Here’s what you need to know about this process…
Application Process For Title Deed Fee Refunds Has Started
In recent times, rising property prices have driven taxes and expenses for those looking to buy and sell homes to record levels. The title deed fee, in particular, has significantly strained buyers’ and sellers’ budgets. However, it has emerged that many people have been paying unnecessary title deed fee despite being eligible for exemptions.
To encourage urban transformation projects aimed at combating Turkey’s significant earthquake risk, exemptions from title deed fee were granted to those buying homes from these projects and those carrying out the projects. Unfortunately, millions of people made payments without being aware of this exemption right.
How To Apply For Title Deed Fee Refunds
In a statement, Ali Güvenç Kiraz, President of the Real Estate Law Association, noted that those who bought homes on or after July 25, 2014, could receive title deed fee refunds. However, to qualify for this refund, the home must have been purchased as part of an urban transformation project.
For properties constructed under the Law No. 6306 on the Transformation of Areas Under Disaster Risk, the title deed fee exemption applies, but there is a statute of limitations. If it has been less than five years since you paid the title deed fee, you can apply for a refund. To apply, visit the title deed office where the payment was made or apply through the Revenue Administration.
Title deed offices will accept applications within the first 30 days following the payment of the title deed fee. If this period has expired, applications must be made through the Revenue Administration.
Summary;
– Application Date: On or after July 25, 2014
– Conditions: The property must have been purchased as part of an urban transformation Project
– Statute of Limitations : It must be less than five years since the title deed fee payment
– Application Locations : Title deed office or Revenue Administration
Check if you have an exemption right for the title deed fee you paid when buying or selling a home, and if you made an unnecessary payment, apply for a refund without delay.
