The procedure of buying a property in North Cyprus is not as complicated as it seems, in fact it is open and simple. Foreign citizens have the right to acquire any desired property in North Cyprus and there are no limitations whether buying land, villa, apartment, commercial or Investment property. In the process of Buying Property in North Cyprus, it is important to however, get acquainted with the property laws of North Cyprus as well as getting in contact with a good Lawyer, whose primary interest will be to protect your rights as a purchaser of property, prior to obtaining one. In this case the entire process of acquiring a North Cyprus property (from arriving and choosing Real Estate to the registration of the Contract), will not take too much time and will not be too difficult.
By purchasing Real Estate in North Cyprus you are becoming the rightful owner of the property in Cyprus and by doing so, you have rights to administer, in any way you wish: rent it, sell it, use it in your will, etc. The most important step on the way is to choose the right property. A property that will meet your demands and goals. A property with the documents in accordance to North Cyprus laws, rules and regulations, regardless of what Real Estate you have chosen. The first STEP is to agree on the price, payment terms, fill the reservation form to take the property off the market, pay the agreed deposit, which is usually not more than £1000-2000. In a preliminary (reservation) treaty are described conditions of sale, the price of the object, possible credit and payment plans, and so on.
After preliminary agreeing on price and terms of the property buying, the next STEP of the Buying Process is to select a lawyer who will deal with the contract, the verification of all property documents, registration and payment of taxes and necessary fees on your behalf. A Power of Attorney for the Lawyer you have chosen, gives him the right to continue with the whole Process of Buying the property on your behalf. The lawyer will verify property's documents for their legality, legitimacy, absence of loans, mortgages; draws up a contract between the buyer and seller (the contracts that can be made in English, Russian, and or Turkish), and provides the contract to the buyer for careful study, making any amendments or adding additional requirements, if required. After registration of the general power of attorney, it is not essential for the buyer to be in the TRNC, the whole process of signing the contract can occur via the Internet or mail. After signing a recorded contract and in accordance with its terms, the payment of Real Estate occurs. In most cases, all payments are made through a lawyer. Our North Cyprus Real Estate agency offers you a number of reputable Lawyers in Northern Cyprus , with which you may you wish to consult on the purchase of property in Cyprus. You can obtain a residence permit in Northern Cyprus after registration of the Contract.
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The buyer takes possession of the property after receiving the keys. At this stage, the new property owner must pay for connection fees of all utilities (electricity and water) and property taxes (5%). However, the lawyer's job is still not complete. The lawyer, on behalf of the buyer, applies to the Council of Ministers to transfer the property into full ownership of the new purchaser, upon which the title deeds are received and the VAT is paid (3%).