Buying Procedures In T.R.N.C.
Often when a person buying any property abroad can be a daunting process, with the prospect of unfamiliar markets, plus complex legal paperwork in a language you may not understand.Fortunately, buying a property in North Cyprus is very similar to buying a property like in the United Kingdom.
All legal documents and paperwork such ”title deeds” are in English. The solicitors and common languages used is Turkish and English, and the legal system is based on the English model. Given the right circumstances, to get your property in just one single day.
Some Steps To Follow:
(1.) Identify your favourite property
Once you have found your ideal property in North Cyprus, a simple deposit will secure it for you, and ensure the property is taken off the open market. You can pay by cash or credit card whilst in Northern Cyprus, or pay a deposit via wire transfer. A cheque can take up to 28 days to clear through the banking system. A typical deposit is at least 10% of the final price. Non-nationals require a purchase permit from the government in order to buy property in North Cyprus, and such permits may take 4-12 months to come through, but this doesn’t discourage a person to go ahead with other processes.
(2.) Find a local Solicitor
The easiest way to get your permission or permit is to engage a local notary or solicitor, but the solicitor is the best choice. Most solicitors on the island are bilingual which means are fluent in both Turkish and English. If you are interested in purchasing off-plan property, then you should consider engaging an independent solicitor who is not connected with the developer in any way.
Your local solicitor will now look after your interests throughout the purchasing process, including checking on the credibility of the company or individual you are buying from. The local solicitor can organize your permits required to buy a property if you are non-national, and confirm the status of the title deeds. In addition, the solicitor will also deal with all government paperwork and also draw up the contracts, in English. The government will also assess the transfer fees due on the property based on its value.
You might wish to do the process through Attorney so that he can proceed with the purchase even if you are not present in Northern Cyprus, and also can sign the contract on your behalf after you have approved.
(3.) The property’s contract
Any contract should be properly examined and read; after all, you want it to work in your favour as the purchaser! Many Northern Cyprus property developers have standard contracts, which your solicitor should check to ensure that any clauses contrary to your interests are re-negotiated. A contract should include:
- Full property details.
- Full property specifications, including floor plans for new build properties.
- Official site plan (Government approved) plus any provided by the developer or seller.
- Correct and valid title deeds.
- Payment and completion dates schedules.
Once the contract has been examined and both parties agree, the contract can be signed. If your solicitor has Power of Attorney, he can sign for you in your absence, once you have read and approved the faxed or emailed copy of the final contract. Your solicitor will also send you a copy of the final signed contract.
(4.) Final payment
Final payment on a freehold property is termed complete after the receipt of the purchase permit. Again, the safest method of payment is via wire transfer, and on receipt, the title deeds are signed into your name by the seller. If you are buying a property off-plan, the payments are usually made on completion of specific works, with the final payment securing the title deeds and handing over the keys to you.
(5.) Moving into your new (Villa or Apartment)
Congratulation you have brought your property and ready to move in and enjoy the tropical sunny weather in North Cyprus!