Buyer's
Guide
It is not at all difficult to buy
your dream villa in North Cyprus, in
fact, the hardest part will be selecting
a property from our extensive portfolio!
However, there are a number of lengthy
in-depth checks carried out by the
Ministry of Interior, mainly to determine
that the property titles are free from
encumbrances, this of course, is of
benefit to you, the purchaser.
So what is the process for buying
a freehold property?
- Decide on a property and agree
a price.
- Contracts will then be drawn up
by a solicitor, setting out the terms
of sale: price, timescale, purchaser
and vendor details and any other
relevant conditions including the
payment plan for new-build properties.
- Signing of contracts by vendor
and purchaser.
- Purchaser provides an agreed deposit.
- Solicitor applies for your purchase
permit from the Council of Ministers.
- Once the purchase permit has been
issued, the remaining balance is
due from the purchaser.
- The vendor will then sign the title
deed into the name of the purchaser,
stamp duty will be paid and this
is known as transfer of title deeds.
THIS COMPLETES THE SALE
The process to purchase a property in Northern Cyprus will be entirely
dependant on the tenure of the property you decide is right for you.
As you may be aware there
are 4 types of Title Deeds
- 'Foreign Title', English,
German etc, 'Original Foreign'
pre 1974, 'Turkish Title',
Turkish prior to 1974 and 'TRNC
Title', previously Greek owned
prior to 1974. There are also
leasehold properties - owned
by the Ministry of Tourism,
who grant long-term leases
of 49 years.
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To purchase a Freehold
title property, there are a number
of checks carried out by the Ministry
of Interior. This will inevitably
mean the sale will take approximately
3-12 months to be completed. |
The process for buying any
freehold property is as follows:
1. Secure property and agree price.
2. Contract drawn up by solicitor, setting down the terms of sale, i.e. price,
timescale,
vendor, purchaser and any special conditions.
3. Vendor and purchaser sign.
4. Purchaser provides 10-20% deposit.
5. Solicitor applies for a Purchase Permit from the Council of Ministers.
6. As soon as purchase permit is received, remaining balance (stage payments)
due from purchaser.
7. Purchaser pays balance and vendor signs title deed into name of purchaser.
8. Sale completed.
The costs involved are as follows:
Solicitors cost, including; drawing up of contract, power of attorney, purchase
permit application and seeing sale through to completion approximately £1,000
Process for buying a leasehold
property is as follows:
The process to purchase is much the same as freehold purchases, however, instead
of an application going to the Ministry of Interior, you must apply either
directly or via a solicitor to the Ministry of Tourism, who grant the lease.
At the time of application a deposit
of 15-30% must be paid and held on
behalf of the vendor. Once application
is accepted the sale can proceed to
a completion at a convenient time for
vendor and purchaser and then the lease
is transferred into name of the buyer.
1- Secure property and price.
2- Contract drawn up by solicitor agreeing terms & conditions.
3- Vendor & purchaser sign.
4- Vendor applies to Tourism Office to transfer lease.
5- Purchaser applies to take over lease. (May include personal interview)
6- Once Purchaser application is approved, 15-30% deposit transferred.
7- On completion, remaining balance paid over to vendor and lease transferred.
8- Sale completed.
Continue..
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