Property Purchase Process in Northen Cyprus
The process of buying property in Northern Cyprus is quite simple, particularly due to the legal system being the same to that of the U.K.. All legal documents are in English, and there is a wide variety of reputable Northen Cyprus solicitors who are bilingual in English and Turkish. Once Buyer decides on the property of choice – the purchase can be completed in as little as 24 hours depending on availability of solicitor.
Northen Cyprus Solicitors
It is necessary when buying property in the TRNC to hire a local Northern Cyprus solicitor. He or she will be responsible for informing you of and providing you with all documents relating to taxes, applications, processes from the time of sale through the transfer of title deed of your property. Your Northern Cyprus solicitor will also be responsible for processing your permissions to purchase as a foreigner through the appropriate governmental offices, and will follow your applications to ensure completion. Most Northen Cyprus solicitors are accessible via email, fax and phone to ensure constant communication during the process of buying you property when you are abroad. Hence, a property purchase can be done from abroad, with the guidance of your solicitor as Power of Attorney.
Steps to Buying Property in Northern Cyprus
(1) Reserve the Northern Cyprus property:
Once you have chosen the property in North Cyprus you wish to buy it is necessary to secure the property and have it taken off of the market for you. To do this, the Buyer pays 1000 – 2000 GBP to reserve. If reserving North Cyprus property from abroad, it is necessary to complete a wire transfer of the funds, as foreign cheques take 28 days to clear. If the Property Buyer is present in North Cyprus, it is possible to pay via credit card (all cards except American Express are accepted) or cash. This is the most important step in buying a property in Northern Cyprus in this fast paced market, as you can immediately secure the property of choice by paying the reservation deposit which typically holds the property in TRNC for up to 2 weeks allowing time for contracts to be drawn up, agreed upon and signed.
(2) Hire a solicitor:
As mentioned above, it is necessary to hire a North Cyprus solicitor to buy property in Northern Cyprus. There are many reputable solicitors, including those recommended by the British Residents Association here in Northern Cyprus. The solicitor’s role is to advise you, provide checks on the company you are buying from, to apply for your permissions to buy a property in the Turkish Republic of Northern Cyprus as a foreigner, act as your Power of Attorney in your absence, confirm title deeds and all governmental documentation and ensure a proper Contract of Sale is made between Buyer and Seller that is in your best interest.
(3) Sign Contract of Property Sale:
Often times the Development Group has a standard contract for your solicitor to review and ensure all is in your best interest, and negotiate any clauses necessary to protect your interests. A Contract should include the agreement between the Seller and Buyer, including property details, specifications of property, Site Plan of property, governmental site plan of the North Cyprus land, official title deed, floor plans, payment schedule, and completion times. Signing occurs once both Buyer and Seller agree on the terms in Contract of Sale. If you are in Northern Cyprus, the signing can take place at your solicitors office, or, if you are abroad, your solicitor who has Power of Attorney can send you the contract via fax or email for your final approval, and sign on your behalf. You should receive a final signed copy for your records.
(4) Paying for your Northern Cyprus property:
As the payment schedule is recorded in the Contract of property sale, both Buyer and Seller are expected to follow the procedure outlined by dates specified in the contract. Payments are made via wire transfer or in cash. Typically the down-payment is due within 2 weeks of reserving a Northen Cyprus property, and the reservation deposit already paid can be deducted from this amount due.