Purchasing property in Northern Cyprus can be a rewarding investment, but it’s crucial to be well-informed and diligent throughout the process to ensure a successful and hassle-free transaction.
- Research and Planning:
Understand the Northern Cyprus property market, including locations, property types, prices, and legal requirements.
Determine your budget, preferred property type, and location preferences.
- Legal Assistance:
Hire a reputable lawyer specializing in property law in Northern Cyprus. Your lawyer will handle due diligence, title deed checks, and guide you through the legal process.
- Property Selection:
Visit various properties that match your criteria.
Assess the condition of the property and its surroundings.
- Negotiation and Offer:
Negotiate the price with the seller or the real estate agent. Once both parties agree, make a written offer with the help of your lawyer.
- Sale Agreement and Deposit:
-Get familiar with the sales agreement. The customer will be given one month to sign the sales agreement and to pay the first required installment.
-The deposit amount depends on the construction company rules, however usually varies between 1000-5000 GBP. The deposit amount is non-refundable, in case the customer changes their mind.
– The construction company will provide the installment plan based on the terms and conditions outlined in the contract.
- Title Deed Check:
Your lawyer or real estate agent will conduct thorough checks to ensure the property has a clean title deed and is free from any legal issues or encumbrances.
The title deeds are acquired based on the completion of the project (should be announced by the construction company once the title deeds are ready) or at once if the title deed is already ready.
Apply for the transfer of the title deed in your name at the Land Registry Office.
Once approved, pay the relevant fees and taxes to complete the transfer.
Taxes and Fees Involved in Property Purchase:
- Purchase Tax:
Generally, ranges from 6% to 12% of the property’s value, depending on the purchase price and the type of property. Is it necessary to register the property at the tax office and land office.
- Stamp Duty:
Approximately 0.5% of the property’s value.
- VAT (Value Added Tax):
Currently is set at 5%.
- Utility connection fee:
1500-2000 GBP
Final Notes:
Ensure to have a comprehensive understanding of all the costs involved in purchasing a property in Northern Cyprus.
Work closely with a reputable lawyer and real estate agent to navigate the legal procedures and negotiations smoothly.
Please contact us for any further assistance.
