Title deeds in Northern Cyprus, like in many regions, play a crucial role in property ownership. Understanding the different types of title deeds is essential for anyone considering real estate transactions or investments in this region. There are three types of title deeds commonly found in Northern Cyprus:
Exchange Title Deeds (Eşdeğer Koçanı): These title deeds originate from land exchanges that occurred after the political division of Cyprus in 1974. The properties exchanged were often given to those who had to leave their homes due to the division. Land allocation followed Law 41/1977’s criteria.
Turkish Title Deeds (Türk Koçanı): These deeds pertain to properties in Northern Cyprus that were previously owned by Turkish Cypriots before 1974. Citizens of modern TRNC who possess pre-1974 title deeds have been issued new documents labeled as “Turkish Title.” Meanwhile, other residents of Northern Cyprus have received land allotments as compensation for war-related damages or as assistance from the government of the Turkish Federative State of Cyprus.
Designated Title (Tahsis Koçanı): The designation title deed is the type of title deed issued for the real estate given by the state to those who came from Turkey and settled on the island after the 1974 Cyprus Peace Operation. In other words, the guarantee of the title deed is the Turkish Republic of Northern Cyprus.
Permission to Purchase (PTP)
Non-Cypriots are required to obtain a Permission to Purchase document from the Council of Ministers to buy property in Northern Cyprus. This document is necessary and precedes the transfer of property ownership. Once obtained, it allows the buyer to apply for the title deed transfer.
Each type of title deed comes with its own set of advantages and considerations. Potential buyers or investors must conduct thorough due diligence and seek legal advice to understand the implications of each type of deed before making any property transactions. Factors such as resale potential, ease of obtaining financing, and legal implications should be carefully evaluated.
When purchasing property in Northern Cyprus, it’s advisable to work with reputable real estate agents and legal professionals who specialize in property law in the region. They can guide buyers through the complexities of the different types of title deeds and ensure that transactions comply with local regulations and laws.
Ultimately, understanding the nuances of the various types of title deeds in Northern Cyprus is vital for making informed decisions in real estate transactions, safeguarding one’s investment, and ensuring a smooth property ownership process.
At The Wechsel Real Estate, we assist to our customers in getting the title deeds.
