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BUYER'S GUIDE
 


You have seen and liked North Cyprus and the properties offered in North Cyprus, and you are now ready to buy... Please read below carefully and get information on all the details of buying in North Cyprus. But first, make sure:
1. Make sure infrastructure (electricity, water and others) are present.
2. Make sure building permits are obtained and plans are all approved by Council of Engineers and Architects.
3. Make sure land ownership is with the construction company or its directors.
4. Make sure construction is of top quality and feedback is regulary given from the company to the buyers.
5. Ask the seller about the ownership of the properties and make sure they are internationally recognized titles. It is safe to buy Turkish Titles or Esdeger Titles as explained here. We, as New Clouds pride ourselves in selling properties which will not be trouble makers for the buyers.


Buying Process in Northern Cyprus
   
Types of title deed in North Cyprus
The process for buying a freehold property
Buying from a foreigner
Process for buying a leasehold property
The typical costs of buying North Cyprus
   
The timescale for purchase will to a large degree depend upon the type of title that exists.
Buying a Turkish or TRNC (Turkish Republic of Northern Cyprus) title property will require a number of checks to be carried out by the Ministry of Interior, and therefore this type of purchase will take approximately 4-8 months to complete.

There are a number of types of title deed in North Cyprus:
a) Foreign ownership pre-1974: For example British, with title deed. Northern Cyprus property in this category provides the quickest route to purchase as there is no requirement for Council of Ministers approval. There are very limited number of these properties in North Cyprus, and usually the owners will not be willing to sell.

b) Turkish Cypriot owned pre-1974: Before the Northern Cyprus property can be registered in your name, an application must be made to the Council of Ministers for approval. The procedure for obtaining approval can take up to 6 months to a year.

c) Esdeger Properties... Land or property, originally owned by a Greek Cypriot prior to 1974, with title deeds issued by the TRNC (Turkish Republic of Northern Cyprus) Government on a points basis in compensation for land given up in the South. The owner of such a title deed is allowed to sell to foreigners. It seems unlikely in any settlement of the dispute between the North and South, that anyone who has been so compensated through Government issue of such a title deed, or indeed any subsequent purchaser of such title, will loose the value of such issue or purchase. We consider almost all such purchases very safe and we can advise you further on the purchase of this type of title. The points system is also known as 'Esdeger' and it means 'Equivalent' in Turkish language. In other words, these properties have been given by the Turkish Cypriot administration in exchange for the properties abandoned by the in the South. The famous Annan Plan also gives international recognition to these properties.

d) Greek Cypriot pre-1974: Land or property, where there are no title deeds. Some people offer for sale, such properties without registered deeds for relatively small amounts of money. We advise against such purchases. Please consult your legal partner before making such purchases.

e) Contractual or "cases pending" land or property: These are properties where title deeds were never issued, due to delays at the time of the division of the island in 1974. Following the formation of a Turkish Cypriot Government, a statement was issued that all foreign land and property ownership, once registered, would be respected. This has been done and the first cases have been to court, and as long as the owner can substantiate his original payment for the property, then deeds are issued and are safe to purchase. Purchase before formal issue of deeds needs should be cautioned and subject to legal advice.

f) Lease from Government: It is also possible to lease land or property from the Government. These are usually derelict houses, which the Government will lease out for periods up to 49 years to foreigners who renovate the property at their own expense, and who pay a nominal ground rent for the lease period.

The process for buying a freehold property is as follows:
1. Decide the best property for you and agree price.
2. Contract is drawn up and reviewed by solicitor. This will set down the terms of sale, i.e. price, timescale, vendor, purchaser, and any special conditions.
3. All relevant paperwork to be signed by vendor and purchaser.
4. Purchaser provides deposit.
5. Solicitor applies for a Purchase Permit from the Council of Ministers, (takes 6 to 8 months).
6. Payments are paid to vendor as per the contract of sale.
7. As soon as purchase permit is received, remaining balance due from purchaser.
8. Purchaser pays balance and Vendor signs title deed into name of purchaser.
9. Sale completed.

Buying from a foreigner (i.e. English, German etc.)
The checks have already been carried out by ministry and therefore the process will be a lot simpler and quicker.
1. Decide the best property for you and agree price.
2. Solicitor prepares contract as before and sets timescale.
3. Vendor and purchaser sign contract.
4. Purchaser pays full amount, unless a delayed completion is agreed in which case purchaser pays a 10% deposit and remaining balance on completion.
5. Title transferred to purchaser's name.
6. Sale completed.

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 will grant the leases.
At the time of application a deposit of 10% must be paid and held on behalf of the Vendor. Once the application is accepted, the sale can proceed to completion at a convenient time for both vendor and purchaser. At this stage the lease will be transferred into name of the buyer.

1.
Decide the best property for you and agree 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, 10% deposit transferred.
7. On completion, remaining balance paid over to vendor and lease transferred.
8. Sale completed.

The typical costs of buying North Cyprus property:
1. Purchase permit application, e.g. TRNC (Turkish Republic of Northern Cyprus) or original Turkish title = 1000.
2. Contract of transfer - e.g. Foreign title = 600.
3. Stamp Duty = 6% of valuation levied by Land Registry. 1% Municipality Tax on 6% Stamp Duty.
NOTES:
1. When buying Turkish Title or TRNC (Turkish Republic of Northern Cyprus) Title foreigners are restricted to 1 Donum of land.
Deposits can be higher than 10% dependant on stage of build.

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