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Featured North Cyprus property in Kyrenia/Girne
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Kyrenia/Girne £59,950

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The Property Buying Process In Northern Cyprus

The normal buying process for overseas buyers is outlined as follows:

  • After you have decided on which property you would to purchase, we must agree on the sale price and any additional terms with the vendor.
  • The buyer pays a £1000 ‘holding deposit’ as security, to show the vendor that you are happy to proceed and so that the property can be withdrawn from the market. This deposit is held by Korinia Estate Agency and not paid to the vendor until later when the sale contract is signed and registered – and it is only refundable if some impediment arises on the seller’s side emerges which prevents the sale from proceeding.
  • Your solicitor will check the property title deeds and any relevant building paperwork to ensure that all is in order.  They will also check that all the annual property tax and utility bills are all paid up to date and prepare the sale contract and conduct a ‘search’ at the land registry office to ensure that there is no mortgage or other encumbrance on the property.
  • When the sale contract is agreed and signed by both parties, your funds for the sale (minus the holding deposit) must be lodged with either your or the sellers’ solicitor.
  • 0.5% Stamp Duty must then be paid and your solicitor will then register the contract with the government, so that there is an official record of your purchase on file.  Contract registration gives buyers security during the interim period whilst their title deeds are being processed, so that the current title deed holder cannot use the property as an asset to borrow from banks or make any claim on the property whilst you wait for your new deeds to be issued.
  • At the same time that contract registration is complete, your funds are released to the seller and you may then receive the keys and take possession of your new property! As a guide, the time taken from when a holding deposit is paid until contract registration is usually around 4 to 8 weeks.
  • Once the contract is registered, your solicitor will then handle your application for permission to purchase the property (this is only for non TRNC citizens).  The only known reasons that people are refused purchase permission are if they have a criminal record, or if the property that they are buying overlooks a military installation.
  • When your permission to purchase is granted, you must pay 6% purchase tax and your solicitor can then apply for your new title deed to be issued.  For new sales, from signing contracts until issuing of the deeds is currently taking 10 to 18 months.

Power of Attorney

If you cannot be present in North Cyprus to sign the sale contract or any other documentation, then it is best if you can sign a Power of Attorney document in the presence of a Notary, giving your solicitor or trustee authority to sign with your permission, on your behalf.

All Power Of Attorney papers must be written in Turkish, although most solicitors in the Kyrenia area will be able to provide you with a translated copy.

Payments

Resale Properties

As mortgages for overseas buyers are not available in North Cyprus, property sales are almost always paid for with a single ‘cash’ payment. Payments are generally made via bank transfer using a North Cyprus solicitor as an intermediary, so a briefcase full of money won’t be necessary!

Longer term payments

Very occasionally, a property vendor may agree to receiving payments for their property spread over an agreed period of time. In most such cases, the vendor is advised to give the buyer full possession of the property only after the property has been paid for in full.

Off-plan (new build) property payments

Korinia Estate Agency care about the buyers and the buy propertiesOff-plan properties usually come with a basic payment plan from the developer which can often be altered by negotiation before being included in the contract of sale.

We advise that the payments be written into the sale contract so that they are only payable after each stage of construction is finished, i.e. ‘’Upon completion of the concrete foundations, £10,000 to be paid within 14 days’’. If you are not able to oversea the construction progress yourself at these important stages, Korinia Estate Agency will take photographs of the progress and send them via email for approval before clients make the next payment.

Sometimes developers will request payments on a simple monthly schedule North Cyprus estate agent or the buyers solicitor shows the buyers propertywhich some buyers prefer, however, we advise that payments be made by the construction stage for our customers security and peace of mind that the work is commencing to schedule. A final payment is always with-held by the buyer until the property has been personally inspected and any ‘snags’ dealt with.

A date for completion of the construction is always included in the contract of sale (usually 12 to 18 months from start to finish) and often includes a 2 to 4 months ‘grace period’ to cover any delays in the construction not controllable by the developer, after which time there is often a penalty payable by the developer for each month that completion is late, this penalty is usually subtracted from the final payment that the buyer is with-holding.

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