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The Property Buying Process in Northern Cyprus

Buy North Cyprus Property with Kornia Estate Agency, North Cyprus Premiere Estate AgentIf you are buying a North Cyprus property right now, then it is safe to say that you are at the right place at the right time, before the expected return to higher property prices.

Once you have chosen your property with Korinia Estate Agency, North Cyprus estate agents, the purchase procedure is simple. Once you agree on a price, secure your chosen North Cyprus property with a small deposit. A contract is then drawn up by your solicitor, setting down the terms of sale, i.e. price, payment terms, timescale, vendor, purchaser and any extra requirements. The vendor of the North Cyprus property and you as the purchaser will then sign the contract which is registered and stamped – if there is any mortgage or legal impediment then it is at this point that it will show up and the contract will not be able to be registered. In some cases where a third party has the actual title deed for the property in their name, then they will have to sign too, or a 2nd contract is made between the purchaser and title deed holder. The property buyer then pays the agreed deposit to the vendor. Your solicitor applies for your Purchase Permit from the TRNC Council of Ministers. The property vendor will then transfer the title deeds into your name and this is when your taxes are payable. The sale of the North Cyprus property is then complete.

If you haven’t appointed one already, Korinia Estate Agency can introduce you to experienced, qualified solicitors with whom you can consult your purchase of your properties in Northern Cyprus. It should be noted that according to Property Purchase Law and the related regulations of the Turkish Republic of Northern Cyprus, non TRNC citizens can only purchase up to 5 donums of land (one donum of land is approximately 1/3 of an acre) with one property in North Cyprus. However there is no limit to the amount of property and land in North Cyprus that can be purchased by a local TRNC company.

The terms of payment depend upon the property you buy. Re-sale North Cyprus properties are usually paid fully on the exchange of the contracts and subsequent contract registration, however, paying a reservation deposit to is advisable, which takes the property off the market until the title deeds are checked and the contracts exchanged.

For further information, please also see our Buyers Guide page or Contact us and we will be happy to answer any questions.

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