As the legal system in North Cyprus is the same as that of the UK, the whole process of buying properties in North Cyprus is fairly simple. All legal documents are in English, and there is a wide range of highly regarded solicitors in North Cyprus who are bilingual in English and Turkish. Once the purchaser has decided on the property they would like to go ahead with, then the property purchase can be completed in a very short period of time.
Hire a Solicitor : It’s crucial to hire a North Cyprus-based solicitor to guide you through the property purchase. The solicitor handles various tasks, such as advising you, making payments to the Developer, obtaining government permissions, and ensuring the proper contract of sale is created. Solicitor fees typically range from 1500 to 2000 GBP.
Sign Contract : Your solicitor creates a contract of sale detailing property specifications, plans, price, payment terms, and other relevant details. After your approval, the contract is signed, often with your solicitor acting on your behalf in your absence. You receive a final signed copy for your records.
Payments : Once the contract is signed, make the first installment payment to the Developer, following the payment schedule outlined in the contract. The initial reservation deposit is deducted from this installment.
Purchase Permit : Your solicitor applies for a permit to purchase from the Council of Ministers, a process taking 12-18 months. This permit is a crucial step in the property acquisition.
Fees and Costs : Upon receiving the permit, your solicitor helps you register as the legal owner at the Land Registry. Taxes, based on the property’s valuation, become payable. The solicitor manages these formalities through a Power of Attorney, notifying you of the granted permission. The sales process concludes when all taxes are paid, and title deeds are registered in your name.
By following these steps carefully with the assistance of your solicitor, you can navigate the property buying process in North Cyprus successfully.
