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Buyers Guide and Restrictions on Purchasing property in North Cyprus

Buying property in North Cyprus is not a complex procedure and your chosen North Cyprus Estate Agent will outline the basic principles to their clients. However it is advisable to find an independent Northern Cyprus lawyer to help you through the process of both buying property and obtaining the necessary permissions.

Procedures to Purchase Freehold Property in North Cyprus

•Choose a property and agree the price with the vendor through your North Cyprus Estate Agent.

•It should be noted by prospective purchasers that foreigners can legally only purchase one Northern Cyprus property per person or married couple with the same name up to one donum of Northern Cyprus land which is the equivalent of 1338sqm or 14,400sqft.

•There is no legal or financial obligation to purchase of estate in North Cyprus at this point until the contracts have been agreed by both parties.

• Choose a local independent Turkish speaking lawyer, who is well versed in conveyancing lawof North Cyprus. The Northern Cyprus Lawyer will make all the relevant checks on your chosen North Cyprus property or land to ascertain that the appropriate building permits have been obtained, verify that the legal boundaries have been adhered too. They will also make sure that property or land is clear from any influence that may affect the value of the property in North Cyprus.

•Once your offer has been accepted by the vendor you will need to instruct your North Cyprus Lawyer to act as swiftly as possible to draw up the contracts for your new property investment. You will be required to take your passport to the Lawyer, if you are not resident of North Cyprus then be sure to give power of attorney to your Lawyer in North Cyprus, who can act on your behalf should you not be on the island at the time of contract signing.

•Contracts are drawn up by your lawyer and the vendors lawyer based on North Cyprus Law and it will include the agreed price, payment terms and full specification you can expect of the finished North Cyprus property you are to purchase.

• Both the vendor and purchaser or their representative must sign the contract.

•The purchaser of the property in North Cyprus will at this stage be required to pay a deposit as agreed, the amount can vary from property to property and the stage of building at which North Cyprus property is at can also determine the deposit to be paid. At this point the property will be withdrawn from Northern Cyprus market by the vendor.

•Your nominated North Cyprus Lawyer will apply to the Council of Ministers on your behalf for the purchase permit to enable the vendor to transfer the title deeds into your name. It should be noted that this process does not stop you moving in to your property in North Cyprus.

•On a new build in North Cyprus your Lawyer will advise you of any stage payments that need to be made and dates that they are due and to whom the payments should be made as per your contract.

• After the purchase permit is obtained the title deeds will be transferred by the vendor into the purchaser’s name. This process normally takes anything from six to twelve months.

• The Purchaser will at that stage pay the relevant stamp duty and any taxes due to the vendor when the title deeds are transferred.

•The sale of North Cyprus property is now completed.

Procedures to Buy Leasehold Property in North Cyprus

•The purchaser selects a property in North Cyprus and agrees a price with the vendor through their nominated North Cyprus Estate Agent.

•The purchaser should choose a local independent Northern Cyprus lawyer, ask your chosen Real Estate Agent in North Cyprus they will be able to recommend several to you.

• Contracts will be drawn up by your lawyer and the vendors lawyer based on North Cyprus Law and it will include the agreed price, payment terms and full specification you can expect of Northern Cyprus property you are to purchase.

• Both the vendor and purchaser or their representative must sign the contract.

•The purchaser will at this stage be required to pay a deposit as agreed, the amount can vary from property to property and the stage of building at which North Cyprus property is at can also determine the deposit to be paid. At this point the property will be withdrawn from Northen Cyprus market by the vendor.

• The vendor will apply to the Council of Ministers to transfer the lease to the purchaser.

• The purchaser will then apply to the Council of Ministers to transfer the lease.

• The outstanding amount is paid to the vendor and the lease is transferred.

•The sale of North Cyprus property is now completed.

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