Buyers Guide and Restrictions on Purchasing

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

Procedures to Purchase Freehold Property:

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

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

• There is no legal or financial obligation to purchase at this point until the contracts have been agreed by both parties

• Choose a local independent Turkish speaking lawyer, who is well versed in local conveyancing law. The Lawyer will make all the relevant checks on your chosen 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 the property or land is clear from any influence that may affect the value of the property.

• Once your offer has been accepted by the vendor you will need to instruct your Lawyer to act as swiftly as possible to draw up the contracts for your new investment. You will be required to take your passport to the Lawyer, if you are not resident on the island then be sure to give power of attorney to your Lawyer, 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 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 the property is at can also determine the deposit to be paid. At this point the property will be withdrawn from the market by the vendor

• Your nominated 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.

• On a new build 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 is now completed.

Procedures to Buy Leasehold Property:

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

• The purchaser should choose a local independent lawyer, ask your chosen Real Estate Agent 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 the 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 the property is at can also determine the deposit to be paid. At this point the property will be withdrawn from the 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 is now completed.