Buying / Renting Procedure

Buying a property in Northern Cyprus is a straight forward process under the right guidance!

• Solicitors
  You will need a local solicitor or notary officer to act on your behalf in North Cyprus to arrange the terms of your purchase, to draw up a sales contract, to apply for your permission to purchase from the Ministry of Interior Affairs and to hold Power of Attorney to sign legal documents on your behalf. You will also need to apply for a DBS form or criminal record from your country of residence. This can usually be done online.
• Holding Deposit
  Once you have found the right property and a purchase price has been agreed between yourselves and the vendor, you will need to pay a minimum £ 5000 non-refundable holding deposit to cease marketing the property to other prospective buyers. Other agencies will also cease to market the property on their own platforms and this £ 5000 holding deposit will then go towards the purchase price. If there is any problem with the paperwork the deposit is returned to you.
• Sales Contract
  With a power of attorney in place, your solicitor will then proceed to prepare your Sales Contract with all terms such as date of completion, possible furniture that is to be included with the sale, purchase price and any other relevant details.
• Land Registry
  When both parties have agreed to and signed the contract, it will be taken to the Land Registry for registration and the full purchase price will be transferred either to the solicitor of the vendor or directly to the vendor.
  
  The fees at the Land Registry are as follows;
  
  For citizens other than citizens of the TRNC and the Republic of Turkey: 12% of the sale price stated in the Contract of Sale or the Land Registry valuation, whichever is the highest. Half of the Land Registry fees (i.e. 6% of the sale price or Land Registry valuation, whichever is the highest) will be paid on the registration of the Contract of Sale and the balance will be paid on transfer of title.
  
  For citizens of the Republic of the TRNC and the Republic of Turkey: 6% of the sale price stated in the Contract of Sale or the Land Registry valuation (whichever is the highest). However, every person has a once in a lifetime option to reduce this to 3% in respect of a plot up to 1 donum in area.
  
  · VAT – 5% (only payable when buying a house with a title deed in a developers, builders or professional sellers name)
  
  · Stamp Duty – 0.5% (this is also known as the contract tax and is paid when your contract is registered at the Land Registry)
  
  The process of getting a Sales Contract on the table as well as processing all documents required takes approximately 1-2 months.
  
  
• Transfer of Title Deed
  The transfer of the title deed into your name will take place when your permission to purchase comes through from the Ministry of Interior Affairs.
  
  This process can take up to 24 months and can be done by your lawyer with the Power of Attorney you have given them or you can fly out yourself.