North Cyprus Properties
The location of the TRNC at the eastern end of the Mediterranean is fast becoming the 'In' place to buy due to its excellent weather, close proximity of the sea and beaches, friendliness and all-round good value. However, the buying of property in the TRNC has been dealt several hard blows by the international media in recent times. Contrary to popular belief, it is not difficult to purchase property. Indeed, it is important to note that the current procedures in place actually serve to protect and benefit you, the customer.
Purchasing a Property
The processes involved in the purchasing of property depend entirely upon which type of property you decide is right for you.
In general, the process for freehold properties is as follows:
- Decide upon a property and agree a price.
- The validity of the title deed is checked and confirmed by a solicitor, who then draws up contracts setting out the terms of sale.
- The contracts are then signed with the purchaser paying an agreed 10%-25% deposit, and a completion date is set.
- Having been given Power of Attorney, the solicitor then attends to the completion in the purchaser's absence, including the application for the purchase permit from the Council of Ministers.
- The Land Registry values the property for Stamp Duty purposes.
- Once the purchase permit has been obtained, the remaining balance is due.
- The vendor then signs the title deed into the name of the purchaser, stamp duty is paid.
- The title deed is transferred and the sale is complete.
Ownership
Properties in the TRNC fall into different categories of title deeds. It is imperative that you as a purchaser are familiar with them in order to assist you in the decision making process. We will be happy to provide you with more information upon request.
Prices From £25,000 |
Prices From £50,000 |
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