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NORTH CYPRUS PURCHASE PROCESS

NORTH CYPRUS REAL ESTATE PURCHASE - THE PURCHASE PROCESS IN DETAIL

The entire purchase process is presented to you in detail

1st step: The right location

At BelleReve Immobilien, we carry out a detailed location analysis, on site or via modern media, in order to determine the ideal region for you to live in or to invest in. We take your individual wishes and needs into account, such as enrolling children in international schools, being close to a well-developed infrastructure or preferring quieter places. This way we can find the perfect region for you and help you find your dream property in North Cyprus.

2nd step: The right property

After the location analysis, BelleReve Immobilien is all about finding the perfect property for you. Whether it is a luxurious penthouse with sea views, a spacious villa with a pool on the mountains or a modern apartment in the city of Girne - we offer you exclusive new construction projects and ready-to-move-in existing properties that exactly meet your requirements. Together with you, we develop an individual profile for your dream property and do everything we can to actually find it for you.

3rd step: deposit

Buying a property in North Cyprus differs from buying in Germany in a few important ways. First of all, the purchase contract is concluded in Turkish. It is therefore important that you have a translation available in your language in order to understand the exact terms. The purchase contract also states the existence of mortgages and debts on the property. It is important to ensure these have been paid off prior to purchase.

 

After the purchase contract has been signed, it must be authenticated by the responsible land registry office. This process can take a few weeks. Once the purchase contract has been notarized, the purchase price is transferred to the seller and the buyer receives the title deed, the "Tapu". With this document you are now the official owner of the property.

 

It is important that you seek advice from a trusted solicitor when buying property in North Cyprus to ensure all necessary documents are properly completed and all necessary steps are followed. A lawyer can also help ensure that the buying process goes smoothly and without hassles. Once the deed of sale has been signed and all payments have been completed, registration will be requested and the property will be transferred to your name. We at BelleReve Immobilien accompany you through the entire process and are at your side with advice and action.

4th step: Legal advice

After paying the deposit, you will meet your attorney. She will accompany you throughout the purchase process and will be available to answer any questions or concerns you may have. She will also represent your interests locally by granting you power of attorney. We will discuss all important aspects of the contract with your lawyer, such as the purchase price, the payment schedule and possible arrangements. Your lawyer will then draw up the draft contract and examine all the documents relating to the property. If you agree with the draft contract, it will be ready for signature. Your attorney will also take care of all other steps after signing, such as granting permission to purchase or transfer of ownership.

5th step: Key handover

As a rule, after 2-4 weeks, depending on the contract and payment plan, you have to transfer the purchase price or the first installment (usually 30-50% of the purchase price for project properties). You have the option of transferring this sum directly to the owner or developer, or you can use your lawyer's escrow account. We recommend the latter as it protects you from any risk. After transferring the legal advice and stamp fee, your lawyer can sign and register the contract for you. For new construction projects, all you have to do is stick to your payment schedule. As soon as the purchase price for existing properties has been paid in full, the keys will be handed over. In the case of project properties, the keys are handed over after completion of the property, regardless of the payment plan.

Step 6: After-sales service

Our after-sales service not only covers all aspects related to the property, but goes far beyond that. For example, we offer you help with applying for a residence permit, opening a bank account, finding a school for your children, buying or leasing a car and obtaining a driver's license. Our service is not limited to real estate, but also includes important everyday services. Our advice is always individual and our after-sales service is also tailored to your personal needs. Feel free to contact us for help and advice in advance.

Real estate legal advice in North Cyprus

As a rule, after you have decided on a property, we arrange an initial meeting with our lawyer. The details of the property, payment plan, any agreements with the seller and other points are discussed here. The entire procedure and the timeline will be explained and presented to you. All fees that have to be paid will also be shown to you and justified in terms of time. You will generally be asked to sign a power of attorney to allow the solicitor to act on your behalf, sign documents and represent you personally on site. The most important areas of responsibility are listed below:

  • She carries out a land registry search at the relevant land registry office to determine whether the seller is also the registered landowner of the property and whether the property is free of rights, obligations and encumbrances. She also checks the property documentation for building permits and other permits.

  • The lawyer prepares a draft purchase agreement herself or examines the draft purchase agreement provided by the seller and adapts it to your specific requirements.  Here, the details of the purchase contract, rights and obligations of the buyer or seller, the time of handing over the keys after the construction phase as well as possible default penalties and compensation clauses are defined. The contract will be presented to you and the seller for review and if both parties are satisfied with the content, the contract will be signed.

  • The purchase contract signed by both parties must be registered with the land registry within 21 days and stamp duty paid at 0.5% of the purchase price. Registering the contract ensures that you are protected against resale of the property to a third party and subsequent liens on the property. This process is comparable to the notice of eviction in Germany.

  • The law of the Turkish Republic of Northern Cyprus (TRNC) stipulates that each non-TRNC citizen may only register one property in their name. Currently, the law allows the husband and wife to own one property each. In addition, all non-TRNC citizens must obtain a Purchase Permit in order to obtain title deeds for a property. The Council of Ministers on North Cyprus​ (Permission to Purchase/ PTP) must be convinced that you do not have a criminal record. Once the solicitor has submitted an up to date criminal record of you to the Council of Ministers and this is satisfactory you will be granted authorization to purchase. 

Listing of utilities in North Cyprus

Stamp duty (to be paid when signing the contract)

 0.5% of the purchase price

VAT/ MWST (to be paid when the keys are handed over, only for new construction projects)

5% of the purchase price

Transfer of title deed fee

3% of the purchase price

Legal Advice Fee (Power of Attorney (POA), Registration of Purchase Agreement)

£1,500 - £1,800

Transformer contribution/ development costs (only for new construction projects)

about £1,500

property tax (annual)

£0.15 per sqm

Housing benefit (monthly)

£40-80

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