In North Cyprus there are several steps that need to be followed when buying a property and registering it in the land registry. Here are the basic steps:
Finding a Suitable Property: The first step in buying a property in North Cyprus is to find a suitable property. This can be done through various channels, such as real estate agents, online platforms or directly from private sellers. Costs that can arise here are, for example, brokerage fees or fees for online platforms.
Obtaining a Purchase Number: Before the contract of sale is signed, the buyer must apply for a Purchase Number. This is a unique number issued by the relevant authority and is required to continue the purchase process. Fees may apply for this.
Conclusion of Contract: Once a suitable property has been found, a purchase contract must be signed, setting out the terms of the purchase, including the purchase price and other relevant details. Costs that may arise here are, for example, legal fees for the preparation of the contract.
Payment of Stamp Duty: After signing the contract of sale, the buyer must pay the stamp duty. This is a type of property transfer tax that is levied on the purchase price. The amount of stamp duty varies depending on the type of property and the purchase price.
Obtaining Title Deed from Seller: Once the purchase price has been paid and stamp duty has been paid, the buyer will receive the title deed from the seller. It is an official document proving the ownership of the property.
Applying for a "Title Deed" Number: The buyer must then apply for a "Title Deed" Number. This is a unique number issued by the relevant authority and is required in order to register the property in the land registry. Fees may apply for this.
Legalization of documents: The buyer must then ensure that all the documents required for the purchase and registration in the land register are legalized. This can be done by a notary or other competent authority. This may incur notary and translation costs.
Payment of the purchase price: After signing the purchase contract, the purchase price must be paid to the seller. This can be done in cash or by bank transfer.
Application for entry in the land register: After paying the purchase price, the buyer must apply to the responsible land registry for entry of the change of ownership. Fees may apply for this.
Verification of the Application by the Land Registry: The Land Registry will review the application for registration of change of ownership to ensure that all required documentation is in place and that there are no outstanding claims or encumbrances.
Registration of the change of ownership in the land register: Once the application is approved, the change of ownership will be registered in the land register and the buyer will receive an official certificate of ownership.
Overall, while buying a property in North Cyprus does come with some challenges, it is still possible if you take the right steps. With the help of an experienced real estate agent such as BelleReve Immobilien and a solicitor, you can rest assured that the buying process will go smoothly and you will end up the proud owner of a beautiful property in North Cyprus.
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