The Cypriots in North Cyprus have the right to purchase any amount of properties. A foreign citizen is allowed to purchase only one object or a plot of land with an area of 5 donums.
The buyer of real estate becomes a full owner only after transferring the title deeds to the buyer’s name. For doing this it is necessary construction is completed, the contract for the purchase of real estate is signed and fully paid, permission to purchase has gotten.
Before transferring of the title deeds, the right of ownership belongs to the seller of the property. At the same time the buyer is the owner according to the contract. Registration in the land office ensures that this property is saved for the buyer before the title deeds is acquired.
A foreign citizen has the right to make contracts for an unlimited amount of properties, but transferring of the title deeds is allowed only for one object.
Permission to purchase real estate is issued within a year. The problems in obtaining this permission can be in cases of presence of previous convictions or if property is located in areas controlled by the Turkish army.
To simplify the transaction, the buyer gives the attorney to the lawyer.
Stages of buying a property:
- Reservation of property
- Legal advice
- Compilation and vertification of power of attorney
- Drawing up a contract
- Acquaintance with the contract and correction if necessary
- Signing of the contract by the parties
- Registration of the contract in the land office
- First payment
- Applying for a permission to purchase a property
- Payment of VAT, connection of water and electricity
- Getting the keys
- Full payment of the contract
- Obtaining permission to purchase a property
- Paying a tax for transferring of title deeds
- Obtaining a tittle deeds