North Cyprus Inform

Property purchase procedure in North Cyprus

The property purchase procedure in North Cyprus is set out as follows:

1. Choose the property you like.

2. Agree on the price and terms of sale.

3. Payments are made using your preferred payment scheme. Our company offers a few schemes for you to choose from.

4. The validity of the title deed is checked by your appointed solicitor, who then draws up the contract, setting out the terms of sale.

5. A reservation price is paid to take the chosen property off the market for up to 20 days.

6. All relevant paperwork is signed by both parties (Vendor and Purchaser).

7. Purchaser pays agreed 15-30% deposit and Solicitor's Fees (1,000 – 1,500 GBP) and 0,5% stamp duty (is calculable from the contract price).

8. Our solicitor prepares all the necessary documents and applies for the purchase permit to the Council of Ministers for you. However, for the application to succeed, it would be necessary for you to provide us with the following documentation:

Our lawyer will help you fill out all the necessary forms for the purpose of obtaining this permit. To the date of the application, the applicant should not be under a criminal investigation and/or evading prosecution and/or evading criminal punishment. The acquisition of the purchase permit usually takes approximately 1 year.

9. Once the purchase permit is received, the regional Land Registry values the property.

10. 5% VAT is paid, however, usually the payable sum is lower as the percentage is calculable on the basis of the evaluation of the property by the Land Committee.

11. 6% transfer charges are paid, again on the basis of the evaluation of the property by the Land Committee (with the first property purchase, the transfer charges are 3%).

12. After the last payment as according to the sales agreement, the title deed is transferred into your name confirming your full ownership right. Sale is now officially at completion.