The Purchase Procedure For Buying Property In Northern Cyprus.

Before arriving in Northern Cyprus make sure you have access to sufficient funds to cover the reservation deposit on a property.  The minimum required is normally £1,000 which can be paid by cash, credit card or bank transfer. Most reservation deposits to Vendors are non-refundable so it’s important to be sure of your financing before reserving a property. When a reservation deposit is lodged against the property, the sale price is fixed and the unit is taken off the market for approximately two weeks until contracts can be drawn. The current laws of the Turkish Republic of Northern Cyprus, state non-TRNC citizens can only take title to one property up to a maximum area of 0.33 Acres (One Donum) per household. Husband and wife count as one household. Before the title deeds to the property can be registered in your name, you will need to have permission from the TRNC Council of Ministers. This is explained in more detail under legal and lawyers section. If you wish to take title to more than one property, or a property over one donum in area, we can give you advice on using trustees or setting up a TRNC Company to hold the title to the property for you.

It’s best to give us as much detail as possible before your arrival in order that we can discount any properties that really come nowhere near your requirements. Consider the frequency with which you will use the property, think about distances from airports, rental potential and long term investment. Acquiring the home of your dreams can be stress-free providing the research is thorough. If unobstructed views are a priority, consider homes which are beachfront or on elevated positions and always ask if further development is planned for the area. Ascertain a budget and remember to add approximately ten percent of the purchase price to cover all other fees such as the Transfer of Title and VAT. Obviously buying through a registered Agent will give you complete piece of mind. We are committed to making your dream home in North Cyprus as stress free as possible. Our Property Negotiators will show you exactly what you are looking for, carefully planning your viewings according to your personal requirements. From the moment you decide which property is for you right up until you get your keys and settle in, we are YOUR agent and will assist in any way we can.

Once a North Cyprus Property has been chosen, the first step is to make a verbal offer. The purchase terms and price may need to be negotiated with the seller and working in consultation with you, Jepa Estates will proceed on your behalf until a price is agreed. You may wish to vary final completion dates, or terms of payment. We can recommend several trusted lawyers in North Cyprus who are fluent in your language and do not represent the seller or agent. They work solely for you. Your lawyer will provide the legal guarantees ensuring that the property you are purchasing is bought free of encumbrances, charges, liens or debt and that all local taxes and community charges are paid up to date.

Lawyers will tell you in advance what their fee will be – these vary from £1000 - £1250. The next step in the process is to exchange private contracts of sale. This normally takes place within two weeks following formal acceptance of the offer. Your lawyer will have completed searches and investigations of the property and draft the contract of sale which will reflect all the agreed terms of the offer and sale. The contract will clearly state dates when payments will have to be made. Usually for an off-plan property the first stage payment will be anything from 10 – 25% of the purchase price. All subsequent payments will be conditional upon completion of works.

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