Property Purchase and Registration Process
When buying a property the first thing you should consider is the safety of your investment. The security of your funds is the base of all financial relationships.
Before you sign an agreement, your personal manager will fully brief you and provide you with all the details of the process. You are always welcome to ask any questions you might have to ensure that you have a clear understanding of the purchase process.
It is a common practice in Northern Cyprus to finalize the purchase in the presence of a lawyer, whose task is to act in the best interest of the buyer, certify and check the documents related to the purchase and registration of the property.
Lawyers are responsible to act in the best interest of the client
We strongly recommend that you take professional legal advice to get a clear idea of all aspects related to the property purchase in North Cyprus. The legal system is modelled on the English common law system.
You can use the services of the lawyer recommended by the company or any other lawyer licensed to operate in North Cyprus.
The lawyer will be responsible for drafting the sales agreement, its registration, the follow up on any related paperwork, represent your interest in public and governmental offices. The typical charge is 1000 GBP.
It will take only two hours to sign the contract.
As per our practice, you will need three days for the inspection tour and once you decide on the property you are willing to purchase, it will take only two hours to get an agreement signed. We understand how busy our clients can be, therefore for our clients, we work 24/7.
Prior to signing of the agreement, terms of payment, the payment plan and conditions are agreed upon.
Once the agreement is signed; it is important to register the agreement within Land Registry Office of the Turkish Republic of Northern Cyprus. The registration of the agreement guarantees that there are no encumbrances on the property and the property is free from any claims and will remain such until transfer of the title deed. The process of the registration is conducted by the lawyer, the buyer will need to give the Power of Attorney to the lawyer in order to complete the task. The agreement is written in English.
At the time of signing the agreement a minimum payment of 3% of the property value is to be made. All payment details are lodged within the agreement including deposit, mortgage payments or other payments.
The property purchase agreement is a legitimate document confirming the purchase and the ownership of the property. The registration of this agreement guarantees you the legal purchase of the property.
The registered agreement confirms that you are the legal owner of the property and grants you the right to apply for a residence permit in North Cyprus as well as rent the property out.