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How to buy a property in North Cyprus TRNC?

Posted by Admin on February 12, 2024
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Deciding to buy a property in Northern Cyprus is an exciting and life changing decision. While there are some differences from buying a property in other countries, it is not too complicated once you understand the process. We guide our customers through the buying process with everything from lawyer choice to title registration and all other important steps during the whole period.
Once we thoroughly researched the market with our clients, they become ready to make a decision to buy. Here are the steps you need to know about purchasing, register and get full ownership of your property in Northern Cyprus.

STEP 1: Book an inspection trip / group tour

If you have become interested in finding out more about the property market in Northern Cyprus, the first step you have to take is to book yourself on an inspection trip where you can experience the country and look at a selection of properties that might suit your desires.

STEP 2: Property viewings

When booked your inspection trip and come to Northern Cyprus, you will be provided with an agenda to see several properties and then attend the scheduled viewings together with Coast Azure Estates agents to learn all about the projects, prices and finance terms with the carefully selected developers on the island.

STEP 3: Meet a legal representative

During our inspection trips, we connect you with a trustworthy lawyer that will share with you the full purchase process from the beginning to the end based on the local laws. It’s strongly recommended to go through your purchase process with a trusted lawyer to make sure that your purchase is safe and secure.

STEP 4: Negotiation

When you have found your new property we will sit down together with the developer to negotiate the best price and terms for you. After terms are agreed on price, we make sure to secure a written list of any extras and the specification. We always try to agree on the best terms and we ensure that the contract and specification thoroughly cover the full terms and any extras agreed with the vendor.

STEP 5: Reservation agreement

When you have negotiated the price and terms with the developer, you reserve the property by signing a reservation agreement and pay a reservation cost of usually between £2,000–£5,000. This payment will be made when you are in Cyprus directly to the vendor, or if you are not certain yet then a transfer will be made into your lawyer’s client account when back home. When the payment has been done, the property is off the market and your lawyer starts with the due diligence to make sure everything is in order with your new property.

STEP 6: Contract of Sale

If everything is in order with the property, it is time to sign the contract of sale. This is usually done about 2 weeks to 1 month after the reservation agreement has been made. When both vendor and buyer sign the contract of sale, specific amount of the property (minus the reservation cost) is transferred to the lawyer’s client account, and the lawyer confirms the transfer to the vendor. The agreed date of access is written in the contract of sale. Once the contract is signed it is registered at the Land Registry Office as a record of the buyer’s legal interest in the property. At this time stamp duty is paid.

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