Step by Step Property Purchasing in North Cyprus
The northern side of Cyprus is the Turkish-speaking part of the island with the British legislation style. Buying property in North Cyprus can be a bit slow and challenging due to it being a relatively small island country. The government offices are small and the number of officials is often insufficient. However, TEKCE's local lawyers and expert agents resolve the bureaucratic processes as quickly as possible in person; which provides you the fastest solution. Buying real estate in North Cyprus basically consists of a series of legal procedures to follow. The registration of the property generally takes 9 to 12 months, but TEKCE's practice reduces this bureaucratic step to 6 months. If you are not aware of the fundamentals of how to buy property in North Cyprus, it is way easier to follow every step with a professional consultant.
Here is the 5 simple steps to buy a property in North Cyprus:
- Make your wish list
- Arrange a viewing tour
- Negotiate and Agree on Terms
- Sign Sales Contract and Notary Approval
- Apply to the Council of Ministers to get your title deed
Detailed Real Estate Buying Process in North Cyprus
1. Make Your Wish List
Northern Cyprus is filled with countless real estate options, all appeal to different preferences and lifestyles. As the first step of the journey, you should determine your needs and expectations. It is an essential step to find the most suitable real estate for you.
After preparing your wish list, you can contact our agents to discuss your options. Since they have full knowledge of the local real estate market, they will show you a great selection of properties.
2. Arrange a Viewing Tour
The next step is to visit the properties in person, to look around and find out if that’s what you’re looking for from your new home, or not. The viewing tour will be arranged according to your schedule.
If you are not able to travel all the way to North Cyprus, don’t worry. We have an innovative TeleProperty ® online sales system. TeleProperty gives you a chance to attend a viewing tour via online communication channels. The whole process of buying property in North Cyprus will be assisted by our team members. We make almost half of our sales on TeleProperty in Cyprus.
3. Negotiate and Agree on Terms
If you find your dream property in North Cyprus, the next step is to negotiate to reach an agreement with the seller. The negotiation phase is conducted under the supervision of our property experts, and your legal consultant. All sales terms are negotiated with the seller about payment, title deed delivery and key delivery with the supervision of TEKCE company lawyers and local agents.
Buyers should collaborate with a legal consultant in North Cyprus. We can offer you a list of experienced lawyers, who specialize in property sales procedures upon request.
4. Sign the Sales Contract and Notary Approval
When both parties agree on the sales term, then it comes to turn it into a binding contract. The sales contract will be prepared by company lawyers. The signed contract might be approved by a notary. (read the conditions for a detailed explanation below)
Meanwhile, our team will assist you in gathering the necessary documents for the title deed application. It is advised to give to company lawyer a power of attorney to follow your application and registry process.
Following signing the sales contract, you may send money from your existing bank account abroad or you may choose to open a new one in North Cyprus. The financial transactions, including sending the sales amount, will be conducted from there. It is an essential part of the purchasing procedure.
5. Application to Council of Ministers for the Issuance of the Title Deed
All of the gathered documents in full must be submitted to the Council of Ministers for approval. Every requirement for buying real estate must be met before the application. You will be granted the title deed in about 6 to 12 months. The company lawyer will follow the submission until the approval and sign the registry documents at the General Directorate of Cadastre and Land Registry.
Congratulations, you’re now a proud homeowner in North Cyprus!
TEKCE ® offers extensive property purchasing services to its customers. Our professional team members guide you through all purchasing procedures along the road.
And by giving a power of attorney, you can sit back and enjoy buying your overseas property in North Cyprus. Contact us to get more information.
Which Documents Do Foreigners Need While Buying Real Estate in Northern Cyprus?
Here are the documents needed for the purchasing permission application in North Cyprus:
- A statement addressing to Ministry of Interior
- Copy of the passport
- Purchasing permit application form
- Criminal records obtained from the police station in your country of residence (Turkish or English)
Tips for Property Purchasing Processes in North Cyprus
- Promise to Sell Agreement: The title deed transfer process takes a long time in North Cyprus. The most commonly used method in ready-to-move property sales is to arrange a Notarial "Promise to Sell Agreement". When you want to move into the property, you transfer the money and go to the notary. With this Promise to Sell Agreement at the notary, you can legally place a claim on the title registration.
This claim is intended to protect the property during the lengthy bureaucratic process. It is preferred because, once the claim on the property is placed, this prevents it from being transferred to someone else. The Notarial "Promise to Sell Agreement" is not title registration, but it is a practical method that guarantees the money you paid and allows you to receive the keys immediately.
When signing the "Promise to Sell Agreement" at the notary, be careful that the seller has given the necessary authorizations. It's important to obtain a power of attorney to avoid having to get the seller to sign again in the future at the title deed registry. This eliminates dependency on the seller's will again. Our company lawyers are meticulous on this matter and prepare the necessary documents.
- Application to Council of Ministers for a Purchase Permit: Foreigners need to apply for purchase permission for a title deed transfer while buying real estate in North Cyprus. If approved, the title deed will be granted. However, the buyer is considered the owner of the property after signing the sales contract before the notary office.
- Legal Assistance: Property buyers may need a lawyer on their purchasing journey. The legal representative will assist buyers throughout. With a power of attorney, lawyers can even handle all procedures on behalf of the buyer.
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