How Simple Is Buying Cyprus Property?
Topics: buying cyprus real estate
Except for the language barrier, buying property in Cyprus can be a rather uncomplicated process - the entire process is backed by clear rules and regulations. If you are planning on buying property in North Cyprus and are not fluent in the language it is best to hire the services of a bilingual lawyer to help you out with the property transaction. These lawyers do not represent either the seller or the agent, but look solely after your interests throughout the property buying process.
Your lawyer will check all the property papers thoroughly and will provide you with legal documents guaranteeing that the property you are buying is free from any encumbrances, liens, charges or debt. Make sure you also receive papers ensuring that all community charges and local taxes are paid to date. Find out what the lawyers fees are before you hire one to represent you. The fees typically range from L1000 - L1250.
Keep in mind that if you see a property that you wish to buy in North Cyprus you would need to put down a deposit if you wanted to reserve the property for you. The amount of a reservation deposit is usually a percentage of the value of the property, subject to a minimum of L1,000. This amount can be paid by bank transfer or credit card. If you intend paying by cash be sure to carry that amount with you. Most sellers will not refund your reservation deposit, so you need to be absolutely sure of the property before you put any money down to reserve a property.
The sale price is usually fixed at the same time that the reservation deposit is paid. The property is then taken off the market and the process of drawing up contracts and all other legal procedures is put into action.
According to the present laws of the Turkish Republic of Northern Cyprus (TRNC), non-TRNC citizens are entitled to purchase only one property per household, where husband and wife are considered to be one household. This property can have a maximum area of 0.33 acres. You are required to obtain permission from the TRNC Council of Ministers prior to getting the title deeds to the property registered in your name. If you wish to purchase more than one property in one name; or one property that is larger than 0.33 acres your lawyer or estate agent can give you advice as to setting up a TRNC Company that can hold the title to the property on your behalf.
Buy a northern Cyprus villa at www.sweetwaterbay.co.uk
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