 |
North Cyprus Properties
|
Buying North Cyprus Properties
|
b) Turkish Cypriot owned pre- 1974 c) Greek Cypriot owned pre- 1974: Given to Turkish Cypriots due to their lands left in South Cyprus or awarded to Turkish Cypriots by Turkish Republic of Northern Cyprus ("TRNC") government. Based on 1983 TRNC Constitution, all the deeds rectified and named as TRNC deeds and are freely transferable to foreigners d) Leasehold - owned by the Government who will grant long-term leases of 49 years LEGAL TIPS PRIOR TO PURCHASE: * Prior to purchase, always: Ask a copy of the title deed * Check the sheet plan - plot references and the site plan, * Look at the site plan and ascertain from its boundaries its shape and boundaries, Check the construction availability (from State Planning Office) * Make a land search to understand; if there is a deed, the kind of the title deed and whether there is any encumbrance on it (from Land Registry), * Always make a contract before making any payment. ONCE A PROPERTY HAS BEEN DECIDED UPON After deciding on a property you may wish, a land search should be made and subsequently a contract should be signed with the vendor. It should be noted that according to Property Purchase (Foreigners) Law and the related regulations, Law No: 109, Foreigners' purchase is limited to one donum (donum is a measure of land equivalent to 1600 square yards, 1,338 sq. meters or 14,400 sq. ft., 0.336 acre) of land (unless you form a company or constitute a trust with a local person). A permit to purchase from the Ministry of Interior is then applied to get the permission to purchase. This may take between six and eight months. Once this permit has been issued, remaining balance is then paid to the vendor. After the issuance of the permit, Purchaser is entitled to register his/her name to the land registry as registered legal owner. Purchaser would then need to be in Cyprus to sign the relevant papers; the change of ownership. In case where the Purchaser is not at Cyprus at the time of the transfer, a power of attorney may be issued on behalf of Purchaser's local counsel and transfer may be executed in this way. Contract Registration to the Land Registry office There is a benefit of registering the contract to the Purchaser, it will prevent the Vendor from selling the same property onto any other third persons, and/or registering a mortgage or charge on the land without the written consent of the Purchaser. Once the Contracts have been signed and stamped they are registered with the Land Registry office. The time limit from Contract signing to having the Contracts registered must be within 21 days. After this time the contract is not permitted to be registered. A purchase tax is applicable on all freehold property at 6%, in addition a 1% charge of the 6% is also applicable which is paid to the municipality where the property is located. Recently the purchase tax ( land office tax) can be paid half 3% for the first time buyers; in other words means most of the foreign buyers will pays half of the tax. Cypriot Homes is a guide for Home Buyers in North Cyprus, useful information about Northern Cyprus; trnc life style hints for holiday makers and helps retirement people who are looking for a place to buy property in the sun. Anywhere in Cyprus from beachfront property to elevated hilltop location properties, we will guide you to catch the opportunities of buying what you looking for. There are several Off-Plan North Cyprus Villas supplies a contemporary living style for the Cyprus Home Buyers. The features that the Cyprus villas offer make these properties as unique North Cyprus property. Holiday Villas, Bungalows and Apartments with swimming pool for sale direct from Developer. Cypriot Homes offers best investment properties at Kyrenia/Girne, Nicosia/Lefkosa and Famagusta/Magosa in Northern Cyprus. All around the Cyprus we have pre 1974 Turkish title deeds properties for sale. For More information email: info@cypriothomes.com |
|
Home Page |
Properties |
Developments |
North Cyprus |
About Us |
Buyer's Guide |
Contacts |
Legal Advice |
Site Map KKTC
© 2007 Cypriot Homes. All Rights Reserved. |