Purchasing property abroad can be a daunting process due to the unfamiliar purchasing process and the possibility of complex legal paperwork in a language you don’t understand. Fortunately, buying property in Northern Cyprus is very similar to buying property in the UK, if not easier! All legal documents are in English, most lawyers are bilingual in Turkish and English, and the legal system is based on the English model. Under the right conditions, you can become the owner of a property in Northern Cyprus in just one day!
When you find your ideal property in Northern Cyprus, a simple deposit will secure it for you and ensure that the property is taken off the open market. You can pay in cash or by credit card in Northern Cyprus or pay the deposit from your country via bank transfer, as checks can take up to 28 days to clear through the banking system. A typical deposit is 10% of the final price.
The easiest way to obtain your permit is to hire a local notary or lawyer; the latter is a better choice. Most North Cyprus lawyers are bilingual in both Turkish and English and will therefore be an invaluable guide for the upcoming legal process. If you are purchasing off-plan, you should consider hiring an independent lawyer who has no connection whatsoever with the developer. Your North Cyprus lawyer will look after your interests throughout the purchase process, including vetting the company or individual you are purchasing from, arranging the necessary permits for you to purchase a property as a non-national, and confirming the status of the title deeds. In addition, the lawyer will handle all government paperwork and draft contracts in English. The government will also assess the transfer fees payable for the property based on its value.
Any contract should be properly reviewed and read; after all, as the buyer, you want it to work in your favor! Many Northern Cyprus property developers have standard contracts that your lawyer should review to ensure any clause contrary to your interests can be renegotiated. A contract should include: · full property details · full property specifications, including floor plans for new-build properties · the official government site plan plus any provided by the developer or seller · accurate and valid title deeds · payment and completion dates. Once the contract has been reviewed and accepted by both parties, it can be signed. If your attorney has a Power of Attorney, they can sign on your behalf in your absence after reading and approving a copy of the final contract sent by fax or email. Your attorney will also send you a copy of the signed final contract.
The final payment for a North Cyprus property should be made after the purchase permit has been obtained. Again, the safest payment method is made via bank transfer, and upon delivery, the deeds are signed by the seller in your name. If you are purchasing an off-plan property, payments are usually made after the completion of certain works, and the final payment secures the title deeds and keys to your property in Northern Cyprus
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