Real Estate Purchase Process
Many people are hesitant to buy property abroad due to concerns about the complex and lengthy transaction process. The need to prepare documents, pay fees and down payments, register the contract, and obtain ownership confirmation documents can indeed seem too complicated.
When buying property in Northern Cyprus, you will not have to deal with bureaucratic complexities as the process is simple and completed within a short period of time. The main stages of buying a property in the TRNC are as follows:
- Property selection. First and foremost, the buyer needs to choose a suitable property that meets their requirements and budget. Once selected, a deposit of $1,000 to $5,000 is made to take the property off the market.
- Contract preparation. The contract for the purchase of the property is the main document that reflects the price of the property, the details of the seller and buyer, and the conditions of the sale. Once the document is prepared, the buyer makes a payment of 30% of the property price. The remaining amount is distributed according to a payment schedule, which is also specified in the contract.
- Payment of fees and legal services. When the contract is ready, and the 30% deposit is made, it is necessary to pay the Stamp Duty (its amount is 0.5% of the property value). At the same time, the services of a lawyer, who prepares the documentation, are also paid for. The fee must be paid within 21 days from the date of signing the contract.
- Contract registration. After the payments have been made, the property is registered with the Land Committee, with all paperwork taken care of by the lawyer.
- Obtaining keys. The buyer receives the keys to the purchased real estate. After that, they need to pay the VAT (5% of the cost of the property specified in the contract).
- Registration of legal title. If the buyer is not a citizen of TRSK, they need to obtain permission for the purchase of real estate. The lawyer takes care of registering the title (kochan) and the client’s presence is not required.
This process of registration and document processing may seem complex, but thanks to the services of our company, the buyer’s participation is minimal, and all the intricacies will be handled by specialists and lawyers.
Buying property in Northern Cyprus is easier than it may seem at first glance!
For consultation and selection of real estate, please contact us at info@everhome-invest.com, and we will send you suitable properties within the day!
