What are the procedures to buy the property in Northern Cyprus?
Due to the buoyant market situation, we do advise our clients to arrange finance before traveling to Northern Cyprus and to have the reservation fee available, if you find something you like. Otherwise it could be a wasted journey. Please also note that a debit/credit card payment is not acceptable when it comes to a reservation fee. You would need to see a solicitor during your visit if you decide to purchase a property and issue him with the Power of Attorney, so he can follow your instructions during your absence. You appoint a solicitor who checks and confirms the title deeds. The next stage is to draw up a sale contract. It will define the payments terms and the completion date. Your attendance is not essential as the solicitor will act on your behalf if you issue a Power of Attorney. On the day of the completion, the monies are paid to the vendor and the Land Registry (Stamp duty at 6%) by your solicitor. Your name will be included into the Land Registry’s books, but it takes up
You appoint a solicitor who checks and confirms the title deeds. The next stage is to draw a sale contract. It will define the payments terms and the completion date. Your presence is not essential as the solicitor will act on your behalf if you issue a Power of Attorney. On the day of the completion, the monies are paid to the vendor and the Land Registry (Stamp duty at 6%) by your solicitor. Your name will be included into the Land Registry’s books, but it takes up to 12 months for the new title deed to be issued.
Due to the buoyant market situtation, we do advise our clients to arrange finance before travelling to Northern Cyprus and to have the reservation fee available, if you find something you like. Otherwise it could be a wasted journey. Please also note that a debit/credit card is not acceptable when it comes to a reservation fee. You would need to see a solicitor during your visit if you decide to purchase a property and issue him with the Power of Attorney, so he can follow your instructions during your absence.
Due to the buoyant market situation, we do advise our clients to arrange finance before traveling to Northern Cyprus and to have the reservation fee available, if you find something you like. Otherwise it could be a wasted journey. Please also note that a debit/credit card is not acceptable when it comes to a reservation fee.
