Buying process in North Cyprus

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Buying process in North Cyprus

The North Cyprus legal system is the same as in the UK. All properties are being purchased and sold in GBP (British Pound). The entire purchase process is quite simple and is completed relatively quickly. We at Sunlife Homes can offer you all the experience needed to make you feel comfortable and secure in your property purchase. We help you find your dream home, as well as guide you in the financial and legal issues that may arise.

1. Inspection Trip

If you have become interested in a property or properties, the first step is to book in on a private or open viewing tour where you can experience the country and visit a selection of properties that suit your preferences.

2. Property Viewings

Once you have arrived in North Cyprus, you will see several different properties during scheduled viewings with us. Our real estate agents help you with all information about properties, prices and financing conditions.

3. Legal Representative

We recommend that you hire a local legal representative or attorney to help you through the entire purchase process. If you don’t have one, we can introduce you to an authorized lawyer. The lawyer will answer all your questions and provide you with all the necessary information to ensure a smooth transaction. The lawyer is also responsible for ensuring that a correct purchase contract is set up between you and the seller. Release payments after your approval to the seller, apply for a purchase permit and register the contract with the relevant authorities and transfer the deed to your name. In order for the lawyer to complete the purchase process, you must provide a power of attorney to the law firm.

4. Negotiation

Once you have found your new property, we sit down with the seller to negotiate the best price and terms for you. After the price is negotiated, we make sure to make a written list of any options and specifications. We always try to agree the maximum discount with the seller and we ensure that the contract and specifications accurately cover the full terms and any add-ons agreed with the seller.

5. Reservation Agreement

Once you have negotiated the price and terms with the seller, you reserve the property by signing the reservation agreement and paying the reservation fee, which is often between £2,000-5,000. This payment is made directly to the developer or to your lawyer’s client account. Once the payment is made, the property is taken off the market and you and your solicitor do a thorough review of the purchase terms to ensure everything is in order with your new property.

6. Purchase Contract

If everything is in order with your new property, it’s time to sign the purchase contract. This is often done around 14 days after the reservation agreement has been made. When both the seller and the buyer have signed the purchase contract, the payment must be made as agreed with the seller (minus the reservation cost) into the lawyer’s client account and the lawyer confirms the transaction to the seller. The agreed date for access is written in the purchase agreement. Once the contract has been signed, it is registered with the Land Registry office as a record of the buyer’s legal right to the property. Stamp duty is also paid at this time.

7. Key Handover

On the day of completion the appointed lawyer will request the balance of funds together with payment of the title transfer tax. Thereafter you are the full owner of your purchased unit.

Taxes and fees

  • Stamp duty – 0.5 % of the purchase price is payable at the signing of the purchase contract.
  • Title deed Tax – 6 % of the purchase price is paid upon registration of the sales agreement
  • VAT – 5 % of the purchase price is paid when the key is handed over
  • Title deed Tax – 6 % of the purchase price is paid on the transfer of deed of title
  • Property tax – 1.5 TL per square meter/year
  • Legal fees – £1500-2000 (incl. power of attorney, registration of contract and application for purchase permission)
  • Water/water meter connection – £1500
  • Electricity/meter connection – £1500
  • Wireless internet connection (WIFI) – £200
  • Home insurance – around £120 per year.

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