Buying process in North Cyprus
Buying a property in North Cyprus is a profitable and rewarding investment. The entire purchase process is quite simple and goes relatively quickly. We at Sunlife Homes can offer you all the experience needed to make you feel comfortable and secure in your purchase process. We help you find your dream home, as well as guide you in the financial and legal issues that may arise. Here’s a step by step guide to help you through the process.
1. Preferences and budget
Before you start looking for a property, determine your preferences and define your budget. Consider the area, type of property, price, size, facilities, proximity to amenities and other factors that may be important to you.
2. Property search
Start by researching the market. This means that you should search for properties that match your needs and budget. You can use our website or contact us and one of our experienced real estate agent can help you find suitable properties for you. The agent can also advise you on price negotiations, laws and other aspects relating to the purchase of a property in North Cyprus.
3. Making an offer
When you have found a property that you want to buy, it is time to make an offer. Your agent can help you negotiate with the seller and reach an agreement on price and other terms.
4. Reservation
When you agree on the price and terms, it’s time to reserve the home. You do this by paying a deposit or reservation fee. By reserving a property, you secure it for a certain period (usually 14-30 days). The fee will be deducted from the agreed purchase price.
5. Legal representative
We will introduce you to a law firm that will help you through the entire purchase process. 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.
6. Purchase contract
When you have an agreement with the seller, it is time to sign the purchase contract. This contract should contain all the details of the property, including the purchase price, any conditions, time frames and payment terms.
7. Final payment
Once the contract is signed, you must pay the agreed price according to the payment terms of the contract and all taxes and fees required at that time. Finally, the contract must be registered in your name at the land office.