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The most crucial factor in buying property in Northern Cyprus, whether land or
buildings, is to use a qualified lawyer for all contracts and Government
applications. As part of our service we can recommend several reputable firms
of independent solicitors, who specialise in this area and can offer a
comprehensive service.
All our properties are sold with clear title which depends on the original
title of the development. Each development, when complete, is divided into
individual title deeds for each plot and is then transferred to the buyer
automatically by us.
The actual procedures are as follows:
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Buyers are highly advised to take professional and independent legal advice and
the validity of a title deed should be checked by a solicitor who will visit
the Land Registry personally.
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Contracts of sale are drawn up and notarised, at which time a 10% deposit is
payable, and a completion date is set. In many cases, the purchaser can return
home leaving a power of attorney with their solicitor, who can then complete
the purchase.
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The Contract is lodged at the Land Registry and is binding on both purchaser
and vendor.
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An application to purchase must be made to the Council of Ministers which can
take 12-18 months.
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The Land Registry will value the property for Purchase Tax, which is not
normally included in the purchase price and which is payable on the transfer of
the title. VAT is payable on the transfer of the title of property if the
Vendor is a company.
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Subsequent payments will depend on the terms of the contract. For a new build,
this will normally be by stage payments based on the building work.
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On completion of the entire development (or sometimes at the commencement of
the project), the title will be split into individual titles, which are then
transferred to the purchaser and the Land Registry will issue an updated title
deed.
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