Real estate in North Cyprus! What do you need to know when buying a secondary property?
Real estate in North Cyprus remains one of the most attractive destinations for buying a home abroad. Properties on the secondary market are especially in demand – they are often fully furnished, ready to move in or rent, and prices can be lower than those of the developer.
But such a purchase requires attention. We tell you what to pay attention to if you are considering resale real estate in Northern Cyprus – whether it is an apartment, villa or townhouse.
1. Checking debts and encumbrances
When buying resale property in North Cyprus It is important to make sure that the previous owner does not have debts for the maintenance of the complex, annual property tax, electricity and water payments, as well as obligations to the developer. It is necessary to check the property for encumbrances – court arrest, memorandum, mortgage.
For example, if there is a debt to the developer, the object can be returned to the developer, and you will lose the right to it.
2. Additional costs and taxes
The price of the secondary housing is not only the amount of the contract. It may be supplemented by:
- VAT
- Tax on re-registration of ownership
- Tax on the sale of real estate
- Water and electricity connection
- Complex maintenance fee
- Opening a bank account
- Administrative costs for re-signing the contract
- Legal support of the transaction
It is important to determine in advance which of these costs are on you and which are on the seller.
3. Assignment and consent of the developer
If the property is purchased by assignment, it is important that:
- The developer officially approved the deal
- All debts and obligations were spelled out in the contract
- The new contract was signed in the presence of a lawyer or agency
- The seller has signed a termination agreement and a contract for the transfer of rights
Without these clauses, the transfer of rights may be invalid.
4. How to minimize risks
To protect yourself:
- Use the services of a lawyer
- Work through an official real estate agency
- Check the availability of the title and all permits
- Check for encumbrances in the Cadastre
- Include the developer in the process (if required)
- Always record payment through bank transfers and official acts
Conclusion
Buying Resale Property in North Cyprus is profitable, but you need to approach it competently. It is especially important to check all the documents and not rush – this is your investment and your comfort.
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