Buying Property in North Cyprus
The decision to buy a property in the TRNC is a responsible step. It requires determination, calculations, budget allocation, a good assistant in choosing and an excellent “tailwind”. It’s not just a come, choose and that’s it… It is necessary to travel, choose houses, villas, apartments. And also to think a lot, ask, reason and just be on the same wavelength with the seller, time… Let’s take a look at the steps that we think you need to follow to get it right. Not only for your own peace of mind, but also from the point of view of local legislation.
Steps to Buy Property in North Cyprus
1 – Thoughts and dreams It seems to us that this is the most important point of all that we will discuss today. It always starts with a dream… If you can’t imagine in your head what kind of house is “near the sea” or “near the mountains”? How many bathrooms are there, how many bedrooms? Up to which side the toilet paper will hang in the restroom. These little things need to be taken into account… In which city do you want your dream home? In Kyrenia or Famagusta? Will it be an apartment or a villa? Do you like solitude or the noise of the city around you? It all starts with a dream! If you ask yourself the right questions, you will always be able to answer them correctly. Dream and buy the right property… 2 – Calculate your own finances Make a financial calculation based on your capabilities. Never jump above your own head. Do you want your dream home for cash or in installments? You can also always talk about credit on the island. There are private credit institutions or banks that will consider your application. Sit down, think in silence and make the right calculation! 3 – Tell the real estate agency your desire Call, write to us about your desire to buy a property. Describe exactly what you want: city, villa or apartment, number of rooms, distance from the sea, distance from infrastructure, availability of funds. By the way, always consider your time zone. And then, sometimes a call gets at 5-6 in the morning… I just got up, washed my face, and then: “Hello!” 🙂 Of course, we are happy to hear from you, but there is a small but… 🙂 🙂 🙂 Time zone… 4 – Arrange a viewing When you see a house/apartment live – it’s completely different than being 1000 km away and discussing this issue remotely. Call, write to us. We will arrange with the hosts/developer to view for you, both offline (if you are ready to fly) and online.
Next steps
5 – Deposit and reservation contract When you have seen your dream home. Always agree to make a deposit and stop sales. Are you 100% sure that this is your apartment and you want to buy it? Make a deposit immediately! We always conclude a contract and if the amount suits the owner of the property, the apartment is always removed from the site and from other sources. It is reserved for you until you deposit the principal. 6 – Checking the property with the government authorities To be sure that everything is in order with the apartment/villa. We always check the land registry (TAPU) for encumbrances, mortgages, sales contracts, court decisions, memorandums, etc. 7 – Purchase and sale agreement and lawyer If everything is in order with the property, in terms of documents. Then you need to proceed to payment and signing the purchase and sale agreement. Do not forget, it is better to conduct all transactions with the presence of a lawyer or with the participation of a competent person, such as, for example, Julia Ozerje. She understands all the intricacies of laws, summaries and rules in Northern Cyprus. We know that in Russia and other countries it works in a completely different way. But you are not in Russia 🙂 Here the “law of universal gravitation” works differently. We are based on the legislation of Northern Cyprus and our many years of experience. So you can trust us in these matters! 8 – Access to the property Before signing the contract and before moving into the property. Be sure to check:
- meter readings, a receipt for water payment and real estate tax for the current year;
- no debts for electricity in KIB-TEK;
- If the property is located in a complex, then a document confirming the absence of debts for utility bills in the complex.
Do you have any questions? Contact our team! Our contact number: +90 548 841 48 38. Source: Veles Enterprises Article prepared by: Valerii Veles If you have any questions regarding real estate, residence permits, purchase of air tickets, apostilled powers of attorney , please contact Veles Property. Our contact number is +90 548 841 48 38.
