North Cyprus Properties - Pracitical Advice
Some Practical Advice on Finding a Property
- It is better to visit the island more than once before buying a property
- If you decide you want to buy during a holiday, make sure you put plenty of time aside for looking for a property.
- ou may wish to stay for 2 weeks if you want to have plenty of time to relax
- Carry out as much research as you can before setting out to look at properties
- Make sure you check the quality of the property in terms of specification and finish.
- Avoid making any spur of the moment decisions
- How will you use the property? – Different intended uses will require different considerations.
- Have a clear budget and do not forget to estimate the additional costs of purchase, such as Transfer Fess, Legal Costs and VAT.
- Make sure you know enough local information to choose your location wisely. Have a good selection of areas and discuss the pros and cons about the areas of interest with someone who will give you an objective opinion.
Finding a legal advisor and what they should do for you
It is very important to have a good lawyer when buying property so they are there to give you good advice, if a problem were to occur. You will need a good lawyer if any of the following unfortunate situations occur:
- Illegally built properties have to be demolished.
- Properties sold without title deeds.
- Properties sold with forged title deeds.
- Properties sold with serious structural faults.
- Properties sold that do not get completed.
- Significant money lost due to builders going bust.
- Properties sold to more than one buyer.
As soon as you decide to buy property in North Cyprus, the next step is to contact legal advisor and arrange an appointment to discuss the best way to proceed from there.
There are many qualified lawyers to choose form. It is good to go with personal recommendations but it is also a good idea to check the following with your prospective lawyer:
- Have they got experience in handling conveyance transactions and building agreements for immovable property
- Do they or have they ever represented the seller
- What checks will they carry out for the building and property
- For new properties, can you arrange for the inspection of the building permit and the availability of an expert to assess the construction work at later stages.
- Do they have the ability to communicate both verbally and in writing in your native language
Once you have found a good lawyer, you should expect the following from them:
- Check the title deeds are in order
- Draw up a Contract of Sale
- Ensures all money transfers are handled appropriately
- Apply and follow up your application for permission to buy property, submitting this on your behalf to the Council of Ministers.
- Handle the conveyance work of the property into your name and advise about taxes.
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