Period Before Contract Exchange
The procurement processes in Northern Cyprus are quite complex. For this reason, it is necessary to know the procedures to be done in detail. For this reason, getting professional support helps the process to be completed smoothly. It is sufficient to contact us and give instructions to start the transfer process. The steps we will do next are as follows:
- First, you need to fill out the customer contact form and complete the permit application form to buy real estate. In addition, it is one of the important steps to deliver a photocopy of your identity document to us.
- You should also share various details with us during the purchasing process. The first of these is the purchase price of the real estate you prefer. In addition, details such as the payment schedule and the fixtures in the house to be sold are among the elements that need to be specified.
- After obtaining all the detailed information, a draft is prepared for the sales contract and processes such as reviewing and discussing this draft are carried out.
- Many documents, including the title deed, other important documents, layout plan and detailed features of the real estate to be sold, are examined and answers are obtained by asking questions to the seller’s lawyer, if any. In this process, it is ensured that the construction permits have been obtained, which additions have been made to the immovable, and that the necessary permits have been obtained for these additions.
- In the process of buying such real estate, it is necessary to make sure that the seller is the owner of the property. Therefore, necessary research is done. At the same time, examinations are made to ensure that there are no restrictions such as pledges, mortgages, annotations related to the real estate. Support is obtained from the Regional Land Registry Office for such examinations.
Each procedure and research for all these examinations differs from each other. Therefore, if you are interested in buying real estate in Northern Cyprus, you can take a look at our page. If you wish, you can contact us and get detailed information about the subjects you are curious about.
Exchange of Contracts
With a very comprehensive study, all the necessary procedures are completed before the transfer process and the necessary steps are taken for the contract exchange process. The draft sales contract prepared is examined by all parties and if there is no problem, it is signed and approved in the presence of witnesses. Thus, the exchange process is carried out. In the process of exchanging contracts, it is important to initialize each page of the contract, including the appendices. It is also important to get an original copy of the sales contract and keep it in a safe area.
Stamp Tax and Contract Registration
Sales contracts prepared with great care must be registered at the Regional Land Registry Office before the deadline. According to the Law No. 38/2007, this process must be done within 21 days after the signature date. One of the points to be considered in this process is the payment of stamp duty before the registration process.
Another point to be aware of is the penal action to be applied in case of non-payment of stamp duty. If the payment is made within “30” days after the signing of the sales contract, the stamp duty is 0.5% of the purchase price, while a fine is incurred if this period is exceeded. Therefore, you must be careful.
After all these processes, the sales contract is registered. Thus, it is accepted as an annotation on the relevant real estate. This prevents the occurrence of any mortgage, restriction, etc. on the real estate and protects you from double sales.
Processes Related to Purchase Authorization
After the registration of the contract, an application must be made to the TRNC Ministry of Interior for the permission of the purchase. At this point, our team, which supports you, collects all the documents needed for the permit application. The documents required in this process are briefly as follows:
- POA – Power of Attorney
- Copy of identity card
- Purchase authorization application form
- Official Registry (Criminal) Record
At this stage, the original of the police record should be brought, and this record should be in Turkish or English. It is also important to pay attention to the translation processes. It must be fully and accurately translated and certified. In addition, sealing with an apostille stamp is another important issue.
The process of evaluating applications for a purchase authorization is also very detailed. At this point, the Ministry of Internal Affairs completes its assessment by providing checks at both the military, the police and the Regional Land Registry Office. In addition, the registry of the applicant has a very important place in the decision-making process.
Permission is issued by the Council of Ministers as a result of all checks. Successful results are obtained in most such applications. However, in rare cases, negative consequences can occur. The main reason for the occurrence of such negativities is that the registry record as a result of serious accusations is alarming. In addition, if the location of the immovable to be purchased is close to strategic military settlements, such problems may arise in permitting.
According to the laws, the Council of Ministers has the authority to impose restrictions on the sale of real estate in certain regions to foreigners. However, the restrictions so far have been implemented only for reasons of national security.
One of the most asked questions when obtaining a purchase permit is when the permit can be obtained. The estimated time at this stage is 6 to 12 months. Our team meticulously follows all the steps in order to complete the process without any problems and to obtain the permission as soon as possible. It will be your supporter by providing various information to the relevant state authorities such as the Regional Land Registry Office, the Ministry of Interior, the Police and the Military.
In addition, if your sales contract is transferable, you can take delivery of the property you want to buy, even if your document showing the purchase permission is not given, even if the title is not transferred on your own behalf. If you wish, you can also perform transactions such as renting and selling. If your permit application is rejected, you can contact us to get detailed information about what can be done about the subject.
The final stage of the purchase process in Northern Cyprus is the transfer of title deed. If the purchase permit is approved, the necessary procedures are carried out for the deed transfer. At this stage, our expert team informs you that everything is ready for the title deed transfer.
In order for the title deed transfer process to be completed without any problems, the real estate is evaluated, and then the evaluation forms required for the valuation are completed in full. Each of these documents is submitted to the Land Registry Office. At this point, our company, which is your biggest assistant, responds to your needs completely by paying attention to every detail.
All of the taxes in the transfer are paid over the values determined by the Land Registry Office. The value of the valuation contract is determined according to the market values of similar immovables in the same region. Our team, who contacted you with the determination of the contract price, will give you clear information about how much you have to pay during the transfer.