Buying procedure

Here are the basic steps of the buying procedure in North Cyprus:

1. Choosing your property
2. Negotiation of the payment schedule and the price
3. Checking the legal documents of the property, that proves the ownership of the property.
4. Deposit payment for the property that can vary from 3% to 5% of the sales price.
5. Preparation of the contract of sales, made by a lawyer (we can advice you one of the good lawyers on the island or you can pick your own lawyer; it is completely up to you). The lawyers usually charge between £ 1000-£ 1250 for the whole process of the purchase starting from the contract to the acquirement of the purchase permit and the transfer of the title deed. Usually our clients leave a power of attorney to the lawyer if they intend to go back to their country in order for the lawyer deal with the beaurocratic procedures on North Cyprus.
6. Registration of the contract to the tax office and the land district office, the payment of 0,5% from the sales price stated in the sales contract needs to be paid to the tax office by the purchaser in order to register the sales contract.
7. For Example: When buying a villa for a £ 100,000 you would need to make the following payment on the signing of the contract:
1. Registration fee- £ 500
2. Lawyer’s fee- £ 1,000
3. Deposit- £ 3,000 (The remaining amount of £ 97,000 is payable in accordance to the sales contract)
4. Total of £ 4,500
8. Your lawyer then registers the sales contract in the land district office within 21 days of the signing of the sales contract. Once the contract is registered, it can not be mortgaged therefore this registration prevents the property being sold to someone else or placed under any liability by the vendor.
9. Your lawyer then applies to the Board of the Ministers for the purchase permit on your behalf. This procedure is necessary in order for you to transfer the title deed on your name, in accordance to North Cyprus rules.
10. Once the purchase permit has been granted, you can transfer the title deed of the property to your name.
11. On the transfer of the title, the purchaser needs to pay the VAT of 5% to the vendor and the transfer charges of 3% to the land district office. 
12. For Example (second stage of purchase): When transferring the title deed of the villa mentioned above for a £ 100,000 you would need to make the following payments:
1. VAT- £ 5,000
2. Transfer charges- £ 3,000
3. Total- £ 8,000

Therefore:

• One off payment for the whole procedure constitutes around 10% of the sales price.
• Monthly payments for the property constitutes of your usage of water, electricity, communal areas, etc.
• Yearly payments for the property tax are around 0.1 % of the sales price.