Buying land in Northern Cyprus can be a rewarding investment, but it requires careful attention to detail to ensure a seamless and secure transaction. From identifying the perfect plot to negotiating the best terms, our team is adept at handling all the necessary paperwork, including title deed verification.
Whether looking for a plot for residential development, commercial use, or long-term investment, Senilk Real Estate Consultancy works closely with reputable legal advisors to safeguard your interests and ensure a transparent and hassle-free process. Foreigners can obtain freehold property ownership in Northern Cyprus by obtaining a title deed with the Land Registry Department.
The easiest way to transfer a title deed in Northern Cyprus is to work with a reputable property consultant like Senilk Real Estate Consultancy. The real estate sector in Northern Cyprus is vast, but the number of people who fully understand the legal process is limited. That’s why it is beneficial to work with a professional to learn about the current documents, costs, and the entire process.
Here are 6 essential steps you need to take before purchasing land:
Step 1: Obtain A Copy Of The Title
The first step in your land-buying journey is to secure a copy of the land title from the real estate agent or landowner. With this document in hand, visit the Land Registry Department to verify that the land is free from any encumbrances, such as mortgages, claims, or other legal issues. Ensure that the title matches the records in the official registry to confirm its authenticity and that it is problem-free. The common required documents to apply for a title deed in North Cyprus are as follows:
- The original and a copy of the Contract of Sale
- The original and copy of the passport
- The site and seating plans
- A copy of the Title Deed
- A copy of the Stamp Duty receipt
- The original Power of Attorney (if there is any)
Step 2: Conduct A Map Survey
Next, hire an expert to conduct a relocation survey of the land boundaries. This survey will help you confirm that there are no structures or fences from adjacent lots encroaching on the property. Accurate boundary verification is crucial to avoid future disputes with neighboring landowners.
Step 3: Execute A Deed Of Sale
Once you’ve verified that the land is free of issues, proceed to execute a Deed of Sale or “Contract of Sale.” Both the seller and buyer must sign this contract, and it must be notarized to ensure its legality. This step formalizes the agreement between both parties.
Step 4: Pay Stamps Duty
Within one month of notarizing the Deed of Sale, it’s essential to pay the Duty Stamps. The average cost of a title deed transfer in North Cyprus consists of:
- Property transfer tax: 12% of the property value
- VAT: 5%
- Stamp Duty: Under 1%
- The lawyer fee is around £1000 – £1500 + (16% VAT).
Depending on the kind of property and transaction, the amounts change. These are only rough estimates.
Step 5: Pay Capital Gains Tax
The seller is responsible for paying the Capital Gains Tax to the Bureau of Internal Revenue (BIR). This tax is due because the seller has profited from the sale. After payment, the BIR will issue a Certificate of Authority to Register, certifying that all taxes have been settled and authorizing the transfer of the title to you, the buyer.
Step 6: Title Transfer
With the Certificate of Authority in hand, you are ready to register and pay the relatively inexpensive transfer fees. The authority will then process the transfer of the title, which typically takes between 1 to 6 months in Northern Cyprus.
The duration varies depending on the completion of the necessary paperwork by the parties involved in the transaction. Continuous follow-up is essential, as this process can take some time to complete. Patience and persistence are key during this final step.
By following these six steps, you can ensure that your land purchase in Northern Cyprus is smooth and free from legal complications. At Senilk Real Estate, we are committed to helping you navigate this process with ease and confidence. Happy land-buying!
Take Note: The information provided here is subject to change. We recommend requesting updated information from the relevant institutions to ensure accuracy and compliance with the latest regulations.