Choosing the Property
Now that you have decided to purchase a property in Northern Cyprus, there is much to learn. Over the past 12 years selling during the property Boom here in Cyprus, we have compiled some details to help you through the buying process.
1) Choose your location
First and foremost, it is important to choose a location prior to your property search, to save you time and money. As there are hundreds of properties in several areas, this is the first step in narrowing down your search. To choose the right location, ask yourself these questions:
AM I PURCHASING A HOLIDAY HOME, PERMANENT RESIDENCE OR BUY-TO-LET PROPERTY?
This is important question to ask. If you plan to relocate here, and you have lifestyle needs including schooling for children, or work for yourself, C&C will guide you to the locations which have private English schools, for instance, or access to the business centers, etc.
Likewise, if you are choosing an investment property, C&C will advise you in identifying your key client and investment type property – whether you will target university student rentals or holiday maker rentals, short or long term rental, and advise you accordingly.
To learn how you can earn up to 10% on this buy-to-let investment opportunity click here: http://cypruscoastandcountry.com/property-details.php?propno=137
Finally, go to our Prime Locations link to learn more about the main locations to purchase property in North Cyprus and what each has to offer.
DO I WANT A RURAL, CITY CENTER, BEACHFRONT OF MOUNTAINSIDE HOME?
You have determined this home is for your personal use, whether holiday home or permanent residence, so now take a look at your lifestyle and interests. Where do you want to spend your time? Are you a sun worshipper and desire to be as close to the beach as possible? Do you want to be able to walk to the beach? Are the glorious mountain ranges for you? Or, do you wish to be as close to Casinos, clubs and nightlife of a busy city center?
2) Define your Budget
WHAT IS MY BUDGET AND AVAILABLE DOWN PAYMENT?
It is important to explain your budget realistically to your agent. This way we can focus on finding a property you will be 100% comfortable with purchasing. Furthermore, different properties have different payment plans and possibly mortgage options. Telling your agent how much many you can realistically put down as a down-payment will help in guiding you to options that suit your financial needs, as well as negotiating in your best interest.
3) Determine the type of property you would like to buy
DO I WANT TO PURCHASE A VILLA, APARTMENT, PENTHOUSE, GROUND FLOOR, SEMI-DETACHED PROPERTY?
How many bedrooms to I require? Are there any other details I require which my Agent should know about? Providing your agent with as much details as possible about your property requirements is key to finding you the right option quickly.
4) Determining your timeframes – Yours and the Market’s!
WHAT IS MY TIMEFRAME FOR BUYING AND MOVING IN?
The answer to this question will determine if off plan or under construction property may right for you. There are many advantages to these types of properties including lower price points and long term payment plans. Furthermore, buying off plan or under construction allows you to define your space with your own style. Often times you may choose the materials and colors for your fittings, including flooring, kitchen worktops and wardrobes according to your tastes.
Furthermore, the agent will be responsible to match your timeframe with the markets. Are you after a property in a fast –selling new development but don’t plan to buy within the next 3 months? Perhaps you should put your search on hold. In the North Cyprus property market, as it is the Mediterranean newest and least expensive property hot spot, the market moves quickly! Be ready to act so you don’t miss out on the property of your dreams, or a killer investment.
Your Personalized Portfolio
Coast & Country Homes has a vast portfolio which can be viewed in Properties, however please understand that new properties come to the market all the time. Contact Us with your requirements stated in the Comments section, and we will inform you as new properties come to the market in your specific needs..
If purchasing property in the TRNC (Turkish Republic of Northern Cyprus) a new venture to you, and seemingly daunting, you can rest assured Coast & Country Homes will guide you through the entire process, from A-Z. Below is an outline of what you can expect, once you have chosen your property to purchase.
1) Reserve the Property.
Once you have chosen the property or properties to purchase, it’s important to pay a reservation deposit to hold the property off the market, and at the agreed upon price. This can be paid to the Real Estate Agency. It is normally non –refundable. Normally the property cannot be held for you without a deposit and proper documentation from a Registered real estate agency.
Buyers should expect to pay for new build or off plan about 2000 gbp, or 5% of the purchase price for resale properties.
2) Meet with a local solicitor and assign POA.
a. You will meet with a solicitor and your estate agent to transfer all details of the property to be purchased, and assign POA to the solicitor. There are many processes that will happen when you are not in the country that the solicitor will need to complete on your behalf. Leaving POA costs nothing, until it is used. Therefore, even if you have not yet chosen a property, it’s important to leave POA so that if you decide on a property on return to your country, the purchase can proceed.
b. Your solicitor will need your Passport at the meeting.
c. Your solicitor will apply for PTP – Permission to purchase- If you are not a TRNC citizen. Normally this can be a lengthy process, however your purchase and rights on the property can be achieved prior to receiving the PTP. Your title deed however can only be transferred once you have been granted PTP. To apply, you must provide the solicitor with a criminal record. He or she will apply on your behalf. Normally, the only reason a PTP is not granted is if there is a serious criminal record. The criminal record can be obtained online and once you return to your country.
d. The solicitor will make a search on the property and complete all due diligence.
Please see our Legalities section for more legal details, and our recommended TRNC solicitors.
3) Signing of Contracts
a. Provided the solicitor is satisfied with the property based on the search, he or she will prepare a Contract of Sale including the agreed upon payment plan. Your Estate Agent will provide all details.
b. Both parties will read and sign, or approve POA to sign on their behalf. This contract signing is normally expected within 2 weeks of reserving a property. A down-payment or full payment is normally due on contract signing. The payment schedule however is outlined in the contract of sale.
c. The solicitor then has 21 days to register your Sales Contract at the Land Registry, which secures your legal rights completely on the property. It cannot be sold, resold at this point and you have all legal rights to the property. In most cases, you can sell your property prior to receiving title deed (and paying VAT), but this must be agreed with the developer and sometimes involves minimal administration costs.
4) Taking Possession of your Property
a. When buying from a developer, normally upon completion of the property the buyer will go through a process of “snagging” to see if anything needs to be fixed or corrected. You can do this or we can assist this on your behalf. Once all of the snags are complete, you will then take possession of the property
b. Keep in mind that you may need to connect water and electric yourself prior to moving into your property, which can take a few days. Therefore, normally once you come to Cyprus to take POSSESSION of the property, you will need alternative accommodation for 3-7 days. We can assist with that at reduced prices if you let us know ahead of time. We can also assist or advise you on the process of connections.
c. Be prepared to pay for water electric meters and deposits. Costs vary, but about 1000 gbp should cover these costs. Sometimes these payments are made to the developer or are included in other costs charged by the development.
Please see our Legalities section to learn about Taxes and Additional Costs associated with buying and selling property in North Cyprus.