Can my spouse and I purchase one property each?
Yes, Husband and wife are can buy one property each.
I am not a citizen of the TRNC, but I want to purchase two properties in the TRNC? How can I do this?
You can sign the contract of sale for the two properties in your own name; however, you can only apply for purchase permission for and take title to one property. Therefore, you will need to find a nominee (this person should be a friend or relative or someone you know and trust) to take title to the property and hold the property on trust for you or you will need to set up a TRNC company. Please ask for more detailed advice on trusts and companies.
Why Should I Buy a Property from Azant Real Estates?
We realise that there are many Real Estate Offices selling the same properties so how do you decide which agent to use when you are buying a property considering that they are all selling at the same price.
All we can tell you is that we will be with you from the start of the process right through to the end. Unlike many other agents, it?s not just about getting a sales fee and moving on for us. It?s about relationship building and making sure you are comfortable and relaxed throughout the process and ensuring no surprise problems along the way. Buying a house is usually the most expensive purchase you make during your lifetime and we want to make sure you get it right.
We help you to understand any legal issues with land, build permission, etc and we really try to make the purchase as stress free as possible. Our staff are genuine honest sales professionals who will not try to push or force a sale. As we work closely with a specialist solicitor on a daily basis we are also expert in local market when it comes to legal matters concerning property purchases here in North Cyprus.
To arrange a no obligation appointment with one of our advisors or to view any of our properties, you can click on Contact Us, email us at email@example.com or call us on 0533 833 0841 or 0533 829 3231.
What can I expect from Azant Real Estates with regards to Buying or Selling a Property?
Buying or Selling has never been easier than it is with Azant Real Estates. We really pride ourselves on doing Real Estate differently from the rest and you, the customer is our main focus throughout the sales and purchase process.
When you choose Azant Real Estates to sell your property here in North Cyprus you can be guaranteed that the service will be first class throughout.
We will schedule a no obligation appointment at your convenience to view and photograph the property ensuring that the photographs do your property justice.
We will spend time with you to understand the good things about the property, the real selling points that will make others fall in love with the property and hopefully that time will be what secures a quick sale.
We will offer our advice on what we realistically believe that the property will sell for but of course, we are working for you to achieve the sale so your view and opinion is of vital importance at this stage.
We will explain our fee (no hidden charges) to you so that you are absolutely clear what you will pay to us only if a sale is achieved. If you are happy to go ahead with Azant Real Estates as your partner, then we will have you sign a sales contract with us stating exactly what we will do in return for the fee if a sale is achieved.
We will produce a property details flyer advertising your property that can be displayed at our office as well as on various internet sites including our own www.azantrealestates.com website.
We will schedule and accompany prospective buyers at a time that suits you and we will provide feedback from all viewings of your property.
We are committed to working with you and your buyer until the process is fully completed.
To arrange a no obligation appointment with one of our advisors, you can click on Contact Us, email us at firstname.lastname@example.org or call us on 0533 833 0841 or 0533 829 3231.
What do I need to think about when selling a Property in the TRNC?
Selling a property in TRNC is a very simple process.
You can sell your property with or without Title Deeds but of course your house will be more marketable and of course a little easier to sell if you have the deeds in your name with no associated land issues.
The process can be even more simple depending on the nationality of your buyer. If a local Cypriot is buying, then there is not even a need for a contract of sale necessary. It?s a very simple transaction and you can have the deeds signed over to a local pretty much immediately when the funds are paid.
If you are selling for the first time, then you are exempt from Capital Gains Tax as long as what you are selling is less than a donum. If there is more than one person on the title deeds, then the size of the land is divided by the number of people on the deeds and that exemption is still valid if less than a donum per person.
We would always advise that you have a solicitor involved in your Sales transaction as the solicitor can ensure that the transaction proceeds as smoothly as possible, takes all the stress out of the sale for you and ensures that the money is safely received simultaneously as the house is handed over to the new owner.
The important things to remember when selling are:
1) Ensure that property tax is paid up to date
2) Ensure that all bills including Electric and Water is paid up to date
3) Any maintenance fees are up to date.
4) If you have a bank loan on the Property, speak with the bank and ensure that they understand that you are selling/marketing the property.
5) Ensure there is nothing outstanding owed to the builder if the title deeds are still in the construction companies name.
6) Ensure that you are clear about what is included within the sale.
7) Think about where the funds are going from the Purchase in terms of whether it is to a TRNC bank or whether it is being transferred to another country. Understand the fees associated with this transfer.
8) Understand how much tax you will pay on the sale, at present the tax rate is 2.8% of the assessed value of the property. You can choose to pay this tax and not exercise your exemption rate if you think that in the future you will be selling a more expensive property.
How can we help? We only work with solicitors who are fluent in English and Turkish, and who are familiar with UK law, can offer independent and professional services to clients wishing to sell their property. They can facilitate the sale and ensure that they are with you all the way to completion of the sale.
At an initial meeting, you will discuss the particulars of the property you are selling and look at any informal agreements you have made with the buyer/agent regarding the sales price, timescales and what items are included within the sale. This stage may also involve taking a power of attorney from you to ensure that action on your behalf to sign documents if you are away from Northern Cyprus for long periods of time, can be carried out.
It really is as simple as that. For more information, you can contact us at email@example.com.
What taxes are payable on the purchase and when are these payable?
Taxes, apart from stamp duty which is payable within 21 days of the date of the Contract, are usually payable right at the end of the transaction after your purchase permit has been granted and the title deeds are being transferred into your name. However, some vendors require VAT to be paid on the sale price at the date of delivery of possession of the property.
The rates of tax are as follows:
* Land Registry Transfer Fee - 6% (First time purchase 3%)
* VAT – 5%
* Stamp Duty – 0.5%
Please note that rules and taxes can change and you should always check the above information with a solicitor to ensure that its currently valid.
If you have any other legal questions you would like answered, then you can contact us at firstname.lastname@example.org and we will have our legal expert answer these for you and get them added to this part of our website if appropriate.
Do I need to wait for my purchase permission before I can move into my property?
No. Once your property is complete, you will be able to take possession of your property and move in. Once the contracts are exchanged between the parties and registered at the Land Registry you will then acquire contractual rights of the property. Registering the contract ensures that you are protected from the property being sold or transferred to a third party and from any subsequent liens being placed on the property.
How long will the purchase permission process take and what does it involve?
This process can take some time - current estimations are around 3 - 6 months but is becoming much quicker and easier than in the past. The process involves searches being taken from the Land Registry, the Immigration and the Military. Please note that in order to apply for a permission to purchase you will need to produce a Criminal Record Bureau Disclosure Report from your home country.
Why should I use Azant Real Estates for My Rental Needs?
If you are looking to rent your property in North Cyprus long term or if you are looking to rent a property on a long term basis then Azant Real Estate is the company for you.
Reasons to trust Azant Real Estate with the renting of your property
* We focus on Long Term Rentals only (6 months minimum)
* If we don’t rent your property, then you don’t pay anything
* Friendly and knowledgeable English, Turkish, Dutch and Russian speaking staff
* Property Information Prepared and Presented to prospective tenants
* Viewings always accompanied by a member of our team
* We will prepare a Tenancy Agreement to suit landlord and collect relevant deposit
* If required, we will ensure collection of rent and ensure Government taxes are paid
* An agent you can trust and rely on.
For more information or to arrange a no obligation meeting you can email us at email@example.com or call us on 0533 829 3231 or 0533 833 0841.
Do I need a Will in the TRNC?
We recommend that everyone who moves to the TRNC or is a permanent resident in the TRNC should have a will as the law is different here to your home country and things have to be handled a little differently.
It is lawful for every person, who is of sound mind and has completed the age of eighteen years, to dispose the disposable portion of their immovable and/or moveable property by way of a will to anyone they wish.
Whether you are a permanent resident of TRNC or someone who only visits a few times a year, we recommend that you have a will prepared if you own a property in the TRNC since your home country will only covers you for assets in your home country. So if you own a property here in TRNC, and a car and have money in TRNC bank accounts, you will definitely need a TRNC will to ‘mirror’ your home country will.
- A valid will should be in writing and executed in a manner hereinafter mentioned, that is to say-
a) It shall be signed at the end of each page by the testator, or by some other person on his behalf, in his presence and by his direction; and
b) Such signature shall be made or acknowledged by the testator in the presence of two or more witnesses present at the same time; and
c) Such witnesses shall attest and shall subscribe the will in the presence of the testator and in the presence of each other, but no form of attestation shall be necessary; and
d) If the will consists of more than one sheet of paper each sheet shall be signed or initialled by or on behalf of the testator and by the witnesses as well.
e) The executor of your will should be a TRNC Citizen. This can either be someone that you know and you trust or alternatively you can appoint your lawyer as your executor to administer your estate upon your death.
- Once the will is duly signed and witnessed, you may wish to lodge your will at the District Court Probate Registry. A copy of the will would be filed with the Probate Registrar at the local District Court. The Probate Registrar checks that formalities have been complied with and will verify the identity of the testator. The will is stamped and then filed at Court’s safe. When lodging the wills at the court, you would need 48 TL worth of stamps of which 42 TL worth of stamps are placed on the original will which gets deposited into the court’s safe and the remaining 6TL is needed for the wills registration book.
- Once the will registration is completed, you will be given a receipt from the District Court Probate Registry confirming your will deposit number. You can use the given receipt at any time to withdraw your will from the court either for changing the terms of your will or for cancellation of the same.
- Upon the event of your death the appointed executor or executors of your will need to apply to the Probate Registrar for a Grant of Probate or Letters of Administration.
- The Grant of Probate/Representation is issued by the Probate Registry and gives the Executor or Administrator the authority to administer your estate according to the law and the terms of your will. Unless your lawyer is appointed as Executor, your nominated executor(s) will need professional advice and help from a lawyer in this regard.
PLEASE NOTE THAT:
This guide is intended for general information purposes only and does not constitute legal or professional advice. The information provided is on the basis of current law at the time of writing.
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