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 to 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.
This process can take some time - current estimations are around 6 - 9 months for foreigners and around 8 weeks for Turkish citizens. The process involves searches being taken from the Land Registry, the Immigration department, and the Military. Please note that to apply for a permission to purchase you will need to produce a Criminal Record Report from your home country. This must be the original and not an emailed copy and this also has a time limit associated with it. At present it must be from within the last 12 months when you submit the application/permission.
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 Estates 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).
* We help you prepare the property in advance of renting.
* We prepare the contracts and get it registered at the tax office.
* We can manage the property if necessary.
* We can check the property regularly if necessary.
* We collect and transfer rent payments and ensure that all bills are paid.
* We deliver end to end process taking the stress away from you.
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 must 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 cover 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 be in place with an executor identified.
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. This is usually for a new build direct from the construction company.
The rates of tax are as follows:
*Land Registry Transfer Fee - 6% (First time purchase 3%)
*VAT – 5%
*Stamp Duty – 0.5%
Selling a property in TRNC is a remarkably 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 is 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 if 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 Belediye are 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.
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 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 an agency 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 [email protected] or call us on 0533 833 0841 or 0533 829 3231.
You can sign the contract of sale for the two properties (or more) in your own name; however, you can only apply for purchase permission for and take title to one property at this time. 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 in trust for you or you will need to set up a TRNC company. Please ask for more detailed advice on trusts and companies. Please note that there has been times here in the TRNC when the govt have allowed foreigners to purchase and transfer more than one property so it is always worth checking.
We realise that there are many Real Estate Agencies 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 is not just about getting a sales fee and moving on for us. It is 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 the 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 protected] or call us on 0533 833 0841 or 0533 829 3231.
Yes, Husband and wife are can buy one property each.