Choose property and agree a final price
Contract will be drawn up by a chosen solicitor (the solicitor has to be based or registered in the Northern Cyprus). The contract should include the following points: price, building time, completion date, payment schedule and terms, building and technical specifications.
Vendor and purchaser to sign
The buyer will hand over a deposit to the contractor. The chosen solicitor will apply to the relevant authorities, the T.R.N.C. Council of Ministers, for permission to buy property in North Cyprus. This is the government’s permission, giving the client the right to retain a property in the Turkish Republic of Northern Cyprus.
The client will pay according to the contracts payment schedule, as the property is under construction. A new property in Northern Cyprus will be bought in stage payments spread over the duration of the construction period. Most often 5% K.D.V (V.A.T) will be levied on the property.
Once the buyers permit has been received, the vendor will transfer the title deed into the buyer’s name. Buyers will pay a 3% stamp duty and the equivalent of 1% of the stamp duty will be paid to the local Northern Cyprus authorities. The sale is then completed.Buyer's Guide