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Real estate acquisition legal aspects
When buying a property in Northern Cyprus, you need professional legal advice. Our company works with qualified lawyers.
Legal Aspects
According to the state law, a foreign citizen has the right to purchase and register only one real estate in his/her name. A foreign national can purchase land up to 1 (one) donum (1,338 square meters) provided that the land is vacant and only 1 property can be built there. In case of a villa with a garden, land area cannot be bigger than 3300 m2, provided that there is 1 (one) residence on it.
Before proceeding with the purchase procedure, you should request a copy of a title deed, check property characteristics and its site plan. If a foreigner considers construction, such a possibility has to be checked with the planning authority.
Contract – a key legal aspect
A well crafted contract will protect a client`s interests and become a legal basis in conflict situations. Contract contains all the conditions upon which the parties have agreed: full description, guarantees, payment plan, termination terms and other details.
Be sure to carefully read the contract terms and discuss the nuances with a lawyer who will make necessary additions.
The contract is registered at a district land administration, after which it becomes legally binding.
Procedure after a property has been selected
When a buyer made a choice, a sales contract is signed and registered at a local land registry office within 21 days. Further, a permission to purchase is requested from the Ministry of Internal Affairs. The permit is issued within 12-18 months. After obtaining permission, the buyer has the right to transfer property`s title deed onto his or her name and is registered as the official owner in the Land Registry. The client personally signs documents or issues an official power of attorney for a lawyer with the right to act on his/her behalf.
Thus, legal aspects related to property acquisition in Northern Cyprus are regulated by a sales contract and various authorities. Please keep in mind that the island’s legislation does not allow a foreign citizen to purchase more than one property.