What is, as at July 2009, the requirements?

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
06/07/2009 21:30

This might help some people and if it has been done before, forgive me.



What is the procedure for buying here. Can anyone give me a step by step instruction course?



eg. First you do this, then when you have that you do this.



If would be of interest to me as Internet info is so conflicting. I would rather someone who has been through it recently give us an update.



Thanks

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
06/07/2009 21:55

Visit HBPG website , best advice simply given, absolutely essential.

Nataly


Joined: 04/07/2009
Posts: 5

Message Posted:
07/07/2009 09:59

Legal Aspects: When you purchase a property in North Cyprus, you need to appoint a solicitor for your legal issues, preparing contract or POA etc. They charge a fee for these works which is normally around 500-1.000 GBP.

Purchase Permit: A permit will always be issued if you are buying a property in North Cyprus which is legally allowed to be sold to you. Once the purchase permit is received the remaining balance of the property will be due from the purchaser – often the remaining balance minus 5-10 % will be due before the period if the property is complete before the permit is granted. Remaining 5-10% will be held back for the purchasers own security. The purchaser pays the outstanding balance and the vendor signs the title deeds over to the purchaser to complete the sale. The purchase permit application costs between £ 750 and £ 1,500.

Nataly


Joined: 04/07/2009
Posts: 5

Message Posted:
07/07/2009 10:04

CONTINUES From post 3

VAT (KDV): On the sale of a building unit, the vendor company is required to issue an invoice to the buyer on completion and handing over of the unit to the purchaser. On all property purchases, purchaser must pay an additional 5% VAT (KDV) of the purchase price to the government.



Stamp Duty: It is recommended that a Purchase Agreement is always stamped for two reasons:

a) The Purchaser may deposit the Purchase Agreement with the Land Registry Office to protect his interest. If the Purchase Agreement is not stamped it is not accepted by the Land Registry Office and also the electrical building (to change over the names of the meters).

b) For the Purchase Agreement to stand as a legal document.

Nataly


Joined: 04/07/2009
Posts: 5

Message Posted:
07/07/2009 10:04

CONTINUED FROM POST 4

The Cyprus stamp duty is due within 14 days from the time of signing the Purchase Agreement and is usually paid by the Purchaser. Duty is 0.5% payable to the Registry Office, if paid within 14 days of signing the contract. If preferred, it can be paid after the title deed transfer on a later stage but a penalty fee will apply of 1.5% instead of 0.5%.



Local Taxes and Utilities: When you purchase a property here in Northern Cyprus, there are some running costs you pay per annum/month. For example property tax is under £10-£25 per annum, with electricity and water making up the major running costs at around £25 per month for a couple in a property without central heating.



NOTE: Prices above are approximate. You can always have more legal advice about buying regulations and/or necessary documents you may need. Also you can learn more about the foreigners purchasing in North Cyprus more than one property at one time.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
07/07/2009 11:47

Hi Nataly,



Sorry but I found your instructions for buying property in the TRNC misleading. £750 £1500 for permission to purchase? This is free and can be done by any prospective purchaser. Most Advocates (There are no solicitors in the TRNC) include this in their costs of between £1000 £1250. Most builders developers will not wait for you to obtain your permissions before wanting their final payment. Most people have been living in their properties a considerable time before they come through.



The butlers wife