Permission to Purchase

finchy


Joined: 08/04/2008
Posts: 86

Message Posted:
18/11/2009 16:20

In January this year, the law changed and a none TRNC can purchase property that exceeds 1 donum. This means that we can now obtain permission to purchase in our own names.



What is the quickest route, if any, to obtain our title deeds, our names or in a trust company via our lawyer? I'm led to believe that in our names it's likely to take 2-2 1/2 years and much quicker with a trust company. However, to go with a trust company requires additional monies and I also understand that a trust company is not without it's risks.



Is the only issue with securing title deeds to move them out of the name of the vendor to eliminate any risk in the event of vendor bankruptcy? What happens then?



Anybody else in the same situation?

roisin


Joined: 19/03/2009
Posts: 358

Message Posted:
18/11/2009 17:37

Hi Finchy,where did u get the info from about being able to buy more than one donum?

Warbabies


Joined: 18/04/2009
Posts: 165

Message Posted:
18/11/2009 17:43

The info. about buying more than one donum was in the paper some months ago. I'm not sure, but think it was up to 5 donums, with the stipulation that only one property could be put on it.

finchy


Joined: 08/04/2008
Posts: 86

Message Posted:
19/11/2009 20:43

Roisin,



I have had 4 donum since I bought the property, with the understanding that permission to purchase would be via a trust company. This all changed in January and you can now buy more than one donum, I think up to 5, even if you are a none TRNC citizen.

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
19/11/2009 20:47

Details on this page - http://nmplegal.com/news.php



Cooper

AlexF065


Joined: 07/09/2009
Posts: 271

Message Posted:
20/11/2009 01:56

bet its only exchange land not pre 74 Turkish or european title

PMF68


Joined: 13/07/2008
Posts: 130

Message Posted:
20/11/2009 06:45

Still waiting after 4 years



Paul