When buying a resale

johnty


Joined: 03/06/2008
Posts: 26


Message Posted:
20/06/2008 13:55

Can anyone tell me the sort of taxes or payments i will have to pay on buying a resale property

Chick-a-Dee


Joined: 16/06/2008
Posts: 244


Message Posted:
20/06/2008 16:08

I maybe thinking of buying an existing property in N Cyprus, so I have replied to this to bring it back to the top, as I too would like to know the answer. Sorry Johnty that I dont have an answer for you, but ask the same.

TimothyCadman


Joined: 13/12/2007
Posts: 352


Message Posted:
20/06/2008 23:55

If the property has its Kocan (Title Deed) in place then the new buyer pays 3% Stamp Duty on the contract value that they sign when their Permission to Purchase comes through. To get the Kocan KDV (VAT) and Stamp Duty have already been paid, so only Stamp Duty is due.



If NO Kocan (Title Deed) is in place then the new buyer will pay 5% KDV (VAT) and 3% Stamp Duty on the registered contract value that you sign.



In both cases, 0.5% Stamp Duty will be due when you register the contract at the Tapu (Land Registry) Office.



Other fees will be those levied by your solicitor.

joandjelly



Joined: 24/02/2008
Posts: 347


Message Posted:
21/06/2008 09:52

You can elect to pay 3% transfer tax for one time only otherwise it is 6%. So if you have previously bought a property (and paid 3%) or if you think you may buy a more expensive property in the future, then pay 6% this time and save the 3% for the more expensive purchase.

fire starter


Joined: 19/06/2008
Posts: 231


Message Posted:
27/06/2008 22:37

make the seller have the plot measured before you buy. we had no problems with anything until we had our plot measured. you can't measure it until you own it, so make the seller measure before you part any cash. we now own 1/2 our neighbours bathroom, another neighbour extention and we are 113m2 in the goverment road. make sure your contract has a clause that in the event of any problems with the land or title, that the seller has large compensation to pay covering you in the courts if all is not what it should be.