Selling house to TRNC citizen - anyone know how it works?

Howmuchlonger


Joined: 08/11/2008
Posts: 61

Message Posted:
23/10/2010 15:50

If we were able to sell our house to a local, what is the process? Do we have to sign the property over before they pay us, or can there be a safe and certain way of simultaneous exchange of money and property? I would like to avoid using advocate if poss. No estate agent involvement either. Has anyone got experience or knowledge about this? Thanks in advance for any advice.

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
23/10/2010 17:55

I would be wary of not using an advocate. Certainly, you must not hand over anything without having the money in your hands.

In my case, the developer still owned the land, as I didn't have the Kocan, and my buyer managed to have the house transferred to his name, or in process of same, with the assistance of someone from the developer's staff and an individual in the land registry. WIthout an advocate, I would have been up that famous creek with no paddle.

Remember, TCs have friends and relatives everywhere.

And don't hand anything over (ignore stories about needing a key to let cleaners in!) simply on receipt of a cheque. Ensure the cheque is cleared into your account first.

Pugwash


Joined: 06/09/2010
Posts: 1797

Message Posted:
23/10/2010 18:08

ooh it is very easy indeed! as above make sure you use a solicitor/advocate

ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
23/10/2010 18:37

Make sure they have a bank draft which will be handed over in the Land Registry when you all sign the papers, do not let them in until you have ALL the money

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
23/10/2010 19:03

Sound advice from Ozankoys. And if they turn up with a cheque and stupid excuse, rather than a draft, make them wait until it clears before letting them in.

That's what happened with my buyer, he was really upset when I wouldn't give him a key!

karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
23/10/2010 19:06

Lawyers are a necessary evil



So are rats







The world wouldnt be the world without them.

Howmuchlonger


Joined: 08/11/2008
Posts: 61

Message Posted:
23/10/2010 19:12

Thank you for the advice. Do I really need to use an advocate if they hand over a bank draft at the land registry?

mistress


Joined: 29/08/2009
Posts: 57

Message Posted:
23/10/2010 19:26

Howmuchlonger/couldbealotlonger if you don't use a lawyer. Great if you have a buyer, don't risk losing the sale for the sake of a few hundred quid. In my experience dealing with the locals and property sales there are likely to be misunderstandings at any point along the way, deal with things the wrong way and you can forget a sale. Correct, ditch the agent - they are more likely to cock up the sale then you would on your own.





Get a quote from lawyer Naomi Mehmet, you will be in safe hands.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
23/10/2010 19:27

Cleared funds in your bank first is the only safe way surely. A Bank draft can be cancelled before presentation.

Howmuchlonger


Joined: 08/11/2008
Posts: 61

Message Posted:
23/10/2010 20:23

Thanks again - very useful advice! I will check with Naomi Mehmet as she has a good rep.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
23/10/2010 22:50

No one in there right mind will deposit funds in your bank account without some sort of guarantee. You must use a Lawyer / Advocate. You need someone to trust. Speak to Mine Konat.

snd1966


Joined: 10/06/2009
Posts: 353

Message Posted:
24/10/2010 09:10

We used a noter in 2004 and 2006 and lots of legwork around the government departments but I thought it was easier now since the estate agent law was passed and then the rumour went around an estate agent was the only way to buy / sell. I thought you had to register the sale somewhere so stamp duty is paid within the set time etc

Money we were lucky the estate agent held it for both parties (us selling and buying) I would open a bank account and make sure the bank do not release any money until show of contract signed and sealed (in case buyer decides he does not have the time to go to the bank) or both parties are present.