What is the general procedure of buying a property in Northern Cyprus?
Purchase Procedure The price of the property is agreed The sale contract will be drawn up expressing the terms of the purchase and both the vendor and the purchaser sign The purchaser pays 10% deposit (the amount of deposit may vary according to the payment terms of the seller). The solicitor or appropriate appointed person will then apply for a purchase permit from the Interior Ministry. This can take approximately four to eight months. Once the Purchase Permit has been granted from the Interior Ministry the remaining balance is due from the purchaser. After final payment the vendor assigns the title deeds into the name of the purchaser. By buying a Foreign Title property the purchaser will not have to wait for a Purchase Permit and therefore the above procedure will be much quicker. N.B. When buying a Turkish Title or a TRNC Title foreigners are restricted to 1 donum of land (1,388 sq.m. or 1/3 acre. This restriction does not apply when buying Foreign Title property. Please enquire a
