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Purchase procedure
When purchasing a property or making a property investment in Northern Cyprus there are certain regulations and restrictions that must be adhered to, to enable the Title Deeds to be transferred into your name. The transfer of title may normally take 9-18 months to fully complete, however you will be able to take possession of your property in Northern Cyprus, without waiting for final transfer of title. The procedure for buying freehold is as follows:
- Choosing a property.
You will then pay Medview Homes a £2,000 reservation deposit. This will naturally be deducted from the purchase price of the property.
- We will then appoint you a Northern Cyprus bases legal representative. Your appointee will draw up a contract, which will include the pre-agreed price, timescale, payment terms and full specifications.
- The Vendor & Purchaser then sign the agreed contract. Alternatively the Purchaser can designate a Power Of Attorney to his or her solicitor to sign the Sales Contract on their behalf, if travelling to and from North Cyprus is an issue.
- Within one month of signing the contract, the Purchaser will pay 0.5% of the contract price to his or her solicitor. This payment is referred to as a Stamp Duty.
- A deposit is then taken from the Purchaser.
- Your solicitor will apply on your behalf for permission to purchase, which is a formality in North Cyprus. This gives the relevant documentation for your permission to buy in Northern Cyprus
- On possession of the property, VAT is payable to the seller and presently the rate is 5%.
- You can now take up occupation of the property you have purchased.... it is that simple.
- At the time of transfer the Purchaser is required to pay a 6% (of sales price) Transfer Fee.
Depending on the property there is an annual maintenance fee which is approximately £700.00 per annum. Water and electricity meter and connection charges are approximately £350 plus VAT on each (a one-off payment).
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