| North Cyprus - Estate Agent - Property - Rentals - Construction - Investment - Northern Cyprus | ||||||||||
| Members of the TRNC Estate Agents Union - Reg No: 065 | ||||||||||
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Buyers Guide / Choosing a Property / Legal Process / Title Deeds / Property Taxes / FAQ's Northern Cyprus Property Buyers Guide
The Legal Process in Northern CyprusAppointing a lawyer
Formalising the offer on the property: The Reservation DepositOnce a verbal agreement has been made between parties, a reservation deposit will be required. Once paid, Donaghy & Beyler will formalise the offer in writing to the purchaser, seller and their respective lawyers. The reservation deposit guarantees the property is taken off the market and is reserved for you at the agreed, fixed price. Reservation deposits are usually non-refundable, unless it is specifically conditional upon certain factors e.g. awaiting planning permission documentation. Exchange of private ContractsThe next step in the process is to exchange private contract of sale. This normally takes place within two weeks following formal acceptance of the offer. Your lawyer will have completed the necessary searches of the property and a draft contract of sale will be drawn which will reflect all the agreed terms of the offer and sale. The contract will clearly state dates when payments will have to be made. Usually for an off-plan property the first stage payment will be anything from 10 – 25% of the purchase price. All subsequent payments will be conditional upon completion of works. For more information on the legal aspects of purchasing or real estate in North Cyprus please visit our legal and lawyers page North Cyprus Bank Accounts
Note: Banks charge a commission to receive funds from overseas, sometimes up to 0.5% of the money being transferred. We’re happy to assist you in setting up TRNC bank accounts and can recommend the better North Cyprus banks in the area.
North Cyprus Properties that may interest you
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