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Conducting Transactions with Secondary Real Estate in Northern Cyprus

Purchasing secondary real estate in Northern Cyprus is a profitable investment; however, the process requires thorough legal verification and compliance with all local regulations. Let’s go through the key stages and features of such transactions.

Stages of Purchasing Secondary Real Estate

1. Choosing a property — it is important to conduct a detailed market analysis and ensure the reliability of the seller.

2. Ownership verification — before concluding the deal, it is necessary to confirm that the seller has all the legal rights to sell the property.

3. Signing the sale and purchase agreement — the agreement outlines all transaction terms, including price, payment schedule, and transfer of ownership.

4. Registering the transaction — the contract is registered with the Land Registry, securing the buyer’s ownership rights.

5. Payment and transfer of ownership — after completing all legal procedures, the final payment is made, and the keys are handed over.

Legal Aspects

• Property verification — before purchasing, it is essential to ensure that the property has no outstanding debts, encumbrances, or legal disputes.

• Title deed status — Northern Cyprus has different types of title deeds, and it is crucial to choose a property with a secure legal status.

• Payment of taxes and fees — the buyer is responsible for paying the stamp duty and property transfer tax.

Risks and How to Avoid Them

• Failure to properly verify documents — it is recommended to hire a professional lawyer for a legal review of the transaction.

• Incomplete ownership registration — it is crucial not only to sign the contract but also to register the transaction with the relevant authorities.

• Delays in property transfer — all transfer conditions should be clearly specified in the contract.

Conclusion

Purchasing secondary real estate in Northern Cyprus is a great opportunity to invest in residential or commercial properties. However, to avoid risks, it is essential to follow all legal procedures and consult professionals. Our experts will assist you in conducting a secure transaction while considering all legal aspects.

Murad Gasym-zade

co-owner

REAL ESTATE Specialist in Northern Cyprus

Phone

+90 539 119 05 55

Email

[email protected]

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