Understanding Sales Agreements in Northern Cyprus: What You Need to Know
This document is standard not only for Northern Cyprus but also for any country where real estate transactions are conducted.
Sale Contract
The sale contract is, in a way, an encumbrance on the property backed by your name, preventing the seller from making other transactions with your property. It also serves as a document that establishes the conditions under which the seller agrees to transfer the property, and the buyer agrees to accept it.
How to Draft a Sale Contract
Typically, contracts follow a standard form and only vary in details related to the characteristics of the property being purchased. However, whether you are drafting a document independently or reviewing a form provided by a developer, we recommend consulting with lawyers (we can suggest the firm DeJure).
Sale Contract Registration
We have described the required steps before registering the contract and the step-by-step process in the relevant article.
Frequently Asked Questions
What taxes are paid when registering the contract?
When registering the contract with the tax office and the land registry, a stamp duty and a cadastral fee are paid - 0.5% and 6% respectively. For more on taxes, read our analysis.
Who is allowed to conduct real estate transactions in Northern Cyprus?
Under the new law, only companies that are members of the Northern Cyprus Association of Realtors can engage in real estate activities. More on the law.
What happens after the contract is signed?
After signing a real estate sale contract in Northern Cyprus, it must be registered with the tax office and the land registry (TAPU), an application for permission must be submitted, and the title must be transferred.
Follow our Instagram and Telegram channel to stay updated on the latest real estate news in Northern Cyprus!
Vadim Chernyakov
Our company provides a wide range of legal services across Northern Cyprus. With us, you can receive qualified assistance in real estate, legal, visa, or financial matters.
Phone
+905338824055
Book a call
Leave a request and receive expert assistance from our specialist.
Author
Born and raised in Yekaterinburg, visited more than 40 countries, lived in the USA for some time, and in 2022, moved to Northern Cyprus. Education: Ural State University (now Ural Federal University), Faculty of Political Science and Sociology. Professional Experience: Since 2008, worked in the…
You may also be interested in:
- What is the process for registering property in Northern Cyprus?
- Tax Rates for Purchasing Property in Northern Cyprus
- What taxes should be paid when purchasing real estate in Northern Cyprus?
- Understanding Sales Agreements in Northern Cyprus: What You Need to Know
- What to Do After Receiving Permission to Purchase Property in Northern Cyprus?
