Nowadays a non TRNC citizen may purchase one property in north Cyprus and seems that many do. The magical effect this place has on tourists just makes them come back for more. What could be more suitable for a returning tourist than a fixed accommodation to return to each time?
If you are in the market for buying property in north Cyprus you should know that the procedure itself is rather simple but still there are a few things you should take in to consideration.
Though Northern Cyprus is known for using the English language quite fluently, you should not rely on this when purchasing a property and should hire a bilingual lawyer to help you. The worst thing that can happen is to have your legal documents lost in translation, so be sure to get a translator and be aware of every detail you sign.
Before you get serious about any property be sure to clear up any details about its status. Your lawyer will need to make sure that the property is not under encumbrances, liens, charges or debt.
When you buy a property in north Cyprus you need to put down a deposit, which is calculated as a certain percentage of the property value. You should know that this acts as a reservation only and if the deal falls through you usually do not get this deposit back.
Once you pay the deposit the property is taken off the market so no one can place a deposit on it at the same time. This is when matters start rolling and legal documents are drawn.
