A foreigner is more that welcome to purchase property or land in Northern Cyprus. One thing that is very important when buying land in a foreign country is having a lawyer or attorney that can be with you to give legal advice through every step. Knowing the deeds and laws pertaining to the purchase of land in Northern Cyprus is critical to a successful deal.
A freehold Turkish Title property is a Turkish Cypriot property that was owned prior to 1974. There are several different things that need to be done to be able to own this kind of property. Checks need to be done by the Council of Ministers which means that to acquire this property you will have to be patient as the sale could take anywhere from 3-6 months and sometimes even a up to a year.
A property that has a freehold foreign title is a property that is owned by another foreign resident, usually a European resident, and the title or deed is internationally recognized even in Northern Cyprus. Again with this title the Council of Ministers complete a number of checks which will delay the sale, usually about 3-6 months but again it can take up to a year to complete.
A property with a lease hold title is a property that is government owned. These properties can be granted with a long term lease of 49years but that is only a lease and you will not own the property. To apply for a long term lease on a leasehold title property you can go directly to the Ministry of Tourism or you can pay a solicitor to do so. This is a necessary part of getting a long term lease.
Properties that have a TRNC title deed is a property that was owned by a Greek Cypriot before 1974. Turkish Cypriot refugees came to the north after July 1974 leaving all their possessions and properties behind in the south. The Turkish Cypriot would sign his property over to the TRNC government. The plan then was that the North Cyprus government would hold the property in safe keeping until a settlement could be reached between the north and south. Once in the north the Turkish refugee would take a property that had been relinquished in the same way by a Greek Cypriot. This was to replace the lost property that had been involved in the issues the north and south were having. If you are going to purchase a TRNC title deed property it is best to consult legal counsel such as an attorney or lawyer. Since the TRNC title property could have issues when purchasing it such as it could still belong to the Greek Cyprus who traded it for a property in the south until an agreement was made. A big mistake to avoid is purchasing a large amount of cheaply priced land without first knowing that the title is free and clear.
There is a general process for buying a property with a Freehold title. This procedure goes something like this and is similar in many ways to purchasing a property in your home land. The first step is to locate the property and agree on a price. The title deed should be validated by the Notary Republic after the price is agreed on. The Notary Republic or a Solicitor will then draw up a contact outlining the details of the purchase. The details will be the agreed upon price, purchaser and seller and any other special requirements. If either of the involved parties must leave the country during the selling period a Power of Attorney must be chosen to tend to any of the business in the persons absence. Once the contract is done both the seller and the purchaser will sign the contract. The purchaser will then give the seller a 10% deposit and then apply for a purchase permit from the Council of Ministers. The process that needs to be done by the Council of Ministers will take approximately 3-6 months although it could take up to a year. Once the purchase permit is available the purchaser pays the seller the remaining money due on the balance of the purchase price. The seller and purchaser then sign the title and the deed then belongs to the purchaser