How to Choose the Right Property to Minimize Risks?
When buying property in another country, it is essential to be well-informed and cautious. This is especially true for Northern Cyprus, where there are specific nuances to consider. Here are some key recommendations for those planning to purchase property on this island:
- Documentation: The primary document confirming ownership in Northern Cyprus is the title deed (or “kocan”). Ownership can only be confirmed after full payment for the property and approval by the Council of Ministers.
- Delays in Receiving the Title Deed: Unfortunately, some unscrupulous companies may delay issuing this document for years. The reasons vary, from constructing houses without official documentation to discrepancies between actual buildings and approved plans.
- Buying from Individuals: When purchasing “secondary” property, i.e., not from a developer but from a private individual, there are specific risks. If the previous owner leaves without providing you with a power of attorney to transfer ownership, you risk losing the property even though you paid for it in full. To avoid such situations, it is recommended to work only through verified real estate agencies registered with the relevant association.
- Death of the Owner: If you have a power of attorney for the transfer of ownership from the previous owner, but they pass away, the title deed can only be obtained through an inheritance court proceeding.
Be extremely cautious when purchasing property. The right approach includes analyzing the developer’s activities, checking all documents, and thoroughly inspecting the property. It is crucial that an experienced lawyer, not just someone with a law degree, conducts the verification. A lawyer is a professional who not only understands the law well but is also a member of the Bar Association. Consult directly with a lawyer using a translator’s services if needed, rather than relying on Russian-speaking assistants whose competence may be questionable.
It is essential for the real estate agency to be officially registered with the Realtors Association and to correctly pay VAT during the transaction. Full legal compliance is your best protection. Yes, there are individuals offering attractive terms, but you risk dealing with unreliability and lack of guarantees. Stay vigilant and, if possible, choose properties from reputable developers in Northern Cyprus.