Freehold
When purchasing a property in North Cyprus there are certain regulations and restrictions that must be adhered to, to enable you to take the title deed (known locally as a Kocan - pronounced Ko-ch-an) to be transferred into your name. These include checks carried out by the Ministry of Interior and like much of the North Cyprus bureaucracy this inevitably means delays! The transfer of title may take 9-18 months to fully complete, this however will not affect you being able to take possession of your property. The procedure for buying freehold is as follows

• Select property and agree price.
• Contract to be drawn up by a solicitor based in North Cyprus, to include price, timescale, payment terms and specification.
• Both vendor and purchaser to sign.
• Purchaser provides deposit (the amount will vary from one property to another)
• Solicitor applies to Council of Ministers on your behalf for purchase permit (this is your permission to buy in North Cyprus)
• Final balance payable ( new build properties will be in stage payments spread over the duration of the construction. In most cases a 5% K.D.V. (V.A.T.) will be levied on the property. )
• Once the purchase permit has been received vendor then transfers title deed into purchasers name.
• Purchaser pays 6% stamp duty and 1% of the stamp duty charge is paid to the local Council/Belediye. (You may use the right to be exempt from 3% of the duty on your first purchase)
• Sale complete.

• Select property and agree the price.
• Contract to be drawn up by solicitor based in North Cyprus, agreeing terms and conditions.
• Both vendor and purchaser sign
• Vendor applies to Tourism Office to transfer lease.
• Purchaser applies to take over the lease.
• Once the purchase application is approved, 10% deposit is transferred.
• On completion, the remaining balance is paid to the Vendor and the lease is transferred.
• Sale completed