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Real Estate Law

Real Estate Law

Real Estate Law

Buying or Selling?
As Sinal Law Firm, our aim is to help you get rid of all the stress when you are planning to buy a place in another country because we will be guiding you in every step you take in the whole process. You and your dream home will be kept safe with our experienced and well-trained multi-lingual team of Solicitors. The reason for this is we will be representing directly you, not any other person or the State. Your eyes will be us in North Cyprus. 
 
Our reputation is gained as a result of the hard work and dealing equally with everyone. Therefore, we are being preferred and recommended by the biggest Estate Agencies in North Cyprus for the job we do. Do not forget big estate agencies and their clients know this sector better than anyone. NOW, what you need to do is just to fill in the form below, to receive our free consultation and our Guide to Property Law.
 
Providing advice on the full range of property-related transactions. 
Our firm consists of English, Turkish and Russian speaking individuals, with a commitment, enough knowledge and full resources to please anyone by meeting their expectations on all areas. We are working professionally and thinking in all aspects to be able to cope with any difficulty and to sort out any complex situation that may occur in the process of any property investment whether it is a commercial property or a residential property. Moreover, we guide our clients further on leasehold agreements, rental and re-sales and financing. 
 
Our clients are also advised with joint ventures, limited partnerships, unit trusts, private equity structures, Property investment trusts and other co-investment arrangements transactions to be made for any property by our team. 
We are here to inform you and to provide you legal advice with the latest actions taken by Greek Cypriots against foreigners who have brought land/property in the TRNC. As these decisions can often change quickly, it is very vital to know these.
 
Contract of sale for both residential and commercial property
Permit applications
Rental agreements
Operating agreements
Construction agreements
Leasehold agreements
Joint venture agreements
Planning and Zoning Land use
Property Investment Trusts
Property Tax
Company Formation
Property Private Equity
Development
The Rights Of Foreign Purchasers In The TRNC
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Assistance on Property Law
Before you make a decision to buy a land/residence or to make any kind of investment, understanding how the legal system works in TRNC is very important. You should look for legal advice, understand the requirements and then, make investment. So many foreign investors have gained profits from buying and selling property in TRNC since 2015. Therefore, there have been many investors who are attracted to make property business in this country. 
 
According to the Law No. 109, there are some principles for foreigners who are willing to purchase property (i.e. non-TRNC citizens) in TRNC. It also gives information on purchasing property in TRNC by “foreign controlled companies”. Section 3, gives a summary on the procedures in relation to purchase of property by foreign controlled companies.
 
However, there are some limitations and rules for foreigners who are planning to buy a property in TRNC. The foreigners can only buy one property (i.e. up to 5 donums of land (donum is a measure of land equivalent to 1600 square yards, 1,338 sq. meters or 14,400 sq. ft., 0.336 acre) or a villa or an apartment. The foreigners must get Council of Ministers decision in order to obtain freehold ownership of a property. 
 
To be able to make this application to the Ministry of Interior, some documents are needed which are listed below to get the needed permission; 
 
Permission Information Form;
Copy of the passport of the purchaser(s);
Criminal Record Certificate(s) to be obtained from the police department where the purchaser(s) is/are resident.
 
Due to the work load and increase in the number of applications made to the Ministry of Interior this procedure is taking between 9-18 months. The only way to transfer the freehold ownership is after the permission is completed and obtained. 
 
After the division in 1974, TRNC has created its own rules and different legal system. One important thing to be understood is “the kind of the title deed” before buying a land or a house. Despite the fact that all are “TRNC Title” the title deeds and the prices change in the market. There are some alternatives when buying a property as follows: 
Foreign or Turkish Cypriot owned properties pre-1974: These types of title deeds are seen as completely safe.
Greek Cypriot owned pre-1974: Granted to Turkish Cypriot citizens in exchange for their properties that they left in South Cyprus or awarded to TRNC citizens by TRNC government.
Grant Title Deeds: Given especially to Turkish citizens immigrated to TRNC after 1974.
Leasehold: Properties owned by TRNC and leased to individuals and/or legal entities with long term leases for 49 years.
 
 
 
Before Buying Real Estate, You Should Always…
 
• Ask any solicitor to get legal advice (preferably any lawyer who is not advised by the Vendor and/or the estate agent. 
• Examine the sheet plan – plot references and the site plan;
• Ask to see a copy of the title deed and official site plan;
• Look at the site plan and ascertain from its boundaries its shape and boundaries or obtain assistance from professionals on the place of the property;
• To understand who the owner is and whether there is any encumbrance on it or not (from Land Registry) make a land search;
• Ask for copies of the specifications and plans;
• Check the construction availability (from State Planning Office);
• Understand the rules with respect to the maintenance of the site and the building that you are purchasing; and
• Do not make any payment unless you make a contract. 
 
When you decide on any property, you should always: 
 
Sign a binding contract with the Vendor;
Under the terms of the contract that will regulate the principles on the payment terms once the stages of the construction have been completed (in case the project is an off-plan project), make all the payments;
Appoint a project manager to monitor the completion of the stages and check whether the stages have been completed accurately or not;
Get receipts from the Vendor for all your payments including the deposit payment;
Before making the last payment (i.e. on date of transfer of possession or freehold ownership) always search if the property is completed in accordance with the contract, technical specifications and plans;
Get a release letter from the Vendor once you make the last payment and transfer the possession.
 
After the permission is taken from the Council of Ministers, the freehold ownership can be changed to buyer’s name. At the same time of the transfer, Purchase Tax should be paid to the District Land Office which is 6% over the valuation; however, this rate can be reduced to 3% if exemption right is used). Moreover, 1% charge of the 6% is also valid to be paid to the municipality in which the property is situated. VAT @ 5% may also be valid if the Vendor is a professional (i.e. a construction company) and VAT is to be paid in accordance with the contract between the Purchaser and the Vendor. The capital gains tax (6.25% over the valuation of the District Land Office) is paid by the Vendor to the Tax Office at the time of the transfer of freehold ownership of the Property that is bought.