What do we need to be careful of when deciding to buy a property in the TRNC?
There are 4 steps to be followed:
Step 1 – Ask the vendor to see the original title deed (kocan) of the property/land, and take this to your lawyer.
Step 2 – Your lawyer will then obtain a site plan for the property/land in which an application will be made on your behalf for a search to be completed on the property/land.
In some cases these might already be available from the vendor. If so then all you need to do is show these to your lawyer.
The site plan is a map showing the exact location of the property/land you intend to buy. The location on this site plan should coincide with the information given on the title deed, therefore ensuring that you are buying what you have been shown.
The search which needs to be obtained will prove the identity of the last owner of the property/land. This will not only prove the last owner but will also show whether the property/land is free of any charges and/or encumbrances (e.g. mortgages).
This procedure can take between 5-7 days.
It is important that these procedures are completed before the signing of any contracts. If it is not possible for you to return in time for when your lawyer gives you the go-ahead to sign, you can provide your lawyer with a power of attorney to complete this on your behalf. This is a simple process, and can be completed either in our offices or in your home country using DHL.
If the property/land is owned by a Company then your lawyer should ask to see the Company registration details and/or board of Directors’ resolution to ensure that the vendor can sign the contract on behalf of the company and has the authorisation to sell.
Step 3 – Your lawyer will need to check with the site planning office to ensure that there are no restrictions about construction on the land.
Step 4 – Once all the above is completed and your lawyer has advised and given you the all-clear to go ahead with the property purchase then you need to sign a contract with the vendor.