The timescale for purchase will to a large degree depend upon the type of title that exists.
Buying a Turkish or TRNC title property will require as number of checks to be carried out by the Ministry of interior, and therefore this type of purchase will take approximately 6-8 months to complete.
There are a number of types of title deed in North Cyprus:
a) Foreign ownership pre-1974: For example British, with title deed. Property in this category provides the quickest route to purchase as there is no requirement for council of Minister approval.
b) Turkish Cypriot owned pre-1974: Before the property can be registered in your name, an application must be made to the council of Ministers for approval. The procedure for obtaining approval can take up to 6 months.
c) TRNC :-absolute possession document - title deed. Land or property, originally owned by a Greek Cypriot prior to 1974, with title deeds issued by the TRNC Government on a points basis in compensation for land given up in the South. The owner of such a title deed is allowed to sell to foreigners. It seems unlikely in any settlement of the dispute between the North and South, that anyone who has been so compensated through Government issue of such title deed, or indeed any subsequent purchaser of such title, will lose the value of such issue or purchase. We can advise you further on the purchase of this type of title.
d) Greek Cypriot pre-1974: Land or property, where there are no title deeds. Some people offer for sale, such properties without registered deeds for relatively small amounts of money. We advise against such purchases.
e) These are properties where title deeds were never issued, due to delays at the time of the division of the island in 1974. Following the formation of a Turkish Cypriot Government , a statement was issued that all foreign land and property ownership, once registered, would be respected.
TRNC / Exchange
1) TRNC government has compulsorily acquired all the immovable properties in Northern Cyprus.
2) TRNC Government has a established Board of Compensation in order to compensate pre-74 Greek owner of the properties compulsorily acquired by TRNC Government.
3) TRNC Government, after compulsorily acquiring the immovable in Northern Cyprus issued points to Turkish Cypriots as a consideration for giving up their properties in South Cyprus or Republic of Cyprus.
4) TRNC Government then sold the immovable in its territory previously compulsorily acquired to Turkish Cypriots in exchange of their products. these lands are known as exchange lands.
TRNC/ TMD
1)TRNC Government has compulsorily acquired all the immovable properties in Northern Cyprus.
2)TRNC Government has a established Board of Compensation in order to compensate pre-74 Greek owner of the properties compulsorily acquired by TRNC Government.
3) TRNC Government has given some of the land it has compulsorily acquired to Turkish immigrants as a consideration for immigrating from Turkey to TRNC. These lands are known as TMT lands.
The TRNC constitution has specific provisions protecting the private ownership of property.
The process for buying a freehold property is as follows:
1) Decide the best property for you and agree price.
2) Contract drawn up by solicitor, setting down the terms of sale, i.e. price, timescale, vendor, purchaser, and any special conditions.
3) Purchaser pays the sale price of the purchased property in stages as the purchased property is being build. These stages are usually 5 stages. 2%deposit,25% upon completion of foundation, 25% upon completion of skeleton of the house. 25% upon completion of bricking and rendering and painting, 20% upon installation of flooring and bedroom wardrobes and kitchen cupboards and 5% upon the completion of the house to the satisfaction of the purchaser.
4) Purchaser acquires the beneficial ownership or possessor ownership as he moves into the purchased property simultaneously with the payment of last instalment. TRNC law do recognize the beneficial ownership and possessor ownership and since the possession is trough a lawful contract then the possession of the buyer becomes undisputable.
5) After the grant of permission to purchase property by Council of Minister the vendor assign his legal ownership into the name of the purchaser at Department of Lands Office.
6) Sale completed.
The typical cost of buying property:
The main cost incurred are as follows:
- Purchase permit application, e.g.TRNC or original Turkish title = 1000 pound
- Contract of transfer -e.g. foreign title =600 pound
- Stamp duty =%3 of valuation levied by land registry
- Legal fees.
Financing your purchase:
For full details of the financing options available please contact a Reeds Rains Mortgage Advisor at your local Reeds Rains branch.
Sincerely,
IDEAL CYPRUS.
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IDEAL CYPRUS, The Best Place for Best 
