The Legal Process in Northern Cyprus

Appointing a lawyer

North Cyprus Estate Agents, Donaghy & Beyler can recommend several trusted lawyers in North Cyprus who are fluent in your language and do not represent the seller or estate agent. They work solely for you. Your lawyer will provide the legal guarantees ensuring that the property you are purchasing in North Cyprus is bought free of encumbrances, charges, liens or debt and that all local taxes and community charges are paid up to date. Lawyers will tell you in advance what their fee will be – these vary from £1250 - £1500. For more in depth information please visit our Legal services and Lawyers in North Cyprus page www.donaghyandbeyler.com/legal.php 

Formalising the offer on the property: The Reservation Deposit

Once a verbal agreement has been made between parties, a reservation deposit will be required. Once paid, Donaghy & Beyler will formalise the offer in writing to the purchaser, seller and their respective lawyers. The reservation deposit guarantees the property is taken off the market and is reserved for you at the agreed, fixed price. Reservation deposits are usually non-refundable, unless it is specifically conditional upon certain factors e.g. awaiting planning permission documentation.

Exchange of private Contracts

The next step in the process is to exchange private contract of sale. This normally takes place within two weeks following formal acceptance of the offer. Your lawyer will have completed the necessary searches of the property and a draft contract of sale will be drawn which will reflect all the agreed terms of the offer and sale. The contract will clearly state dates when payments will have to be made. Usually for an off-plan property the first stage payment will be anything from 10 – 25% of the purchase price. All subsequent payments will be conditional upon completion of works.

For more information on the legal aspects of purchasing or real estate in North Cyprus please visit our legal and lawyers page

North Cyprus Bank Accounts

One of the first things you need to do when you have decided to buy a property in Northern Cyprus is to open a North Cyprus bank account. If buying property off-plan your developer will require stage payments to be made through a Cypriot bank account. If buying a re-sale property the utility bills can be paid through direct debit, making your life easier.

Note: Banks charge a commission to receive funds from overseas, sometimes up to 0.5% of the money being transferred. We’re happy to assist you in setting up TRNC bank accounts and can recommend the better North Cyprus banks in the area.