So you found your dream house after a long process of searching and you made the decision to buy it. Before carrying out this big decision, let us introduce you some of the things you should watch out for when buying a turnkey property in Cyprus.
You may want to buy a house with savings you have accumulated over the years or with a housing loan. Although buying a house may seem like a simple process, it has some considerable risks. For this reason, despite your research, you still need to consider certain key criteria that will help you eliminate the risks of purchasing a property.
When purchasing real estate in TRNC, buying a house from newly constructed projects instead of second-hand older houses brings many advantages. For detailed information, you can take a look at the article Buying a House from New Real Estate Projects and Its Advantages.
What should I watch out for when buying a turn-key property in Cyprus?
- Choose well-established construction companies that have already been operating in Cyprus for many years and have completed projects. If possible, inspect these completed housing projects on site.
- Research the property status of the house before buying. Clarify whether the real estate’s title is a private deed or a shared deed.
- Check with the Land Registry and Cadastre Office whether there is a mortgage or lien on the property that may prevent its sale.
- There are different types of title deeds in Cyprus due to political reasons. Learn about the different types of title deeds before buying a turnkey property.
- Evaluate the sales value of the property by comparing it to similar projects around the location of the property you want to purchase.
- If you want to buy a house off the plan, be sure to find out the finish time of the project.
- Make sure you know who pays for the council fees, telephone lines or electricity provision.
- The sales contract is binding. Make sure you read all the details about the real estate project and inspect the contract well.
- What the total sales price covers should be clearly stated in the contract. Ensure that all promised details about the project are included in the contract.
- When buying a turnkey property, get the help of a local lawyer to have all the items in the sales contract certified through a notary public.
- Pay all the fees related to the sales contract and register the property to the Land Registry and Cadastre Office within 30 days.
- There are some expenses you will make when buying real estate in Cyprus. For expenses that are usually paid by the buyer, you can refer to the article Expenses Incurred When Purchasing Property in North Cyprus.
We have listed above the most important criteria that you should pay attention to when buying a house in Northern Cyprus. You are more likely to make a risk-free purchase if you choose a reliable construction company. Above all, we recommend that you research the construction company well and make an appropriate purchasing decision.
You need to know that the sales contract will be binding if you experience a legal disputes while purchasing real estate. A correctly drafted and signed sales contract eliminates all these risks. In case of any dispute, you will not have any loses if your sales contract is comprehensive and valid.
You can benefit from our free real estate consultancy service by contacting us with the contact button at the bottom of the page in order avoid problems while buying a turnkey property in Northern Cyprus.
