TOP 5 Tips for Property Buyers
TOP 5 Tips for Property Buyers
5 Things to Do For a Safe Property Deal in Northern Cyprus
Buying property in a foreign country is always a cause for many questions. Some legal aspects may be unclear and additional costs differ from country to country. Particularly, fears arise especially when you consider that you might be buying a “lemon”. To deal with these issues, here are 5 things to do for a safe property deal in Northern Cyprus.
“Google” your real estate agent
Northern Cyprus is a small island. Therefore, real estate agents are interested in attracting foreigners and promoting themselves on Internet. A reliable real estate agent should have a well established web presence i.e. a well-built website and a reasonable following on social media networks. If the website is only 2-3 pages – it’s a red flag.
Know your solicitors
You have to know the people that you’re working with. Get to know to know the local solicitor who will handle your legal affairs during the transaction. Visit their website, examine their photos and contact details, contact them via email and then eventually over the phone. Look out for red flags such as non-corporate email addresses (E.g. Gmail or Yahoo! email addresses). Lastly, have a look at their employee profiles on Google, Facebook and LinkedIn.
Check real estate agent’s license
Ask your real estate agent to send you a scan of the company’s documents and licenses or request for them upon arrival. Actually, it is a regular and standard practice for the real estate agent to provide you with these documents on demand. If the real estate agent cannot provide these documents, you should immediately start looking for another real estate agency. You can extend the same procedure to the construction company as well.
Learn about your construction company and its past projects
Finally, you have found a trustworthy real estate agent and you have come to Northern Cyprus on an inspection trip. During the trip, you have had a look at some interesting property and you are abouto make a choice. Ask your real estate agent about the company constructing this building. How long is their partnership? How many projects are already finished and delivered? Are there people who have moved into their property? Are they satisfied with the property? Are there any lawsuits against the construction company? A negative answer to these questions is a no-no. Consider finding another construction company to work with.
Choose a qualified lawyer
We strongly recommend hiring an attorney for formalizing your property deal. Our company can recommend several top cadre lawyers in Northern Cyprus. They are experienced and have worked with a lot of foreign clients. Their main responsibilities are described in this article.
In case you decide to hire a layer on your own, there are several options on the Internet. Please pay attention to the candidate’s education. Northern Cyprus’s legal system is based on British common law. Therefore, the lawyer’s degree should be obtained in either Great Britain or Northern Cyprus. Also, he should be experienced in property deals in Northern Cyprus.
Ultimately, following these simple tips will you make your property deal in Northern Cyprus as seamless as possible. You can find more information about VAT and additional costs incurred when buying property in our article here.