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Buyer's Guide
Purchase Procedure
Once you have chosen your property with us the purchase procedure is simple:
1 – Secure your chosen property and agree the price – the validity of the title deed is then checked by your solicitor.
2 – If you are not going to be in Northern Cyprus during the build then a Power of Attorney is drawn up with a solicitor to act on your behalf. This is then taken to the notary to be registered.
3 – A contract is then drawn up by your solicitor, setting down the terms of sale, i.e. price, payment terms, timescale, vendor, purchaser and any extra requirements. In many cases, the purchaser returns home, the contract is then emailed for you to check and only once you have approved it will your solicitor proceed with the purchase in your absence.
4 – The vendor and you as the purchaser will then sign the contract.
5 – The purchaser then pays the agreed deposit to the vendor.
6 – Your solicitor applies for your Purchase Permit from the Council of Ministers; this is currently taking up to 18 months to come through.
7 – Boray will act as the main point of contact between you and your builder, we will keep you updated on the progress of your property and send you regular pictures.
8 – Upon completion of your property you will make your last payment to the builder.
9 – As soon as your purchase permit is received you will then pay the retention payment to the builder.
10 – The vendor will then transfer the title deeds into your name and this is when your taxes are payable. The sale is then complete.
WE AT BORAY ESTATES HAVE VERY STRINGENT GUIDELINES WHEN TAKING ON NEW PROJECTS, In order for us to promote propertIes we require the following documents for our files and for the reassurance of our clients.
LIST OF REQUIREMENTS FOR NEW PROJECTS
- Copy of Title Deeds - If the land is not in the vendor’s name a copy of the sales agreement or Power of Attorney is required
- Copy of the Land Registry Site Plan
- Copy of the Building Permission or File Number
- Site Plan - Buildings, pools etc layout on the site, numbered and with north indication
- Floor Plans - With room dimensions
- Pictures - 3D Pictures or artist impression
- Full Specificitaions - Measurements, standards, materials, extras list and detailed info
- Plot size and property size
- Payment Plan - If available
- Company Registration Documents - If a construction company, builder’s registration with the official body that certifies the builders.
PLEASE NOTE:
BORAY ESTATE AGENCY WILL NOT MARKET A PROJECT UNTIL ALL REQUIREMENTS ABOVE ARE SUBMITTED
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