It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the Title Deeds normally remain in the name of the Vendor.
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years.
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
Yes, Registration of a Contract of Sale is a welcome step. But the registration is not an absolute guarantee, as any debts incurred by the Landowner can triggger a forced sale of the Landowner's assets, and this includes any land registered in his name.
What you say is correct. It is the custom in most jurisdictions for creditors to have the right of petition to the Courts for a forced sale of a debtor's assets. Because the Title Deeds to 'sold' properties remain in a Landowner's name, this land is also included in his assets. What is required is a regulation which effectively 'ring fences' land and property which has a Contract of Sale registration.
Registration of a Contract of Sale does confer on the Purchaser a degree of protection. However, this protection is not absolute. Payment of Stamp Duty, followed by Registration at the TRNC Land Office will prevent an unscrupulous vendor from double selling a North Cyprus Property and immunise the Purchaser from mortgages or loans taken out by the vendor with the property being used as security. This is a developing area in North Cyprus law, and Registration can be trumped by vendor bankruptcy.
The reason is that there is a prevalent practice of artificially depressing the actual property price in the Contract of Sale, which then becomes the registered contract. A side or addendum contract would also be executed, but not registered. The actual property price would be the sum of these two contract values. The practice is a form of tax avoidance and the TRNC Tax Office is attempting to discourage this ruse.
@MaryPrudence
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the Title Deeds normally remain in the name of the Vendor.
WellingtonEstates 3 weeks ago
Many purchasers of property appear to expect the issue of a Title Deed when they have made a final payment. Is this possible ?
MaryPrudence 3 weeks ago
@MaryPrudence
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years.
WellingtonEstates 3 weeks ago
@MaryPrudence
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years
WellingtonEstates 3 weeks ago
@MaryPrudence
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
WellingtonEstates 3 weeks ago
@MaryPrudence
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
WellingtonEstates 3 weeks ago
@MaryPrudence
It is not possible for a non TRNC national to be issued with a Title Deed as soon as they have bought a property. There are shared and individual title deeds, but before any title deeds can be issued to foreigners a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
WellingtonEstates 3 weeks ago
a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
WellingtonEstates 3 weeks ago
a Permission to Purchase application needs to be made. A successful outcome is usually a formality, but the process can take several years. In the meantime, the title deed is normally held in the name of the Vendor.
WellingtonEstates 3 weeks ago
@MaryPrudence
Yes
WellingtonEstates 3 weeks ago
@MaryPrudence
Yes
WellingtonEstates 3 weeks ago
Yes, Registration of a Contract of Sale is a welcome step. But the registration is not an absolute guarantee, as any debts incurred by the Landowner can triggger a forced sale of the Landowner's assets, and this includes any land registered in his name.
BillyGover 2 months ago
@BillyGover
What you say is correct. It is the custom in most jurisdictions for creditors to have the right of petition to the Courts for a forced sale of a debtor's assets. Because the Title Deeds to 'sold' properties remain in a Landowner's name, this land is also included in his assets. What is required is a regulation which effectively 'ring fences' land and property which has a Contract of Sale registration.
WellingtonEstates 2 months ago
Registration of a Contract of Sale does confer on the Purchaser a degree of protection. However, this protection is not absolute. Payment of Stamp Duty, followed by Registration at the TRNC Land Office will prevent an unscrupulous vendor from double selling a North Cyprus Property and immunise the Purchaser from mortgages or loans taken out by the vendor with the property being used as security. This is a developing area in North Cyprus law, and Registration can be trumped by vendor bankruptcy.
WellingtonEstates 3 months ago
What level of protection does registration of a Contract of Sale give a purchaser ?
BillyGover 4 months ago
The reason is that there is a prevalent practice of artificially depressing the actual property price in the Contract of Sale, which then becomes the registered contract. A side or addendum contract would also be executed, but not registered. The actual property price would be the sum of these two contract values. The practice is a form of tax avoidance and the TRNC Tax Office is attempting to discourage this ruse.
WellingtonEstates 4 months ago
Yes, the Tax Office reserve the right to look behind the registered contract of sale and make their own valuation for tax purposes.
MaryPrudence 4 months ago