Services

PROPERTY PURCHASE/SALE SOLUTIONS

 

Our team works closely with reputable agents to match your budget and desires with the perfect property.

 

1. Property Search and Selection: We collaborate with a network of agents to find properties that meet your specific needs, preferences, and budget.

 

2. Conveyancing: Our legal team specializes in conveyancing, handling all legal aspects of property transactions, from contracts to ownership transfer.

 

3. Legal Consultancy: We offer expert legal advice to guide you through buying, selling, or leasing properties, ensuring a smooth process.

 

4. Investment Consultancy: Our consultants provide market analysis and insights to help you make informed property investment decisions.

 

5. Real Estate Law: We address all aspects of real estate law, including property disputes and zoning issues, ensuring compliance and resolving legal challenges.

 

6. Cooperation with Agents: Strong relationships with real estate agents allow us to offer diverse property options and negotiate favorable terms.

 

At LEGA LAW AND CONSULTING, we strive to make your property purchase or sale experience seamless and successful. Contact us today to learn more about how we can assist you in North Cyprus.

 

TITLE DEED TRANSFER TAXES

There are four taxes that the vendor or/and purchaser must pay

 

Title Deed Transfer Tax 

 

On 27 January 2023, the TRNC Legislative Assembly passed amendments to the law on transfer tax. In accordance with the amendments, foreigners, except  Turkish citizens, are now required to pay 12% transfer tax in order to get title deeds transferred into their names. This payment will be regardless of whether it is the first purchase or not.The transfer tax is calculated based on the sale price stipulated in the contract of sale or in accordance with the property value determined by the Land Registry (which is higher).

 

In addition, on 10 February 2023, further amendments were published in the official Gazette that stipulate the requirements for foreigners  to pay %6 out of the  12% transfer fee concurrently with registration of a contract of sale with the Land Registry.The remaining half (i.e. 6% of the sale price) is payable upon transfer of a title deed.

.Should the contract be canceled before the title deed is transferred into the name of the purchaser, the 6% transfer fee which was paid upon registration is non-refundable

Everyone who had their contract registered before the 10th of February 2023, shall pay the transfer fee at the rate applicable in 2022 and if you are a first-time purchaser, this means that the tax rate will be 3% payable upon transfer of the Title Deed.

 

Stamp duty.

 

Generally, the stamp duty is paid by the purchaser unless the parties agree on different terms in the Contract of Sale. Before the registration of the Contract of Sale at the District Land Office Stamp duty is calculated based on the sale price stipulated in the contract of sale or in accordance with the property value determined by the Land Registry (which is higher).

 

Stopaj tax

 

This tax is payable by the vendor unless parties agree on different terms in the Contract of Sale. The rate of tax varies depending on whether the vendor a Professional Vendor (company or individuals who have already sold more than three properties) or an individual. If the vendor is a Professional, the rate of tax is 4.7%, and if the vendor is a private individual, the rate of tax is 2.8%.

 

VAT (KDV)

 

The VAT is applicable only in the case where the vendor is a Professional. The tax is payable to the Tax Office. The VAT is payable by the purchaser unless parties agree on different terms in the Contract of Sale.The rate is 5% of the Contract price, payable upon possession of the property. However, the parties can agree to postpone the payment of the VAT till registration and transfer of the title deed.

 

 

 

PROPERTY CONVEYANCING  SERVICES

We offer a range conveyancing services for property transactions including buying, selling and  property transfers.

• Assisting customers in the sale/purchase  process