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Buyers Guide
 
Buying a property from Altinor contruction.
 
Contracts of sale are drawn up by our Solicitor or a Solicitor that the purchaser wishes to use.

The purchaser will pay a 10% deposit of the sale price and a completion date is set.

The contract consist of all agreements between the Vendor and the Purchaser i.e. payment plans, extras, inventories etc. In many cases the purchaser returns home and the chosen Power of Attorney attends to the completion in the purchaser’s absence or the purchaser will deal direct with the vendor.
Then an application is made to the Council of Ministers by the appointed Solicitor for the purchase permit from the Ministry of Interior.

The cost of this application is between £500 and £1,000 and is paid on or prior to application and is non-refundable. Applications usually take between four and eight months. (Reports are obtained from the Army, Land Registry, Local Police and Scotland Yard UK).

The Land Registry values the property for Stamp Duty purposes. On the day of completion, the monies are paid by the solicitor to the vendor and the Land Registry respectively, the name of the purchaser is entered into the Land Registry’s record books and the new title deed is subsequently issued.

Stamp Duty is 6% of the value levied by the Land Registry Office for the concerned property. (The value levied by the Land Registry Office is usually lower than the actual sale price).
Council tax is 3% assessed on the 6% Stamp Duty.
 
Land in Northern Cyprus is measured in donums.
 

1 donum = 1388m2 or 14400 ft2

1 donum consists of 4 evleks

1 evlek = 3600 ft2

1 acre = 3 donums

 
For more detail: info@altinorhomes.com