written by Ercan Sezginer, Envision Estates & Management

 

A Guide to Know Small Estate Affidavit Process & Title Deeds

Envision Estates & Management has been established by Mr. Ercan Sezginer to give property investors, property buyers and sellers a fully exclusive one stop shop to buy or sell their property with a professional guide on getting the legalities and overcoming the red tape involved in the complicated process.

When taking on properties to sell, the agents should ensure that the sellers have the legal right to sell the property, being satisfied that the Title Deeds and Site Plans are in order. This process will ensure that both seller and buyer will negotiate the selling and buying in full confidence.

It is prudent that due diligence is of the upmost priority when buying or selling a property, this also goes for other countries not only for North Cyprus. The buyers should engage a reputable law firm experienced in conveyancing that will independently and solely act for their clients to ensure that the whole process is completed safely and securely. They will also assist you with the permissions that are required when being a foreign national when investing in North Cyprus.

At Envision Estates we make sure that potential buyers and sellers have all the details of the procedures required. One of the most important things is knowing the correct information about the property you are potentially buying. Most importantly what type of title deeds does the property hold.

It is also very important to make sure your Real Estate Agent is a registered Estate agency with the KTEB which will guarantee your protection with insurance unto 100,000 Euro.

 

Types of Title Deeds and Transfer Process

After the division of the island in 1974, North Cyprus has developed its own regulations and issued various types of title deeds that exist in North Cyprus today. There are 4 types of Title Deeds.

 

• Pre-74 (Original Turkish Land) Turkish Cypriot owned or foreign ownership.
• Esdeger/Exchanged Land. This is the Land that the North Cyprus government gave in exchange for the land that they left in the south side when the island was divided.
• Tahsis title deeds were issued by the TRNC North Cyprus government to a Turkish Cypriot refugee or to a Turkish mainland settler.
• Pre 74 British owned title deeds.

When potentially purchasing your desired property your Solicitor will undertake a land registry search at the relevant Land Registry Office in order to confirm that the seller is the registered freehold owner of the immovable property, that the property is free from any liens, charges or encumbrances. They will analyse the documents and check that the relevant building permits, construction permissions and approvals have been obtained.

Once your Solicitor is satisfied with the results of the search and contracts have been signed and exchanged they will proceed to register the Contract of Sale at the District Land Registry office. It is compulsory for the registration of all contract of sale for the purchase of immovable property at the District Land Register office within 21 days of the contract being signed and for the stamp duty to be paid at the rate of 0.5% of the property value before registration can take place. Registering the contract ensures that you are protected from the property being sold or transferred to a third party and from any subsequent liens being placed upon the property.

 

Small Estate Affidavit Process and Heirship

The process of notifying the immovable properties owned by the persons to the relevant points is called the small estate affidavit. This is done by filling out a small estate affidavit form, which can be obtained free small estate affidavit form certain addresses. Define affidavit process should include all information about the real estate. Real estate affidavit are directly related to all kinds of earnings made by individuals on immovable property. Taxes on the relevant goods are calculated taking this situation into account. In this respect, you have to make the declaration process at the first stage of the immovable properties you have recently purchased or built. According to the Real Estate Laws that exist in the law, every citizen is obliged to declare the immovable properties he owns to the state.

In the case of affidavit of heirship or probate, a affidavit of heirship for a house and a claim affidavit comes up. In case of death of a person, the properties pass to the real estate heirs. Inheritance can be based on the Law as well as the will of the inheritor.

 

Northern Cyprus Attraction Center for Investors

North Cyprus property is safe: The TRNC Immovable Properties Commission is now openly recognized by Europe in a European Court of Human Rights ruling on 5th March 2010.
Property investors are now turning their attention to North Cyprus and looking to capitalize as the Cyprus Solution nears its final phases. The lifting of embargoes will mean free trade, direct flights, and increased tourism. The North Cyprus property market is set for a period of sustained high growth as investors increasingly realise the potential in the North.

Property in North Cyprus is far more affordable than anywhere else in Europe or the UK Prices on the South of the island are over 200% more expensive than the North. North Cyprus is outside the Euro Zone, giving you better value for money and buying power. You can use Sterling, Turkish Lira, Euro or US Dollars in North Cyprus. Both nationals and overseas investors enjoy low taxation.

North Cyprus enjoys 10 months of sunshine making it a premium destination for holidaymakers, providing some fantastic short let holiday rental yields.

North Cyprus offers premium villas, apartments and building plots suitable for the most discerning buyers. Finding the right estate agent is important so that they can do the homework for you and provide you with the background of the property and guide you through the process. They may also make arrangements for home loans with the recommendations of participating local banks.