Real Estate Law

Real Estate Law is the property of real or legal persons for personal or commercial purposes. It is the entire legislation that includes the acquisition, transfer, registration or cancellation of real estate, changing the characteristics of these real estate, establishing or renting limited real rights on real estate.

Properties such as houses, land, flats and apartments and all the rules regarding these properties are regulated within the scope of real estate law. All kinds of matters, including the subject of real estate ownership, acquisition and loss, real estate, real estate purchase and sale and rental, checking whether zoning and construction projects comply with the law, obtaining the necessary permissions and licenses for the transactions to be carried out, cancellation of acquired title deeds or title deed registration lawsuit filed to obtain the title deed. In addition to issues such as the preparation of rental agreements, land as the subject of real estate ownership, independent and permanent rights recorded on a separate page in the land registry, independent sections registered in the condominium registry, transfer agreements, construction agreements in return for flats, pledge and mortgage establishment, title deed transactions and real rights establishment transactions. Legal issues and transactions in areas such as tracking are just a few of the subjects of real estate law.

The breadth of the real estate sector and the fact that real estate law and cases are complex, diverse and comprehensive make it necessary and mandatory for all real estate-related lawsuits, business, transactions, contracts, investments, purchase-sales, registrations and real estate cases arising from them to be carried out with care and knowledge. . If this requirement and obligation is not taken into consideration, irreparable damages and loss of rights are likely. Getting legal support from expert and experienced lawyers in the field of real estate law cases is of vital importance for people who want to receive successful legal services in real estate cases.

The Immovable Property Commission

The Immovable Property Commission was set up under the Immovable Property Law (number 67/2005) in accordance with the rulings of the European Court of Human Rights in the case of Xenides-Arestis v. Turkey. The purpose of this Commission was to establish an effective domestic remedy for claims relating to abandoned properties in Northern Cyprus.

The European Court of Human Rights, with decision on 1 March 2010 as to the admissibility of Demopoulos and Others v. Turkey found that Law no: 67/2005 provides an effective remedy and rejected the complaints of applicants for non-exhaustion of domestic remedies.

The Immovable Property Commission examines claims for restitution, compensation and exchange according to the provisions of the law no 67/2005. Its considerations are based on the principles of bi-zonality and bi-communality which have been common elements of the 1977-1979 High Level Agreements as well as plans for a settlement of the Cyprus Issue prepared by the United Nations. It seeks to satisfy the legitimate claims of property owners without prejudice to the rights of the Turkish Cypriot Community.

As of 15 April 2013, 4795 applications have been lodged with the Commission.. The Commission has paid GBP 108,183,423.- to the applicants as compensation. Moreover, it has ruled for exchange and compensation in two cases, for restitution in one case and for restitution and compensation in five cases. In one case it has delivered a decision for restitution after the settlement of Cyprus Issue, and in one case it has ruled for partial restitution.

The Immovable Property Commission seeks to be a just, fast and effective remedy for property claims. In this way, the Commission purports to contribute to the comprehensive settlement of the Cyprus Issue.

Guide to Applying to the Immovable Property Commission (IPC)

What We Offer in Sertbay Law Firm?

In Sertbay Law Firm we offer a comprehensive and complete representation to everyone who would like to apply to the Immovable Property Commission. Our firm takes pride in the professional and efficient approach it has. We maintain these high quality services from the very beginning of the application process until the end.

Our firm has got very effective and helpful associates that provide detailed property anaylsis as well as valuations which are crucial for successful applications.

From the moment you walk into Sertbay Law Firm, we attach incredible significance to your expectations and hence we do our utmost to provide the best service available at very competitive prices. We would like to assure you that Sertbay Law shall reach or even surpass your expectations in professionalism, efficiency and client understanding.

In Sertbay Law Firm we speak the language of our clients, and we surely speak your language.

Our main services regarding Property Law are as follows:

Legal consultancy to our clients who want to purchase real estate in Northern Cyprus
Legal consultancy to our clients who own a house in Northern Cyprus and want to purchase their real estate
Detailed examination and preparation of real estate sales contracts
Following up the applications and permit procedures to be made to the TRNC Ministry of Internal Affairs in order to obtain the immovable property purchase permits required within the scope of Chapter 109 for the purchase of goods in the TRNC by our foreign clients
Registration of sales contract to the Land Registry and Cadastre Office and cancellation of registrations
Consultancy regarding tax legislation and taxes to be paid in the purchase and sale of real estate
Following up and finalizing the transfer transactions at the Land Registry and Cadastre Offices
Preparation of rental agreements and payment of rent withholding

Simple Guide for Foreigners Buying Property in Northern Cyprus

On May 21, 2024, new rules were made for foreigners buying property in Northern Cyprus. These changes affect both new and existing property owners who don't have title deeds yet.

Who is a "Foreigner"?

A "Foreigner" is anyone who is not a citizen of Northern Cyprus.
This includes foreign companies, no matter how much of the company is owned by foreigners.

Trustee Agreements

Foreigners often made agreements with Northern Cyprus citizens to buy property.
New rules say these agreements are invalid if they involve more than one property or don't meet specific requirements.
All agreements made before May 21, 2024, must be registered within 75 working days, or they will be void.

Limits on Buying Property

Foreigners cannot buy agricultural or forest land.
They can't buy property in areas important for national security or public order.
Foreigners can't buy more than 7% of a district's area or more than 3% of Northern Cyprus's total area.
The government can limit certain foreigners from buying property for security reasons.

Buying Property: What Foreigners Can Buy

Foreigners can buy one property if they get permission:
- Land up to 1,338m² for one house.
- One apartment with specific deed requirements.
- Up to three apartments if they're from countries recognizing Northern Cyprus (like Turkey).
- A detached house with land up to 3,300m².
Foreigners can't buy shared title deeds unless it's a detached house or apartment, and only three foreigners can share a title deed.
In any development, 20% must be sold to Northern Cyprus citizens or citizens of countries recognizing Northern Cyprus.

Permission to Buy

Foreigners and foreign companies need permission to buy property.
For application amongst other things property details and a police clearance certificate is needed.
Application fees vary based on whether it's a first or second application for the same property.

PTP Application Fees:

First application – half of the gross minimum salary wage (i.e. as of 21.05.24 -17,035TRY);
Second application (same property) – double of the application fee (i.e. one gross minimum salary wage).

Transferring the Title Deed

After getting permission, the title deed transfer must happen within 6 months.
If the transfer isn’t completed in time, the permission becomes invalid.
Taxes must be paid within 60 days of getting permission, or it becomes invalid.
If permission becomes invalid, one reapplication is allowed with a double fee.

Penalties for Breaking the Rules

Breaking these rules can result in fines of 500 times the minimum salary, especially if:
- Agricultural or forest land is sold to foreigners.
- More than one property is bought or it exceeds size limits.
- Sales contracts are made without proper deeds.

Existing Contracts

Contracts made before May 21, 2024, must be registered within 6 months.
If the title deed transfer isn’t completed in time, there are penalties.
Trustee Agreements made before May 21, 2024, must be registered within 75 working days, or they become void.

For More Help

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +90 392 2288001
Fax: +90 392 228009
Web: www.sertbaylaw.com

NB: This guide is not legal advice. For detailed information and guidance regarding your specific situation, it is recommended to seek professional legal consultation.