Certainly! This is the direct responsibility of the buyer, provided for by the legislation of Northern Cyprus. The agreement is subject to registration from the moment of its signing within 21 days.
The registration obligation involves financial costs on the buyer's part, which not many clients want to bear. Let us remind you that when registering an agreement in the land registry, 6% of the cost of housing is paid, as well as 0.5% stamp duty at the tax authority.
Due to the current restriction for foreigners to purchase 1 piece of real estate, some investors have to resort to various kinds of tricks. For example, the purchase of several real estate properties from a developer without registration in the land registry (hereinafter referred to as TAPU) for the purpose of resale before the commissioning of housing, or the conclusion of a trust agreement with a lawyer.
Remember! Registration of the purchase and sale agreement with TAPU acts as a protective barrier-encumbrance against any unlawful actions of the previous owner. The latter will not be able to, for example, sell the object to third parties or transfer it as collateral.
