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This would relate to property with a title deed (kocan)
that has been owned since before 1974 by a non-Cypriot.
Property in this category is rare but can provide the
quickest route to purchase as there is no requirement for
the approval of the Council of Ministers.
Property in this category can be registered in
your name after approval has been sought by the Council of
Ministers. Foreign buyers are limited to the purchase of one
donum of land per person, which equates to 1360 sq m or roughly
14,000 sq ft - a married couple count as one person unless
they have different surnames.
The whole procedure for obtaining this approval can take up
to 6 months. This does not mean you cannot take possession
of your property during this period, it just means lots of
paperwork for your appointed lawyer!
You will find this type
of title deed with land or property originally owned by a
Greek Cypriot before 1974. The title deeds in this case were
given by the TRNC Government to the Turkish Cypriot refugees
who escaped to the safety of the north after the 1974 war
and who left all their possessions behind in the south.
The Government assessed the value of the refugees
forsaken assets in the south on a “point’s”
basis. With the points granted, the refugees could take a
relinquished Greek Cypriot house or land valued at the sum
of the points awarded, this was in compensation for the properties
lost in the south.
The Turkish Cypriot then signed over his property in the south
to the TRNC government to be held by them pending a negotiated
resolution and settlement between the north and south Governments.
The owner of such a title deed is allowed to sell the property
it relates to. It is considered safe to purchase properties
with this title deed unless the TRNC title deed was issued
to a military serviceman for their service on the island (TMD).
It is believed
that this type of title deed may carry a risk of repossession
as they were not issued on a basis point system but as a reward
for military services in the war against the Greeks. Also,
some rural areas of TRNC are still under consideration for
being handed over to the Greek Cypriots in the event of a
resolution of the on-going dispute. Constructors are not currently
building properties in these areas, they are mainly agricultural
areas. However, if you are in doubt instruct your lawyer in
TRNC to examine the history of the title deed and the area
where the property you are interested in is located and to
advise you further.
This type of title deed is assigned
to land or property where there are currently no title deeds!
Occasionally property comes on the market at a fairly low
cost with this title deed - such properties are not considered
safe to buy. Again, if you are unsure and are drawn to land
or property with such a title, please speak to a lawyer for
further advice.
In the TRNC, Government land
and property sometimes becomes available for lease. Usually
the properties are derelict and the Government will lease
them out for periods of up to 49 years for a minimal ground
rent for the lease period. Please be advised that your dream
home could be at risk if you go ahead and complete a purchase
without obtaining satisfactory confirmation of the title deeds
and right to sell by a solicitor.
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