Kibkom North Cyprus Forum

Im buying a house and theres only me and the seller involved . Im citizen so the deeds will transfer pronto. The sellers in the uk . When i picked up the search from the land registrv i asked about obtaining a valuation for tax purposes on the transaction. When i have previously bought property/ land a valuation has neen sought from the land registry and it takes a few days and the tax is based on this .

When i asked about this yesterday they said it was all done on the one day of trasnfer. I think the lady was not understanding me ?

Does anybody know whatvthe procedure is ? Am i correct ? Is there a form ?

Thanks in advance for any help

It seems that they don't bother as much especially if it is a resale

Hi you need to obtain the transfer forms from the Tapu Office they are huge white or yellow & are completed in triplicate or quadruplicate the staff in there will help you. You then leave them for valuation which you correctly say takes a few days the taxes are based on this.
On day of transfer you have to go to Tax Office first with all the paperwork to pay Vendor's Stoppaj Tax or obtain exemption certificate they will not allow transfer if the Vendor owes any tax. I am presuming you have access to POA who is representing Vendor & collecting the funds as they will need to present their POA at both offices the Tapu will require it to have approx 85 TL stamps on it & will retain it in their files - good luck!
PS You will also need receipt for current year's Property Tax at the Tapu

Many thanks ozankoys was hoping you would reply as i hav e seen yo reply with correct nfo to other similar posts with good/correc nfo.

The. Vendor is flying over to conclude the sale they havent left poa. I oresume they need to sign the form to get the ball rolling ( then again maybe not as there cousin whose uncle works in the iskele tapu fgotbthe search )

Thnks

Thanks ozankoys . Was hoping you would reply as ive seen youreply to similar type posts with reliable info. The vendors flying out to comlete . Theres no poa . His cousin ordered the search (whose uncle works in iskele tapu) . It might be possible to get the ball rlling befor the vendor flies out if not they will have to wait for the valuation.

You can get the valuation before the vendor flies out they do not need to sign the forms until the transfer takes place. However I think it only lasts 21 days if you do not transfer in this time it will have to be done again, as the Vendor has relatives in the offices I am sure everything will be expedited for you!

From personal experience no valuation took place ,
as I had POA I signed for the vendors and ourselves all at the same time it nearly wore my hand out the number of times I signed for them and ourselves , good luck

The valuation on the paperwork is entered by the Tapu (Land Registry) it is not necessarily a physical one it can be the contract value or a figure determined by the Tapu based on land & property size, area etc. & must have been decided before the transfer day
13roman58 I am assuming you did not prepare this paperwork yourself?

ozankoys,no I did not prepare the paper work myself but the contract and value was from 5 years previous
I think it had something to do with the advocate we used .

Obviously then yours was not a 'normal' transfer & therefore the information is not really relevant to general enquiries on this board.
From your previous posts it seems you are really not very experienced in property issues here.

Cheap shot

Another question in relation to this i might be confused here but i seem to remember a flat i bought that they valued at £40000 then they used a tl exchange rate of 4 tl to the pound which was better than the rate at the time . A director of a of a big local construction also mentioned recently that they are still converting at 4 tl to the pound for tax purposes ? Anyone can confirm this or not ?

I had never heard this & did not realise at the time but in a recent transfer the valuation was exactly the contract value in £ x 4 so it looks like you heard correctly!