What do you know about your property and or site?
Updated 11 February 2010
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If you are unable to answer all of these questions you have some research to do. If you need any help on how to get the information please come along to the Pia Bella any Tuesday from 12 noon onwards
Is the builder certified by Inşaat Encumi and registered with the Construction Association?
Has your builder formed a limited company in the TRNC?
Who is the actual landowner of the plot your property is being built on? The construction company or someone else?
If the koçan is in the companies name have you answered YES to all the questions regarding a limited company?
If the koçan is in an individual's name(s) is this person(s) a director of the limited company? The registered owner of the land who is not part of the construction company is referred to as a "third party landowner".
If the koçan is owned by a third party landowner do you know:
Has the building project been applied for?
Has the electrical project been applied for?
Has the landowner taken out a loan using the land koçan and your property as collateral for that loan?
Does the builder and/ or landowner owe money to other creditors? If you don't know have you asked your lawyer to do a Land Registry search?
If the builder and/or landowner does owe money to other creditors have any of the creditors taken legal action to recover the debt?
Do you know that KDV (VAT) at 5% of the contract price is payable to the vendor when you take possession of the property, if the builder/landowner is classified as a professional seller. If the owner is classified as an amateur seller KDV is not applicable.
If you have paid KDV has the vendor issued you with an official Fatura (receipt)?
Do you know that you will need this official fatura at title transfer time?
Have you been asked to pay the vendor's stopaj tax at title transfer time?
If you have paid it have you ensured that the vendor was not given the original (or a copy) tax office receipt?
Do you know that if the vendor has a copy they can claim it as tax they have paid on their year-end tax returns?
Please also see Please also see Purchase Quiz
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