• HomeBuyers' Pressure Group                       

    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?

    If yes:

    • What is their registration number?

    • What is their grade?

     

    If no:

    • Have you reported him/them for building illegally?

    Has your builder formed a limited company in the TRNC?

    If yes:

    • Do you know their company registration number (MŞ nnnn)

    • Have you visited Resmi Katz (Companies House) to obtain a written list of directors and their addresses?

    • Have you asked your lawyer to obtain the financial status of the company?

    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:

    • their kimlik (TRNC identity) number

    • are they referred to as the Vendor on your sales agreement

    • have they signed your sales agreement either in person or by someone acting on their behalf under Power of Attorney?

    • is their an Agreement between the third party landowner and the construction company?

      • If yes, do you have a copy?

    • has the third party landowner given Power of Attorney to the construction company?

      • If yes, do you have a copy?

    • do you know if the third party landowner is classified as an amateur or professional seller?

      • if you don't know, have you visited the local tax office to enquire.

    • has the construction company honoured all the terms of the Agreement with the landowner?

      • If not, has the landowner taken legal action against the construction company?

      • If yes, do you know the court case number and current status?

      •  are you a party to the case?

    Has the building project been applied for?

    If yes:

    • what is the project file number?

    • has the permit (licence) been paid for and issued?

    • has all the work required under the project been fully completed?

    • Has final approval been applied for, paid and certificate issued?

    If no:

    • who is in possession of the building plans?

    • has the architect been paid for preparing the plans?

    • have they applied for outline planning permission and a building Vize?

    Has the electrical project been applied for?

    If yes:

    • what is Kibtek's project file number?

    • what electrical contractor has been appointed to do the infrastructure?

    • has the electrical contractor been paid for the work completed?

    • Has Kibtek inspected the work and issued a approval certificate?

    If no:

    • is it because no Vize has been issued for the project?

    • who is in possession of the electrical plans?

    • has the electrical engineer been paid by the landowner?

    Has the landowner taken out a loan using the land koçan and your property as collateral for that loan?

    If yes:

    • who is the lender?

    • how much has been borrowed?

    • how much interest has accrued?

    • has the landowner been making regular payments towards paying off the loan?

    • is the lender satisfied with these payments?

    If not:

    • has the lender taken legal action to recover the debt?

    • what is the court case number for lender vs borrower?

    • do you know both parties lawyers?

    • are you a third party to the case>

    • has the case been heard and judgement issued?

    • what are the terms of the judgement?

    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?

    If yes:

    • do you know the court case number?

    • do you know the amount of the debt(s)?

    • are you a third party to the case?

    • do you know both parties lawyers?

    • has the case been heard and judgement issued?

    • what are the terms of the judgement?

    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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