One of the issues frequently come across by those thinking of buying real estate in North Cyprus is the type of title deeds of property. In this article, you will learn about the types of Cyprus title deeds and the differences between them.
Whenever you hear or read the word koçan, think ‘title deed’. Due to the political situation in North Cyprus, there are differences in the title deeds that document the type of ownership of real estate. In total, there are 3 types of title deeds in North Cyprus which are:
- Turkish Title Deeds
- Exchange Title Deeds
- TMD (Turkish Mainland Deeds)
What are the differences between title deeds in Cyprus?
Each title deed is legally different and gives information about the ownership and future status of the property. While comparisons are often made between the types of title deeds (with some often overlooked), it is safe to say that each has its benefits when we think about the future.
1- What is a Turkish Title Deed?
It is the title deed given to houses, lands, and workplaces owned by Turkish Cypriots or foreign citizens before 1974. Since properties with Turkish Cypriot title deeds belonged to Turkish Cypriots all along, it is known as the safest title deed for political reasons.
2- What is an Exchange Title Deed? Can I buy a house with an Exchange title deed?
It is the type of title deed for properties given by the TRNC state to Turkish Cypriots who had property in the south of Cyprus when they relocated to North Cyprus in 1974. Cypriots who moved here received these deeds by signing a waiver and giving up their property rights in the south. Properties with this type of title deed are the equivalent of the property left in the south. Real estate with exchange title deeds are also considered reliable.
3- What is a TMD? Can I buy a house with an TMD?
It is the title deed of property given by the Turkish Republic of Northern Cyprus as a reward to Cypriot citizens or people from certain countries after 1974 as an incentive for them to settle down in the country. This allocation is guaranteed by the TRNC government and is known as a reliable title deed. These title holders have full ownership rights over their property.
Frequently Asked Questions about title deed types in the TRNC:
What is the best type of title deed?
Among the type of title deeds in Cyprus, Turkish and Exchange deeds are known as the most reliable, however, TMD is also under the protection and guarantee of the TRNC government and gives the holder of this type of title deed full ownership of said property.
Does the type of TRNC title deed influence the price of the property?
Yes, the type of title deed affects real estate prices. We have examined how it affects Cyprus property prices in our previous article. Check it out if you want to find out more
Which government institution deals with title deed transactions in Cyprus?
The highest authority regarding land registry and cadastre is the TRNC Land Registry and Cadastre Department affiliated with the TRNC Ministry of Interior. You can visit their webpage to get more information on the TRNC Land Registry and Cadastre Office : https://tapu.gov.ct.tr/