North Cyprus Property | Mortgage Law 11/78 section 21

WITHOUT PREJUDICE

Just a reminder of what was being said in 2011.

1. The home buying tourism is beneficial to North Cyprus and is supported by the TRNC Government.

2. Laws related to home buying in TRNC, are same as the laws elsewhere in the world and they are going to be interpreted and implemented in the same way. Therefore a contract signed by a homebuyer cannot be disregarded by arrangements made without his knowledge.

3. 11/78 Mortgage Law is valid and no bank or authority may ignore it. Therefore a bank putting a mortgage on a property is obliged to search and declare the rights of other people on the property to the Land Registry Office. The law requires that the contracts of sale will remain valid after the mortgage. The rights of the purchasers cannot be wiped out and the bank is obliged to fulfil the conditions of the purchases after the mortgage.

4. According the 11/78, Mortgage Law if a bank puts mortgage on bare land knowing that houses are going to be built and sold on it, those sales are binding on the bank and the bank is obliged to fulfil the conditions of the contracts.

5. The TRNC Government is the guarantor of the rights of the purchasers who acted in good faith. Our clients believe that if the above declarations are made and followed by the TRNC Government the great development during the years of 2004-2007 will be revived and Turkish Cypriot people will become one of the most prosperous peoples of the world.

Boysan Boyra Law Firm”

 Source: Kulaksiz Boysan Boyra Public Announcement

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