What you need to know about buying property in Turks and Caicos.
Purchasing real estate in the Turks and Caicos Islands can be a straightforward process. There are no restrictions on property ownership by foreign individuals and a modern land registry system guarantees accurate transfer of title, which can be held either personally or by a TCI incorporated company.
Once you’ve identified your dream property your real estate agent will draw up a Preliminary Agreement setting out the terms and conditions of your offer. When your offer is accepted, it’s crucial to appoint a local attorney. This will trigger a due diligence period, giving you time for a home inspection and your attorney to check the property’s title and other documents. You will also be required to place a 10% deposit in escrow with your attorney
The seller’s attorney will then issue a formal Purchase and Sales Agreement. Once signed by both parties the contract is legally binding.
Your attorney will then prepare for closing and will request all necessary funds from you inlcuding the balance of the purchase price , stamp duty, registration and legal fees and any other disbursements which may have been incurred. It is not usually necessary for the buyer or seller to physically attend a closing meeting.
After closing, your attorney will register the transfer deed and other relevant documents at Land Registry. They will also report the stamp duty to the TCI Government.
Attorney fees typically range between 1%-1.5% of the purchase price Stamp duty – this is a one time transfer tax payable on all real estate transactions and varies between 5% to 10% depending on the location and value of the property . If purchasing a
furnished home typically the value of the contents will be deducted from the amount on which stamp duty is calculated.
Interested in buying your dream home in the Turks and Caicos Islands? Fill out our contact form and one of our team will reach out to you.
What you need to know about Selling property in Turks and Caicos.
Are you looking to sell a property or vacant land in the Turks & Caicos? At Agua Atlantic Realty, we can make the process simple and hassle-free.
After viewing your property, we will conduct a thorough market analysis, providing a competitive listing price based on similar properties currently for sale or having recently sold. We will also let you know if anything needs to be done to bring your property up to show condition.
Once the listing price has been agreed, we will draw up a listing agreement for you to sign. You will also need to provide certain key pieces of documentation such as copy Land Registry Title, Certificate of Occupancy if applicable, KYC customer documents. It is also customary to provide a recent survey certificate indicating the boundary markers of your lot. Then, we commence marketing your property, which includes uploading to websites, networking with other agents, personal introduction to qualified buyers, open houses, and implementing a social media plan.
Any offers will be presented to you through a Preliminary Agreement form, or an Offer to Purchase. If the offer is made subject to any conditions, we will explain those to you and negotiate on your behalf in order to reach a deal that meets your objectives.
Once an offer has been accepted, you are required to appoint a local attorney to prepare a Sales Agreement, which will be signed by both you and the buyer, at which point the buyer will provide a deposit equal to 10% of the purchase price. It is important to note that the agreement is not legally binding until both parties have signed the Sales Agreement.
The balance of the purchase price is due at closing, at which time application will be made for the land register title to be transferred to the new owner. Your attorney will deduct any costs associated with the sale, including attorney’s fees, real estate commissions, and any other disbursements. Note that stamp duty or transfer tax is payable by the purchaser. Ready to sell your property? Please reach out to our team for more information.
