Turks and Caicos Real Estate Buying Process
1. Choose a real estate professional with whom you feel comfortable.
2. Discuss your investment and lifestyle requirements.
3. Discuss what money can buy here and start the process of determining what good value is.
4. Look at everything that fits within your guidelines and budget.
5. Make a short list of whatever suits your needs best and view each.
6. List all the pros and cons of each to help determine the best property for you.
7. Make an offer on what you feel is a fair market price for the best property.
8. Once you have received acceptance on your offer, meet with a local attorney to discuss different ways to hold property. If you will not be making an offer until after you leave, still meet with a local attorney before you leave, as that is the person to whom you will be sending your money to.
9. Once your offer has been accepted, you will be paying a 10% earnest deposit to your attorney by wire transfer once you return home. You may also pay 10% of that as a reservation deposit to hold the property right away.
10. Once the deposit is with your attorney, the seller's attorney will prepare a formal Sale & Purchase Agreement that both you and the seller will sign. At this point the deposit is given to the Seller's attorney to hold. The balance of funds is transferred to the island and is placed in escrow until the completion date.
11. On the completion date, your attorney gives the Seller's attorney the balance of funds in exchange for a transfer form signed by the Seller transferring the property to you.
12. The Seller holds funds until your attorney registers the transfer form with the Land Registry, showing you as the new owner. Because of the type of Land Registry system here in the Turks & Caicos Islands, the government guarantees title, so no title insurance is required.
13. The Seller normally pays the commission and each party pays their own legal fees.
14. Within 30 days of buying your piece of paradise, your attorney will pay the required stamp duty on your real estate investment less any chattels (furniture & appliances).
Stamp duty is only payable on the portion of purchase price allocated to the real estate.