Thinking about purchasing property or a home in Turks and Caicos?
Here’s what to expect:
Once a property is selected, and a price is agreed upon, a Purchase and Sales Agreement is prepared, and an initial deposit of 10% of the Purchase price is lodged with Seller’s Attorney which is held in escrow until closing. On closing the transfer documents are handed over to the Buyer’s Attorney in exchange for the balance of the purchase price. Original signatures are required and signing must be witnessed and signed by a Notary with his /her stamp affixed.
The Buyer’s Attorney then lodges the transfer documents with the Land Registry. The Land Register then deletes the name of the Seller and inserts the name of the Buyer as the new owner of the property giving him or her freehold title to the land. A British Dependent Territory status ensures an accountable legal system with absolute title guaranteed by the Crown.
At the time of registration a one-time stamp duty to government will be payable by the new owner of the property.
Stamp duty is a one-time fee that is payable on all real estate transactions varying from 6.5% to 10% dependent on the purchase price.
If you have any question on the purchasing process in Turks and Caicos, just contact us and we will glad to help you!
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