Buying a Property in the Turks and Caicos Islands.
Coldwell Banker Real Estate Turks and Caicos will guide you through the process:
A Preliminary or Heads of Agreement form will be prepared. This document will outline the price and basic terms and conditions of the offer. Both the buyer and seller will sign, accepting the terms proposed in order to complete the transaction.
The buyer and seller will each hire a local Attorney to represent and guide them through the due diligence period. Along with the Sales Associate, the attorney will work with the buyer in order to remove any subjects and conditions contained in the Preliminary or Heads of Agreement form and prepare the final Purchase and Sale Agreement.
A security deposit of 10 percent of the sale price will be required and is held “In Trust” by the buyers Attorney. A valid copy of the buyers Passport and Driver’s License is required. A client information form will be completed by the buyer.
Your Attorney will contact you once all conditions are removed, terms are met and the final Purchase & Sale documents are ready for signature. The balance of funds to complete the sale are then due.
Once the Purchase & Sales documents are signed and exchanged, and the applicable forms filed at the Land Registry, the property will transfer. The conveyancing period may take several weeks to complete. The costs will vary depending on the complexity of the transaction.
Buying a Condominium
The Sales Associates at Coldwell Banker Real Estate Turks and Caicos can represent you in the purchase of any condo development in the TCI.
Prices for condos range from just under $100,000 USD up to several million dollars depending on the resort, its location and amenities. If you would like to know more about the condo developments in TCI please visit our Resorts and Developments section. Here you will find details and pictures of each property.
We are happy to announce that there are no annual property taxes in the Turks and Caicos.
When buying a property, the following cost may be incurred by the Buyer. These form a percent of the selling price. The costs vary but are typically as follows:
- Stamp Duty, a one time tax paid at closing (rates charged from 5%)
- Attorney fees – approximately 1 – 1.5% of the selling price, plus disbursements,
- Bank Fees (where financing is required) up to 3% of the selling price, plus disbursements such as survey and appraisal or inspection report costs.
If you have any questions about buying real estate in the TCI please don’t hesitate to contact us. One of our friendly agents will be more than happy to answer any questions you may have about the process.