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Buying a Home

Posted by admin on May 28, 2014

How difficult is the property purchase process in Turks & Caicos Is.?

There are no restrictions on foreign ownership. Foreigners wishing to buy property in Turks and Caicos need not ask permission from the Government.

It is very helpful to have an agent and a lawyer when entering into a real estate transaction in Turks and Caicos. When a property has been chosen and a price has been settled, a sales agreement is normally signed by both parties. This requires the buyer to provide a 10% deposit to secure the transaction. The transaction is expected to close within 30 days from the date of the agreement.

The seller’s lawyer usually provides the buyer’s lawyer with the transfer document in exchange for the outstanding balance in the sale price in trust. The buyer’s lawyer then submits the document for registration, where the property’s value is assessed (it may be different from the sale price) and the Stamp Duty is determined and paid. Once registered, the balance is released to the seller.

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