Turks and Caicos Real Estate.

Advice on buying Real Estate Turks and Caicos Islands Property.

You have found a Turks and Caicos property you wish to purchase what procedures next?

Turks and Caicos Islands have no restrictions on foreign ownership.

It is advisable to employ the services of a real estate agent and lawyer when entering into a real estate purchase.

When a Turks and Caicos property has been selected and a price has been agreed, a sales agreement is normally signed by both the vendor and the purchaser. 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 vendor's lawyer usually provides the purchaser'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 (may be different from the sale price) and the Stamp Duty is determined and paid. Once registered, the balance is released to the seller.

The Turks and Caicos Islands uses the US Dollar (USD).

Properties are located in Providenciales, also known as Provo.

Stamp Duty: Transfer tax in Providenciales is (at 6.5% or 9.75% depending upon the property value). Properties worth US$25,000 or below are exempt from stamp duty. Transfer tax is typically paid by the real estate buyer.

Legal Fees: are generally negotiable, however, the Bar Association recommends the following scale.
Real Estate, US$ Legal Fees
First US$100,000 2.00%
Over US$100,000 1.50%

Buying Property in Turks and Caicos Islands - Costs of Purchasing Turks and Caicos Islands Real Estate

Turks and Caicos Islands Property Buyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.

Below are some brief points in purchasing property.

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These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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