Purchasing Procedures in TCI
WHAT ARE THE PURCHASE PROCEDURES IN THE TURKS & CAICOS ISLANDS?
Once your property is selected, a real estate purchase involves the signing of a Purchase and Sale Agreement and payment of an initial deposit, usually 10% of the purchase price. The Realtor or the Seller’s Attorney holds the deposit in trust, pending closing. The date for closing the transaction is fixed by agreement between parties. On closing, the Transfer Document is handed over to the Buyer’s Attorney in exchange for the remainder of the purchase price. The Buyer’s Attorney lodges The Transfer Document with the Land Registry. The Registrar deletes the name of the Seller and inserts the Buyer as the new owner of the property. At the time of registration, the land value will be established by the sale price or Government appraisal for the collection of Stamp Duty.
PURCHASE AND SALE AGREEMENT
Individuals or Company Directors purchasing property sign an Agreement of Purchase and Sale, a registerable document filed with the Registrar within one month of the date of execution. The Purchase and Sale Agreement, describes the property, defines price and terms, and lists other conditions particular to the transaction. Facsimile signatures are acceptable. It is not necessary for either party to be present for closing. Your Attorney can represent you.
TRANSFER FORMS
Transfer Forms are completed by Buyer and Seller and witnessed by a Notary or Justice of the Peace in the Turks & Caicos Islands or in their country of residence. Original signatures are required along with complete proper names, as they will appear in the Register. This is the primary document required to complete the transfer of property.
REGISTRATION
Original Land Certificates accompany the Transfer Forms and are presented to the Land Registry. The Registrar of Land handles Land registration in the Turks & Caicos Island, Turks Island Government Registration of Land Title is final and the Title is absolute. Deposits and proceeds from sale are normally held in trust until the transfer is registered. Once registration takes place, proceeds of the sale are released to the Seller and real estate commission to the Agent.
TITLE/ LAND REGISTER CERTIFICATE
A Land Certificate is issued as evidence of the title. Normally the Land Certificate will remain in the Land Registry. A copy of the Land Register Certificate will show current ownership and any liens or charges on a property.
CHARGE OF MORTGAGE
In cases where the full purchase price is not paid, a Charge of Mortgage is executed, the title of the land is transferred, but the Charges show in the Register as an encumbrance against the title to secure payment to secure payment of the balance owed. Removal of the Charges must be made by the person to whom the money is payable.
DO I HAVE TO BE PRESENT FOR CLOSING?
You are welcome at anytime, but it is not necessary to return to the Turks and Caicos for closing. The procedure can be handled by phone, fax, courier, and wire transfer.
