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Buying GuideTurks & Caicos Real Estate

  • Visit our Homes in Paradise by Grace Bay Realty team to discuss your investment and lifestyle requirements. We are located in Regent Village on Regent Street.
  • Discuss what money can buy here; we’ll help with the process of determining good value.
  • Make a list based on your needs and view each.
  • List all the pros and cons of each property to help create your shortlist and revisit what best suits you.
  • Make an offer on what you feel is a fair market price for your best property.
  • Once your offer is accepted, meet with a local attorney to discuss your way forward. It will serve you to meet with your attorney, whether you are buying now or in the future, as that is the person you will be sending your money to.
  • You will be paying a 10% earnest deposit to your attorney by wire transfer once you return home. You may also pay 10% of that as a reservation deposit to hold the property right away.
  • Once the deposit is with your attorney, the Seller’s attorney will prepare a formal sale & purchase agreement that you and the Seller will sign. At this point, the deposit is given to the Seller’s attorney to hold. The balance of funds is transferred to the island and is placed in escrow until the date of completion.
  • On the completion date, your attorney gives the Seller’s attorney the balance of funds in exchange for a transfer form signed by the Seller transferring the property to you.
  • The Seller’s attorney holds the funds until your attorney registers the transfer form with the land registry, showing you as the new owner. Because of the type of land registry system here in the Turks & Caicos Islands, the Crown guarantees title, so no title insurance is required.
  • The Seller typically pays the commission & each party pays their legal fees
  • Within 30 days of buying your piece of paradise, your attorney will pay the required stamp duty on your real estate investment, less any chattels (furniture & appliances).
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