Information when buying a home in Turks and Caicos.

Coldwell Banker Real estate Turks and Caicos will make your transaction easier with the following information:

A preliminary heads of agreement with the owner of the property should be signed, which contains the basic terms and conditions applicable for the sale/purchase of the property. The Seller is committed to sell the property to you after signing this agreement!

Next step:

  • A security deposit of 10 percent of the Sale / Purchase agreement will be required in most cases.
  • Pay or deposit the Security Deposit amount at the Attorney of your choice or with Coldwell Banker Turks and Caicos, we can assist you if needed.
  • The Attorney may typically require the following documentation to process the sale/purchase agreements:
    • Copy of a valid identification card of the buyer
    • Fill out information of sale form and personal data form
    • Copy of the security deposit made

The conveyance process may well take maximum 6 -8 weeks, the charges vary depending on complexity of the transaction.

You will be contacted by the Attorney or your broker for an appointment to sign the deed and make final payments prior to the appointment date.

It is recommended that your financing is in place by the time that the official Deeds of Sale/Purchase and Transfer of Property are signed at the Attorney`s office.

Condominiums

Coldwell Banker Turks and Caicos offers many Condo projects under development which you can also buy through Coldwell Banker Turks and Caicos. Inquire about the Condo projects available with our condo specialist and we will be more than happy to assist!

Taxes

There are no yearly property tax you have to pay in Turks and Caicos.

Closing Cost

When buying a home, the following cost will be incurred by the Buyer.
These closing costs are a percent of the selling price. The closing costs vary but are typically as follows:
  • Stamp Duty, (one time tax), three to nine and three quarter percent of the selling price, depending on the island of purchase.
  • Attorney fees transfer deed: one percent of the selling price
  • Attorney fees mortgage deed (if applicable): three percent of the selling price.

If you have any further questions regarding buying a home, than please do not hesitate to call the Coldwell Banker office or one of our friendly agents for free advice, we are here to serve you!