Understanding the buying process

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 delivers 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, an approved 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 and it is not necessary for either party to be present for closing as your Attorney can represent you. 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. 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.

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. 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 shows in the Register as an encumbrance against the title to secure payment of the balance owed. Removal of the Charges must be made by the person to whom the money is payable.


(It is very important to note that Title is guarenteed by the Crown, United Kingdom)

The Top 10 guide to buying in Turks & Caicos

  1. Make a short list of whatever suits your needs best and view each. 
  2.  List all the pro and cons of each to help determine the best property for you. 
  3. Make an offer on what you feel is a fair market price for the best property.
  4. Once you have received acceptance on your offer, meet with a local attorney to discuss different ways to hold property. If you will not be making an offer until after you leave, still meet with a local attorney before you leave, as that is the person whom you will be sending your money to.
  5. Once your offer has been accepted, 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.
  6. Once the deposit is with your attorney, the seller's attorney will prepare a formal Sale & Purchase Agreement that both 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 completion date.
  7. 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.
  8. The Seller holds 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 government guarantees title so no title insurance is required.
  9. The Seller normally pays the commission and each party pays their own legal fees.
  10. Within 30 days of you buying your piece of paradise, your attorney will pay the required stamp duty on your real estate investment less any chattels (furniture & appliances).