Once you have made the all-important decision to purchase, we recommend that you meet with your CENTURY 21 ® Sales Associate to talk about your requirements. During this meeting your Sales Associate will ask questions and review your priorities and options that will help us to match you with the properties that meet your requirements, reducing the time to properties that are not consistent with your objectives.

Once a property is identified, arrangements are made to view it with your Sales Associate. If interested in purchasing, we will prepare an 'Offer to Purchase' for you to sign. The Offer to Purchase outlines the terms of the offer and is the basis on which the seller's attorney prepares the Sales Agreement.

Should the seller accept the offer, a minimum deposit of 10% of the purchase price is required at the signing of the Sales Agreement.

Buyers need the assistance of an attorney-at-law who is experienced in conveyancing to review the Sales Agreement and conclude the sale transaction.
There is no agreement between the purchaser and the vendor until the Agreement for Sale is signed and deposit paid.

Having completed the Sales Agreement, the process to transfer the property title and payment of stamp duty (transfer taxes) is undertaken by the attorneys representing both parties.

Unless otherwise agreed in the Sales Agreement, it is normal practice for the purchaser to pay stamp duty on all transfers.

The balance of the purchase price is due at the closing of the sale. For purchases that involve a mortgage from a Turks and Caicos Islands financial institution, the time to complete the sale is approximately 3 months from the date of signing the agreement. For a cash purchase, the buyer and seller determine the time period.

The costs of purchasing a property include:

• Government stamp duty
  For sales under ,000 Stamp Duty does not apply, for sale between ,000 and ,000 - 6.5% on Providenciales, 2% on other Islands, for sales above ,000 - 9.75% on Providenciales, 3% on other Islands.
• Attorneys fees (approximately 1-2% of purchase price or as negotiated)
• Mortgage processing fees (to be determined by financial institution)
• Incorporation Fees (if the purchaser decides to hold the property in a company)Corporate set up fees are about ,500, then ,000 annually. This includes Administration, Government fees, Nominee Shareholders, Corporate Secretary, and
  annual filing and preparation of minutes, as required by law.

For more information, contact us and tell us what you are looking for:
yourfriends@century21tci.com

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