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 $25,000 Stamp Duty does not apply, for sale between
$25,000 and $75,000 - 6.5% on Providenciales, 2% on other Islands,
for sales above $75,000 – 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 $2,500, then $1,000 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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