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 approval process varies and can be between a few weeks to up to 3 months, depending on your credit history and the speed with which you provide officers with requested information. We therefore suggest getting pre approval before putting in an offer so that you can move quickly once you find your desired property.
Stamp Duty
Government Stamp Duty varies depending on the Island of Purchase.
AS OF 1 JULY 2013 THE STAMP DUTY RATES HAVE CHANGED AND THE NEW RATES ARE AS FOLLOWS:
In Grand Turk, Salt Cay, South Caicos, Middle Caicos and North Caicos:
- where the amount of consideration is $ 25k - $ 100k the stamp duty payable will be $ 5 for every $ 100 (or 5%)
- where the amount of consideration is greater than $ 100k the stamp duty payable will be $ 6.5 for every $ 100 (or 6.5%)
Providenciales and Elsewhere in the Turks and Caicos, other than specified in above...
- where the amount of consideration is $ 25k - $ 250k the stamp duty payable will be $ 6.5 for every $ 100 (or 6.5%)
- where the amount of consideration is $ 250,001 - 0,000 the stamp duty payable will be $ 8 for every $ 100 (or 8%)
- where the amount of consideration is greater than $ 500k the stamp duty payable will be $ 10 for every $ 100 (or 10%)
TO SEE HOW MUCH MORE YOU WILL PAY IN STAMP DUTY, USE THE CALCULATOR ABOVE AND CALL A CENTURY 21 AGENT TO HELP YOU FIND THE PROPERTY OF YOUR DREAMS.
The costs of purchasing a property include:
- Government stamp duty ( as explained above )
- 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 setup 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