THE BUYING PROCESS

• Discuss Investment and Lifestyle Requirements with our team.
• Discuss what money can buy here to start the process of determining good value.
• Determine what properties fit within the price range of this first investment.
• Make a short list of whatever suits your needs best and view each.
• List all the pros and cons of each property to help determine the best value for you and your investment and lifestyle requirements.
• Make an offer on what you feel is a fair market price for the best property.
• 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 to whom you will be sending your money.
• 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.
• 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 are transferred to the island and are placed in escrow until the completion date.
• 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.
• The Seller’s attorney holds the 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.
• The Seller normally pays the commission & each party pays their own legal fees.
• Within 30 days of buying your piece of paradise, your attorney will pay the required stamp duty on your real estate investment less any chattels (furniture & appliances).

THE SELLING PROCESS

• Choose a TCREA real estate professional that you feel comfort with. Remember that first impressions count when buyers are viewing the property. Always make sure that the property is presentable – put excess things in storage containers and tidy up any clutter.
• You may want to make some touchups on the property, such as painting or extra landscaping, as buyers will notice jobs that they will have to do if they buy the house. If it is land that you are selling, keep it clean, accessible and perhaps fenced.
• Advertise in newspapers and magazines to increase the selling potential. Also, have a For Sale sign in a visible place on the property to grab the attention of potential buyers ‘looking around’.
• Talk to your bank about an appraisal to assess the listing price. Your listing agent will then be able to establish the lowest price you can comfortably take for your property.
• Ensure that the property is vacant during showings so the potential buyer can be at ease in looking without feeling watched or hassled. Also, this will give them the opportunity to ask questions of the real estate agent freely. Keep pets outside or in a separate room to prevent them from becoming a distraction to the viewers.
• Interested buyers complete and sign an “Offer to Purchase” outlining the offer price and terms, including the closing date. Once an offered has been received for your property, review it carefully.  You may wish to counter offer if the original offer is not acceptable to you.
• After you have agreed on and accepted an offer, your attorney will prepare a Sales Agreement to be signed by both you and the buyer. The Sales Agreement will incorporate the terms of the offer. At this point, the buyer will pay a 10% deposit on the agreed purchase price.
• On the closing date specified in the Sales Agreement ownership of your property is legally transferred to the buyer. At this point you will be required to give over any necessary documentation regarding the property. The balance of the purchase price is due upon the closing of the sale.
• The costs of selling a property are: Real Estate Sales Commission (approximately 6% on residential and commercial property and 10% on vacant land).  Attorney fees (approximately 1-2% of purchase price)y the required stamp duty on your real estate investment less any chattels (furniture & appliances).

WHY INVEST IN TURKS AND CAICOS?

3rd Longest Coral Reef in the World

70 Minutes Southeast of Miami

Year Round Sunshine & Trade Winds

Any Nationality May Purchase and Hold Title

British Dependent Territory

Eco Tours, Endless Water Sports, World-Class Spas

Excellent History from Bad Weather

Vibrant Economy

Freehold Title

No Title insurance Required

Golfing, Sports, Horse Riding

Great Infrastructure Layout

Modern Amenities

No Capital Gains Taxes

No Income Taxes

No Inheritance Tax

No Property Taxes

One of the Lowest Crime Rates in the Caribbean

Perfect Beach Sand, Beautiful Water Color

Real Estate Title is Guaranteed by the Crown

State-of-the-Art Telecommunications

Title Can be Held in a Local Company or Trust

Use-Fee Consumption Based Economy

Lyle, a native of Alberta, Canada, first arrived in the Turks and Caicos Islands from Grand Cayman in 1990 to scout prime real estate for his clientele looking to diversify. In 2000 he began offering luxury real estate services and founded Grace Bay Realty as a triple bottom line company, prioritizing support for people and the planet over profit. Lyle’s office assists individuals from around the world in finding an island home or a location to run their business in this untouched paradise.