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Housing in Turks & Caicos Island
 
 
 

Buying a Property

There are no restrictions on foreign ownership. Foreigners wishing to buy property in Turks & Caicos Islands need not ask permission from the government.

It is very helpful to have an agent and a lawyer when entering into a real estate transaction in the islands. When a property has been chosen and a price has been settled, a sales agreement is normally signed by both parties. This requires the buyer to provide a 10% deposit to secure the transaction. The transaction is expected to close within 30 days from the date of the agreement.

The seller's lawyer usually provides the buyer's lawyer with the transfer document in exchange for the outstanding balance in the sale price in trust. The buyer's lawyer then submits the document for registration, where the property's value is assessed (may be different from the sale price) and the Stamp Duty is determined and paid. Once registered, the balance is released to the seller.

Likewise, the real estate agent's commission depends on the type of property. If it is an undeveloped land, commission is at 10%. If the property is developed, commission is at 6%.

Renting a Property

Rents are freely negotiated in Turks & Caicos Islands. For short term rentals (up to one month), deposit ranges from 20% to 50% of the total rent paid upfront. In addition to rent, a security deposit is also required. The amount differs depending upon the length of the stay.

For longer term rentals (more than a month), the tenant is usually required to pay a security deposit equal to a month's rent before occupancy. Most landlords also require three month's rent in advance; this could be negotiated down to two.

Security deposits are usually returned within 30 days after the end of the lease or as soon as bills and grocery receipts (if applicable) is deducted.

The tenant and the landlord should enter into a lease or rental agreement, which will govern the terms of the relationship between the two parties, and which will also be covered by the provisions of the Registered Land Ordinance.

There are no restrictions on the duration of the lease.

 

 
 

 



 


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