Purchase and Sale Agreement in TCI
Once you have selected a property that you want to purchase, your agent will
provide you with an offer form called a Preliminary
Agreement.
Often the offer form will go back and forth between you and the Vendor until all
conditions of the sale and the purchase price is agreed up by both parties. At this
time, this offer form it will go to the lawyers for each party and a more formal
contract will be entered into that will be firm and binding.
Also at this time, 10% of the purchase price will accompany the the accepted offer
agreement and this sum will be held in trust by the vendors lawyer or the Vendor'
Realtor until closing of the transaction.
A date for closing is set by contract between parties and the on that date your
attorney will be delivered a Transfer document in exchange for the remainder of the
purchase price. Your attorney will deliver this Transfer document to the Land
Registry where the Registrar deletes the name of the Seller and inserts your name
or the name of your company, depending how you are taking title. You are now the
new owner of the property.
At this time upon registration the land value will be established by the sale price
or government appraisal for the collection of Stamp Duty...which must be paid to
the government within 30 days of closing.
The Purchase and Sale Agreement Document
This is an approved document that is filed with the Registrar within one month
of the date of execution of the sale. This document describes the property, sets
out the agreed upon price and terms and any other relevant conditions involved in
the transaction. In most cases the deposits and the proceeds form the sale are held
in trust until the transfer is registered. Once registered, proceeds are released
to the Vendor and real estate commissions to the Agent.
A Land Certificate is issued as evidence of the title with the original staying in
the Registry and a copy of the Land Register Certificate will show current
ownership and any liens or charges on the property. Removal of charges against
title must be made by the person to whom the money is payable. Turks and Caicos
Government Registration of Land Title is final and title is absolute.
