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.