Frequently Asked Real Estate Questions in the Turks and Caicos

Frequently asked real estate questions in the Turks and Caicos Islands. 

Below is a list of 7 (seven) questions with answers that are often asked by customers who are looking to purchase or who are in the process of purchasing within our beautiful Turks and Caicos Islands. 

Who can buy Real Estate in the Turks and Caicos Islands?

Anyone. There is no restriction on foreign ownership.

Is now a good time to Buy? 

Prices are increasing in value. If it is within your means to purchase at this time, I would say yes. 

 

Is purchasing on the sister islands (North and Middle Caicos, Grand Turk and Pine Cay, South Caicos and Salt Cay) a good choice? 

The prices on those islands are more affordable, and offers an easier price point for customers to get into the real estate market in the Turks and Caicos Islands. A purchase on one of these island is better suited as a long term investment opportunity.

Do I have to build on a vacant plot of land within a specified time frame? 

No. You can hold on to it for as long as you want to without building. Freehold tile ownership in the Turks and Caicos Islands gives you that right. 

Is there a cost to sell my home or land? 

There is a cost but it’s not an upfront cost. The commission due to the Real Estate Agent is only payable when the property sells. Therefore, the Real Estate Agent is really at the loss in the event the property doesn’t sell. 

 

How long does it take to close on a Real Estate transaction within the Turks and Caicos Islands?

The closing date would depend on if it is a cash or financing deal. 

Cash deals can close very quickly. It can close within less than 30 days. On the other hand, a financing deal may take longer, as the transaction time line would depend on how quickly your financing company can give you an approval. Your financing with the bank can move fast or slow depending on how quickly you provide the information to the bank that is required.

What are my financing options? 

The Turks and Caicos islands has 3 major commercial banks namely, RBC, CIBC First Caribbean International Bank and Scotia Bank. They are available to lend to residents and non-residents. Subsequently you can use a mortgage company such as Meridian Mortgage or Turks and Caicos banking to name a few. The interest rate and down payment may vary from bank to bank, but there are options available.  

Conclusion:

For additional answers to your real estate questions, be sure to follow my social media page "Real Estate with Vernica Delancy" where I am posting weekly real estate information and hosting a live call in real estate show on Thursdays at 5:30 p.m. EST.