Grace Bay Realty - Turks and Caicos Islands Luxury Real Estate Specialists

The Selling Process

 

Choose a TCREA (Turks and Caicos Real Estate Association) professional with whom you feel comfort.

Remember that first impressions count when buyers are viewing your property. Always make sure that the property is presentable.

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 and accessible.

Consider a valuation to help establish the listing price. Your asking price will then be supported for the marketplace and what a buyer may be expecting pay.

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 one of two different “Offer to Purchase” forms outlining the offer price and terms, including the closing date. Once an offer 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 hand 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:

a) Real Estate Sales Commission (approximately 6% on residential and commercial property and 10% on vacant land)

b) Attorney fees are 1% of the purchase price