TURKS & CAICOS Law and Practice Contributed by: Oliver Chapman and Chris Smith, Griffiths and Partners
1.3 Proposals for Reform There are currently no proposals for reform.
and some transactions being completed vir - tually. However, due to these limitations, the turnaround time for completion of registration increased slightly. 2.4 Real Estate Due Diligence The purchaser’s attorney will typically: • review the title documents and advise on any adverse matters that would affect the intend - ed use and enjoyment of the property; • review any leases, if the property is subject to leases; • raise any relevant enquiries with the seller (ie, about the state and condition of the property, any disputes, compliance with laws, overrid - ing interests, and services); • consider whether any additional enquiries should be raised with public or other bodies (depending on the nature of the transaction); and • consider recommending a physical inspection or survey of the property by the purchaser and a professional. During the COVID-19 pandemic, with interna - tional borders being closed, clients were pur - chasing property on the basis of remote view - ings. Now that travel has opened up again, most clients are able to visit Turks and Caicos to view properties in person and instruct any inspections and surveys as necessary. 2.5 Typical Representations and Warranties Typically, a property sale and purchase agree - ment will contain a basic set of warranties as to good title and the absence of knowledge of any claims or disputes, but generally the posi - tion is that purchasers must satisfy themselves as to the state and condition of the property, its suitability for the intended purpose and that the
2. Sale and Purchase 2.1 Categories of Property Rights Real estate can be held as freehold title absolute or leasehold. The Strata Titles Ordinance allows for the reg - istration of a strata plan against a land parcel to create individual strata lots, each of which is registered with its own derivative title, with the remainder held as common property by a strata corporation. Strata titles are used as the pre - ferred structure for condominium developments. 2.2 Laws Applicable to Transfer of Title All transfers of title of real estate are primarily governed by the Registered Land Ordinance. 2.3 Effecting Lawful and Proper Transfer of Title Transfers of real estate must be registered at the Turks and Caicos Islands Land Registry. Title is acquired, and only perfected, upon registration. The land register is conclusive as to ownership, appurtenant rights and matters encumbering the title (with the exception of certain overrid - ing interests) and it is state guaranteed (although it can be rectified to deal with matters such as error and fraud). Title insurance is not necessary, nor is it available in the domestic market. Due to the COVID-19 pandemic, there were some limitations in the functionality of govern - ment offices and in-person availability for real estate transactions. This resulted in new proce - dures for the completion of transactions, such as payments being moved to online payments
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