Legal and Ownership
To secure your selection, you will execute a non-binding reservation form, engage an attorney in Turks and Caicos, and deposit $50,000 USD in your attorney’s trust account. 10% of the $50,000 USD deposit is nonrefundable. The reservation will provide for a 30-day period to finalize and execute a contract.
The contract will state a closing date at which time you will close on the lot (30% of the price of the residence) and simultaneously execute a construction contract for the residence. You will have a deed recorded in the Public Registry with your title guaranteed by the Crown.
The process to purchase a custom lot is the same as buying a residence except that you will sign the construction contract when your home is designed and ready to build.
The construction contract is similar to building a custom home in the U.S. or Canada except the Developer guarantees the cost. The purchaser will pay scheduled pre-determined progress payments. BCQS, a premier international construction consulting firm with an office based in TCI, will certify the progress to the draw, much like a lender’s Administration of the construction of your home will be documented on a software called “Co-Construct.” As the purchaser/owner you will have a portal into the software with a weekly log, photos, change orders, and direct communication between you and the developer/builder.
Yes; Turks and Caicos uses the International Building Code (IBC) and the Miami-Dade Building Code, making it one of the most robust building codes in the Caribbean. It’s the same code used in Miami-Dade except that the structural construction components in TCI are virtually all concrete, with little or no wood framing. All windows and sliding doors have hurricane-rated glass.
The construction schedule for a Luxury or Grand Residence is about 14 months.
Yes; with the Luxury and Grand Residences, you may customize the interior of your home as you wish, or you can build it with the finishes specified and represented in the renderings and plans. If you want to change the footprint of the residence, buying a custom lot may better serve you, as the footprints of the Luxury and Grand Residences are approved with all setbacks and would be difficult to change.
The Villas are meant to be built as designed. However, minor changes to architectural finishes may be considered.
You will be credited the cost of the materials/specifications as designed against the cost of the newly specified material and any change in labor required. Pre-construction change orders will be priced at cost plus 10%, post-construction change orders will be cost plus 20%.
Yes; each Residence and Villa type has a furniture package that may be purchased at your option. The Luxury and Grand Residence packages may be customized as you wish. The Villa furniture package is designed to be of a consistent quality and durability for maximizing rental income. We offer the furniture packages as a convenience to the Luxury and Grand Residence purchasers, as furnishing a home in TCI, or any offshore island, is a significant task. The packages will be with furnishings represented in the renderings or very similar and are specified in detail. Rental packages, if you choose to rent, will include linens and kitchen/housewares. If renting, it is important to have a very high-quality standard and consistency of furniture, fixtures, and equipment (FF&E). Artwork in the renderings is representative. The interior designer can assist with artwork to a specified budget for your convenience.