Closing Procedures
When buying property in the Bahamas, there are a number of relatively straightforward steps to take in order to close successfully. Sotheby’s International Real Estate Agent Lana Rademaker maintains a personal dedication towards help in her clients complete their transactions as quickly and efficiently as possible. Here, she explains exactly how she helps her clients through the process.
"My goal is to offer help and support for my clients so that they do not stumble through the purchasing process in a haze of confusion and uncertainty. From the initial meeting with a client, I walk them through all of the necessary steps of purchasing a property. In this I cover all of the details on closing costs, obtaining necessary permits and approvals and laws pertaining to real estate transactions. I also outline the actual procedures for submitting an offer to purchase the property, signing sales contracts, working with local attorneys and solidifying all important details of each purchase."
1. Government Stamp Tax: A graduated tax is payable on the conveyance of all real property in The Bahamas based on the value.
This tax is split equally between the buyer and the seller. The buyer pays his portion of the Government Stamp Tax on top of the sales price. The tax structure is as follows:
Up to and including $20,000 – 2%
From $20,000.01 to $50,000 – 4%
From $50,000.01 to $100,000 – 6%
From $100,000.01 to $250,000 – 8%
From $250,000.01 and over – 10%
2. Lawyers’ fees (determined by the Bahamas Bar Association) for handling the sale and purchase of real estate are 2 ½% of the sales price.
3. The cost of converting the purchase funds from Bahamian Dollars into US Dollars or vice versa, if necessary.
4. In the event that the buyer is seeking financing from a financial institution, the bank will require an appraisal. The buyer is responsible for the cost of the appraisal.
If you have any questions or queries regarding the purchase of real estate in the Bahamas, please do not hesitate to email me Tel: 242.322.2305. Lana.Rademaker@SothebysRealty.com
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