Financing If you require financing for your real estate purchase, ‘pre qualifying’ for your financing needs before searching for potential properties is highly recommended as a first step. Savvy buyers start their search by prequalifying to eliminate wasting time and be prepared when their ideal property is located. Just as buyers are searching for the perfect property, sellers are also searching for the perfect buyer. A prequalified buyer can negotiate with confidence, knowing that should the seller receive two similar offers, his offer may be given more weight because he has taken the time to do the necessary first step in purchasing. Financing for qualified real estate purchasers is available through many local banks, financial institutions and insurance companies throughout the Bahamas. Talk to our brokers for a recommendation on which option may be best for you.

Finding the Property More and more buyers use the internet to search for property. As licensed real estate brokers and active members of the Bahamas Real Estate Association, our agents work cooperatively with other licensed agents and brokers of the Bahamas Real Estate Association. That means whether you found the property on our site, or are interested in looking at a property you have found on another site, we can help. Developing a relationship with us means we will work on your behalf to set up appointments to show you ALL listings that meet your criteria. Let us work for you.

Sales Agreement The Agreement for Sale is a legally binding contract between the buyer and the seller in a real estate transaction. Your negotiated Agreement for Sale will contain information like the legal description of your property as it is recorded in the Registry of Records, the amount of the earnest money deposit, the date of completion for the transaction, whether the purchase is subject to financing or any type of approvals, and what each party is responsible for in terms of payment. In short,all terms and conditions that have been negotiated and agreed between the buyer and the seller.

Taxes/Fees The Bahamas Stamp Tax Act levies a tax on all property sales or transfers. The following list contains the graduated stamp tax rates. In a standard agreement, the Stamp Tax is normally divided equally between buyer and seller. Below are the current Stamp Tax rates on property: » Up to and including $20,000.00 - 4% » $20,001 to $50,000.00 - 6% » $50,001 to $100,000.00 - 8% » $100,001 to $250,000.00 - 10% » $250,001 and over - 12% First time Bahamian home purchasers may qualify for an exemption on their portion of the stamp tax. Ask our agents for assistance. The Bahamas Bar Association has stated that the minimum charge for legal fees on the conveyancing of a property is 2.5%. In a standard real estate transaction, each party will pay their own legal fees. In a standard real estate transaction, the seller pays the real estate fees established by the Bahamas Real Estate Association as follows: · Undeveloped land - 10% · Developed property (homes, condos) - 6%

Helpful Links The Bahamian Real Estate Association (BREA) is the regulatory real estate body in the Bahamas.