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REAL ESTATE AND MORTGAGES
So you wish to buy Real Estate in The Bahamas. Or, maybe you already own a piece of the ‘rock’ and the opportunity is ripe to transfer ownership. We can assist you in either scenario. From pre-transaction consultation through Agreement for Sale, to completion, let us steer you through the process.
Typically, a Vendor (person selling) can expect to pay one-half of the Stamp Duty due to the government. Stamp Duty is calculated based on the selling price of the land and ranges from 2% to 10%. The other expense for the Vendor is his/her attorney’s fee (2.5% of the selling price). Where the Vendor engages a Real Estate Agent, then there is usually a 10% charge for vacant land and 6% in the case of developed land.

The expenses of the Purchaser will depend upon the circumstances. However the basic fees are:

  • One-half of the Stamp Duty
  • Attorney’s fee of 2.5% on the Conveyance (transfer of title)
  • Attorney’s fee of 2.5% on the Mortgage (where the Purchaser borrows money to purchase)
  • Real Property Tax registration (flat fee)
  • Disbursements for title search, application fees, recording, copies etc;
  • Approved Investor Status (flat fee) (non Bahamian purchaser);
  • Certificate of Registration/Permit (flat fee) (non Bahamian purchaser).

We will also apply for exemption from Stamp Duty for the Bahamian "first time" owner of a house valued under $500,000.00.

Our legal services in this area also include preparation of Opinions on Title. In this respect we act for many banks in the preparation of Mortgage documents.

LANDLORD & TENANT

We also act in the preparation of Lease Agreements and represent either Landlord or Tenant in disputes.