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Guide To Selling Property In Barbados

Appoint a professional Real Estate Agent - When selling property in Barbados, it is best to appoint a professional Real Estate Agent to see you through the process from start to finish. By so doing, it relieves you of all the stress and hassle associated with the process not to mention the time it saves you.

As your professional Barbados real estate agent, Coral Stone Realty will market your property aggressively in order to secure a purchaser. After a potential purchaser has been identified, we will work with both seller and buyer to secure a sale. Once a price has been agreed upon between the two parties, the seller’s attorney-at-law will prepare an Agreement for Sale. This will be delivered to the buyer’s attorney-at-law who will peruse it along with other relevant documentation. If all is in order, he will request his client, the buyer, to sign the Agreement and pay a 10% deposit which will be returned to the seller’s attorney. The seller then signs the Agreement and it becomes a binding contract. The deposit will be held in an escrow account by the seller’s attorney until completion of sale.

Conveyance - After the purchaser’s attorney has completed his title searches on the Barbados property, the seller’s attorney prepares the Conveyance whereby the title will be conveyed to the buyer, evidenced by the recording of the Title Deeds and certified survey plans at the registry of title.

Boundary marks - The seller or his authorized agent is required to point out the boundary marks of the property to the buyer in accordance with the certified plans for the property.

Final payment - The buyer pays the remainder of the purchase price and the sale is completed.

Completion time - Typically, the entire process takes between three and six months to complete.

TRANSACTION COSTS

. Attorney Fees – Approximately 1% - 2.5% plus 17.5% VAT
. Agent’s Fees – 5% plus 17.5% VAT
.Transfer Tax: Unimproved property – 2.5%. Improved property – first US$75,000 exempt. Improved  property – over US$75,000 – 2.5%
.Stamp Duty – 1%

STANDARD SELLING PROCEDURES

. Appoint a professional Real Estate Agent

. Verbal or written offer by buyer

. Verbal or written offer acceptance by seller

. Appoint a Barbados attorney-at-law

. Purchaser signs the Purchase & Sale Agreement and pays a 10% deposit

. Draft Conveyance sent to buyer’s attorney-at-law

. Signing of the Conveyance

. Balance of purchase price paid by buyer

. Land tax and water bills fully paid up by seller

 . Completion of sale

Average transaction period 3 - 6 months

 

Coral Stone Realty is pleased to offer sales and rental services for all types of Barbados properties including Barbados Villas, Barbados houses, land, townhouses, condos, apartments and apartment buildings, Barbados beachfront and waterfront homes, hotels, warehouses and commercial buildings.

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