When selling property in Barbados, it is best to employ 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, we 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 purchaser to secure a sale. Once a price has been agreed upon between both parties the seller’s attorney-at-law will prepare an Agreement for Sale. This will then be delivered to the buyer’s attorney who will peruse it along with other relevant documentation. If all is in order, he will request his client, the purchaser, 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.
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.
The seller or his authorized agent is required to point out the boundary marks to the property in accordance with the certified plans for the property.
The buyer pays the remainder of the purchase price and the sale is completed.
Typically, the entire process takes approximately three months to complete.
Seller’s costs
- 2.5% transfer tax. However, should there be a building on the property the first $125,000.00 is exempt from transfer tax.
- 1% stamp duty
- Attorney’s fees are approximately 1.5% - 2.0% of the sale price and is subject to 17.5% VAT
- The Real Estate Agent’s commission is usually 5% of the sale price which is subject to 17.5% VAT.
It is recommended that the seller discuss all aspects of selling property in Barbados, including legal fees and costs with his/her legal representative.
Coral Stone Realty is pleased to offer sales and rentals of all types of Barbados Property Sales, Barbados Land Sales and Barbados Property Rentals including houses, townhouses, villas, condos, apartments and apartment buildings, beachfront properties, oceanfront properties, hotels, warehouses, commercial buildings, guest houses, restaurants and land.
For further information, please refer to Tips for Sellers. Selling your property? Please feel free to Add your Free Property Listing.
