Bahama Island Vacation

It doesn’t matter if this is your first home purchase or fourth, closing day can be stressful and possess a lot of unknowns- particularly if you are a foreigner purchasing property in the Bahamas.

But that doesn’t have to be the case, according to Bahamas Real Estate expert Rachel Pinder, principle broker of Island Living Real Estate, a Bahamas realty agency.

“Having some basic information at-hand as you go into closing can mean the difference between feeling like a bundle of nerves or feeling at-ease because you know exactly what to expect,” Pinder, the principle broker of Island Living Real Estate, a Bahamas Condos for Sale agency, said.

There are several tasks that must be completed prior to closing. Among those items is a title search, according to the First Time Home Buyer Center Web site. A mortgage lender requires this to ensure that there is a clean title.

In the Bahamas, title search fees can cost between $250 and $500, according to an article written by Mario L. McCartney.

Title insurance also is required, as well as a termite certificate that shows the home has been inspected for termites and is free of termite infestation and damage. A home inspection is recommended to avoid any other problems that may not be visible.

Mortgage lenders require homeowner’s insurance and life insurance, Pinder, the executive of Island Living Real Estate, a Bahamas Property agency, said.

Closing

When purchasing Bahamas property, the real estate transaction usually involves a purchaser and a seller, each of their attorneys and a real estate broker, Pinder, Bahamas Rental Property expert, said.

Once the sales agreement is executed, a copy of the conveyance is held in escrow until the sale is completed.

The seller is paid on closing day and the buyer sends the conveyance to the government registry to be recorded.

Buying a home typically involves a down payment of 5 to 10 percent. Stamp duty fees also are due at closing, and the amount of stamp duty charged depends upon the cost of the property. It is common for the seller and the buyer to each pay half of this fee.

The Bahamas has fees that apply to buyers who aren’t Bahamian citizens, McCartney said. Foreigners typically must apply to the Bahamas Investment Board to obtain approval to purchase Bahamas real estate for sale.

For non-citizens, there is a requirement to complete an application to the Ministry of Finance. Non-citizens also must purchase an Annual Homeowners’ Residence Card, McCartney said.

“Knowing all of this information going into closing means the home buyer is prepared and likely won’t face any surprises,” Pinder, Bahamas Luxury Property expert said.

Read the full article titled”Bahamas Real Estate Agent Offers Tips to Avoid the Closing Crunch”.

Learn More

If you would like more information on purchasing Bahamas Investment Property and the closing costs that are involved, or you would like to learn more about the services offered by Island Living Real Estate, please visit their Web site: http://www.islandlivingrealestate.com/.

About Island Living Real Estate

Rachel Pinder is the principle broker of Nassau Realty agency. Along with her team of brokers, Hazel Wicky, Brenda Knowles and Anthony Wells, the company has more than 25 years of experience in real estate sales and development throughout the Bahamas.

Island Living has Nassau Realtors available to assist buyers and sellers with all their real estate needs.

Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, named “Red Roofs.” Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.