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Hassle-free home buying
WHAT-TO-DO - NASSAU, CABLE BEACH & PARADISE ISLAND - JULY 2007
Hassle-free home buying
Finding an agent is key
Hassle-free hunting for your dream home or condo in The Bahamas boils down to finding one person: the ?maestro of the deal.?
?You need to find a real estate agent that is professional and gives you that level of comfort,? says George Damianos, president of Damianos Sotheby?s International Realty.
And that means finding an agent from more than 525 realtors currently accredited by the Bahamas Real Estate Association.
?Pick an agent who is professional and knowledgeable, who is willing to work for you and that you get along with,? says Damianos.
An accredited agent, along with a Bahamian attorney, can steer you safely through the steps to home ownership here, adds John Christie of H G Christie.
New Providence and Paradise Island are hot markets for foreign buyers of second homes and condos right now, say agents.
Christie adds that buyers are attracted to both the lifestyle and the year-round subtropical climate. But different buyers have different needs; some are looking for beachfront property while others are into gambling, golf or tennis.
The more information the agent has about your wants and needs, the smoother the process of finding that dream home.
You don?t have to be a Bahamian to own your own home. And property is held in freehold in The Bahamas, not leasehold as in some other countries. This means the property is yours to use, sell or assign in your will, without restriction.
You can arrange financing back home or you can choose a Bahamian bank that provides mortgages for foreign nationals?again, just ask your agent.
When the seller agrees to an offer, the buyer deposits 10 per cent of the purchase price in the escrow account of the seller?s lawyer.
Taxes
As in other countries, there are fees and taxes associated with property purchases in The Bahamas.
Bahamian stamp tax is a one-time fee paid at the time of purchase. The buyer and seller often split this bill, but that?s a matter for negotiation.
Annual property taxes are also payable, based on the value of your property.
The real estate agent?s commission is paid by the seller. The usual fee is 6 per cent for improved property and 10 per cent for undeveloped land.
Lawyers generally charge about 2.5 per cent of the purchase price for their services?including title searches and applications in your name for all required permits.
An annual homeowner?s residence card, issued by the immigration department, facilitates entry into the country. Owners of homes worth more than $500,000 may apply for permanent residency status.
?If you get the right agent involved, it is not much of a hassle,? says Damianos. ?Buying a home here is a pretty simple, smooth process.?
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