Selling a property in Barbados can be smooth sailing once you are prepared. In fact, maintaining up-to-date knowledge of the island’s real estate laws and regulations is essential, as is working with a real estate agent or group that you feel at ease with. Here are a few important things to consider while selling your home.
Work With A Real Estate Agent to sell your property in Barbados
It is recommended to hire a qualified real estate agent to guide you through the entire process of selling a home. By doing this, you can avoid all of the difficulty and anxiety that come with the procedure, in addition to the time, it saves you. It is ideal to sign a listing agreement, whether it is exclusive or non-exclusive, as soon as you have decided on the agent you want to work with. It is best to ensure that all agents get the same information and the same cost when selecting a non-exclusive agreement and many agents.
In Barbados, you need to have The Necessary Documentation
A Deed of Conveyance is essential for selling property in Barbados and is used to transfer ownership, title, rights, and interests from the seller to the buyer of a property. There is no official sale without this document, so getting this sorted during the procedures is key. Other paperwork required for a sale includes the most recent land tax bill, the plot plan, and the most recent utility bills.
Costs Associated With Selling a Barbados Property
People often think that there is only one main money point in selling a home: the money the seller receives from the sale. However, you should consider the following as they are integral costs in the process.
- Attorney Fees – Approximately 1% – 2.5% plus 17.5% VAT
- Agent’s Fees – 5% plus 17.5% VAT
- Transfer Tax: Unimproved property – 2.5% of the Purchase price; Improved property – first $150,000 exempt. 2.5% on the excess
- Stamp Duty – 1% of the Purchase price
Once you’ve considered all of the above, here is a look at a standard selling procedure in Barbados.
- A professional Real Estate Agent is hired to assist with the sale
- The buyer makes a verbal or written offer
- The seller accepts the offer verbally or in writing
- A Barbados Attorney-at-Law is appointed
- The seller’s attorney-at-law prepares a Purchase & Sale Agreement
- Purchaser signs the Purchase & Sale Agreement and pays a 10% deposit
- Draft Conveyance sent to buyer’s attorney-at-law prior to completion of the sale
- The signing of the Conveyance
- Balance of purchase price paid by buyer
- Land tax and water bills fully paid up by the seller
- Completion of sale
A few final thoughts on selling your property in Barbados
Barbados has seen a surge in foreign investment, and many people are looking to take advantage of the current market by selling their property. If you’re one of these people, it’s important to remember that you need current and sound real estate advice to help you through the process. Selling your home can be stressful and complicated – our team can help. If you are looking to sell your property in Barbados, or would you like more information on this process?
Contact the Residence Barbados Team today or telephone us on BIM +1 246 230 4982 | UK +44 0208 123 9273 | US/CAN + 1 239 444 8176 | WhatsApp | Facebook Messenger.
Content Disclaimer
The information above about choosing a real estate agent in Barbados is provided only for information purposes. The amenities listed may or may not be available at any time. The contents of this blog post are not intended to amount to advice, and you should not rely on any of the contents of this post. Professional advice should be obtained before taking or refraining from taking any action as a result of the contents of this post. Residence Barbados disclaims all liability and responsibility arising from any reliance placed on any of the contents of this newsletter.
