We would love the opportunity to sit and discuss with you the current market and what we can offer you to list and sell your property.
1. Making the decision to sell your home
There is a lot to consider in this process. Make sure you are ready both emotionally and financially prepared
2. Choosing an agent
There is no commitment when you interview an agent or three for that matter. You want to be sure the agent representing your best interest is someone that you are comfortable with and you are able to communicate with comfortably. Our team is happy to discuss the current market with you and what we can expect the process to look like.
3. Determining a price for your property
Our team will look over recent comparables to determine our suggestions on the current market value and discuss this with you.
4. Getting your home/property ready to go on the market
There are many aspects to consider when getting your home ready for sale. Our team will discuss the best options to prepare your home
5. The “For sale sign” goes up
When all of the marketing material is ready the home will be placed on the market. This will include The Bahamas MLS which will share the listings with all licensed agents in The Country and share your listing to many other sites.
As showings are requested, our agent will contact you to confirm the availability if it is your primary residence and arrange accordingly.
7. Offers & Negotiations
The offer process can be quick and easy or there may be some conditions to navigate. Our agents are here to walk you through it all. The main factor of course is the offer price. Based on the offer price you can accept, counter offer, or reject the offer.There could also be conditions such as inspection or financing.
8. Securing the sale with an accepted offer – Under contract
This is when both parties have accepted the terms of the offer (Intent to purchase) and the formal sales agreement is prepared by the seller’s lawyer and signed by both parties. The deposit is required at this time.
9. Conditional Phase
This period is when the formal offer is signed and we navigate any conditions in the offer that need to be fulfilled. A time frame is agreed upon in the offer for these conditions to be fulfilled. If there are no conditions the lawyer commences their title searches and does their required due diligence to complete the sale.
10. The Closing Date
The lawyers will correspond with you as to the progress and the anticipated closing date. The contract has a specific date in it, but depending on the Bahamas Registry and any extra documents required, this can typically be extended if required.
COSTS ASSOCIATED WITH SELLING REAL ESTATE IN THE BAHAMAS
- VAT – Shared equally by purchaser and seller (Unless otherwise specified by both parties unless otherwise specified in an agreement of purchase and sale)
- Legal fees – Each party responsible for their own legal costs
- Real estate commission – Paid by the seller ((Unless otherwise specified by both parties in an agreement of purchase and sale)
- 2.5% where the value does not exceed $100,000
- 4% where the value exceeds $100,000 but does not exceed $300,000
- 6% where the value exceeds $300,000 but does not exceed $500,000
- 8% where the value exceeds $500,000 but does not exceed $700,000
- 9% where the value exceeds $700,000 but does not exceed $1,000,000
- 10% where the value exceeds $1,000,000.
On developed property the commission rate is 6%. On vacant property (Land) the commission rate is 10%.
Legal fees can vary but the norm is charged at 2.5% of purchase/sale price