When buying real estate in The Bahamas there are 3 main closing costs involved with every transaction; Stamp Tax also known as Stamp Duty, Real Estate Fees & Legal fees (See below). Most purchasers want to know what their closing costs are going to be before purchasing and how they can save money when making their purchase. Studying the market and its trends before making your purchase is highly recommended. Persons looking to buy should hire an experienced real estate agent with a vast knowledge of the market. However, if you’re planning to go to a bank for a mortgage or loan it is advised that you visit the bank first, as they will be able to determine what you’re qualified for. Hiring an agent will make you feel secure as agents may have insight on certain developments or properties that you may have not known otherwise. Agents will also be able to recommend, lawyers, contractors, schools, places to eat & shop etc.
Non-Bahamians making any large purchases, such as a private island(s) or a large development/tract of land will be subject to approval from the Bahamas Investment Authority.
Standard Closing Costs:
Real Estate: Fees paid by seller
Legal Fees: 2.5%
Stamp Tax & Duties:
Less than $20,000——>4%
Between $20,000 and $50,000——->6%
Between $50,000 and $100,000——->8%
More than $100,000———–>10%
Call Tim today to discover some of the great real estate deals we have.