Guide for Selling Bahamas Real Estate
Government Taxes on Property Conveyances
- 2.5 % Government Stamp Tax on all real estate transactionsunder $100,000.
- 10% Government Stamp Tax on all real estate transactions over $100,000.
The stamp duty is generally split equally between the purchaser and the vendor. This is typical but is subject to change during negotiations if the buyer and seller agree to a different deal structure.
Real Estate Commissions
Real estate sales and rental commissions are typically paid by the vendor or landlord. This is typical but is subject to change during negotiations if the buyer and seller agree to a different deal structure.
Developed Property is 6% while undeveloped land is 10%. Note: All commission rates are also subject to VAT. See Value Added Tax section.
Repatriation of Funds at the time of Sale
You will be able to repatriate the entire proceeds at the time of sale including any profits provided you register the purchase with the Exchange Control Department of the Central Bank at the time of purchase. Your Real Estate lawyer will register the purchase for you at your request.
Hire a Professional Realtor and Broker at Berkshire Hathaway HomeServices Bahamas
We’re here to help you get your home sold for the most money in the fastest possible time period. Let us do the heavy lifting and show you just how valuable a professional realtor can be. Contact us today to get in touch with one of our realtors.
Outline our professional responsibilities to you, including complete disclosure, loyalty, confidentiality, obedience, and accountability.
Help you determine the best asking price through a comparative market analysis study specific to your property.
Extensively market your home to the right audience to get your property sold.
Offer expert advice on ways to prepare and show your property.
Assist you, if necessary, in finding any home-related services you may need.
Provide feedback from all showings and open houses.
Update you on market changes that could affect your property’s sale.
Pre-qualify potential buyers to make sure you don’t waste any time.
Promptly present and evaluate each offer with you.
Negotiate the highest possible price, best terms and deal structure in partnership with you.
Ensure that mandatory items are signed, sealed and delivered on schedule and guide you all the way through to closing.
Assist you to arrange for a moving company and relocation agent if needed.
Tips for Sellers
Before trying to sell your home, make it a home people will want to buy. Unless your prospective buyers are looking for a “fixer-upper” (which translates to a lower selling price), you’ll want to assess the wear and tear on your property and address flaws that can lower your home’s appeal and sales value. Take a good look around to determine where your current home needs improvement. Some fixes are mainly cosmetic, and you may be able to handle them for very little cost; fresh paint, sprucing up the lawn, updating lighting, replacing doorknobs and the like. Other problems are more significant and may require item replacement and/or home maintenance professionals. Issues concerning plumbing, ventilation, and air-conditioning, mold, water damage, wood rot, gutters, foundations, or roof can all be deal-breakers if left unaddressed. Once you’ve taken stock of it all, tackle what matters most. Be smart. This initial investment of time and money can help generate a faster sale at a higher price.