Guide for Selling Bahamas Real Estate

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 (VAT) Section.

In The Bahamas, any real estate transaction mandates the collaboration of a local attorney. Normally, legal expenses constitute a maximum of 2.5% of the agreed sales price, but this percentage can be subject to adjustment through negotiation and depends on the value of the transaction and your attorneys fee structure. The timeline for these transactions typically extends from two to three months, potentially shorter in specific situations. Engaging the expertise of a Bahamian attorney is crucial for both buyers and sellers to guarantee comprehensive legal representation.

You will be able to repatriate the entire proceeds at the time of sale including any profits provided in the currency of your purchase once 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.

Conveyance, in the realm of real estate, pertains to the formal documentation process of transferring land ownership from one entity to another. This critical procedure involves bestowing property title deeds to buyers and registering the sale with the Bahamas Government Registrar, effectively completing the sale of properties previously under their ownership.