FREQUENTLY ASKED QUESTIONS
What are the Fees and Costs involved in Selling property in the Bahamas?
Once a buyer is found, and the purchase offer accepted – sales proceed to contract. At closing, the fees and costs include:
- Legal fees — 2.5% of purchase price (negotiable).
- Government Stamp Duty — 2.5 % of the value when less than $100,000 and 10% of value when over $100,000.
- Real Estate Commission — 6% for developed property or 10% for undeveloped land.
The stamp (duty) tax is shared equally between buyer and seller unless otherwise agreed upon.
A Value Added Tax (VAT) is applies on all real estates services, such as appraisals, commissions, and legal fees.
How is the Market like in the Bahamas?
The real estate market in the Bahamas has become very active. With the injection of multi-billion dollar investments throughout the islands and a stable government that continues to invest in public infrastructure and education, the economy and quality of life is progressing steadily.
Location is key in the Bahamas, so once a property is priced right and is in good showing condition, now would be a favorable time to sell.
Buyers are always looking for deals, therefore, using an experienced agent in the negotiation phase is crucial.