When selling your property in Barbados, it is always best to have all the information on the property on hand. All documentation pertaining to the property including, but not limited to, plot plan, covered sq ft plan, land tax, utility bills, build restrictions, water courses,valuations, planning permissions, Offshore, Title Deeds etc.
Listing: Strategic marketing is the shift to promoting your property optimally on the sales market. A little market research goes a long way and this allows you to be realistic in pricing. Choosing a realtor that best represents your interest is key to maximizing opportunities in securing a qualified purchase. Graphics and images go the extra mile. Owners who invest in photography and other forms of digital marketing are the ones that reach a wider audience. Agree a commission structure with your realtor and be mindful of your options of exclusively listing with an agent vs multi listing.
Fees: As the vendor you incur the brink of the costs. Property transfer tax (2.5%), Stamp Duty (1%) and Realtor fees (5%) are built into the purchase price. These costs along with your local attorney fees (1-2%) is usually covered within the 10% deposit. All utilities are transferred to the purchaser on closing and all respective deposits returned to the vendor on the name change.
Process: Once your offer is accepted, your local attorney starts the process by finalizing the Agreement for Sale. Once both parties are happy with this document, The Agreement for Sale is signed and the 10% deposit is paid. You have now exchanged contracts. 90% is paid on closing which is usually 60 days after exchange. The entire process usually takes a minimum of 3 months but this process can be expedited once attorneys can accommodate and all documentation is in order.
To find residential properties in Barbados for sale, click here: https://nvestestates.com/residential-sales/
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