Purchase Process for Buying property in Barbados

Step-by-Step Outline for Finalizing a Property Purchase in Barbados:

1. Offer & Acceptance
   • Receive acceptance of your offer from the seller.
2. Finalizing the Agreement for Sale
   • Your local attorney finalizes the Agreement for Sale.
3. Agreement Approval
   • Both parties review and agree on the final version of the Agreement for Sale.
4. Signing the Agreement
   • Sign the Agreement for Sale.
   • Pay the 10% deposit.
5. Exchange of Contracts
   • The exchange of contracts is completed after the deposit is paid.
6. Preparing for Closing
   • Prepare to pay the remaining 90% of the purchase price on closing day.
   • Closing typically occurs 60 days after the exchange of contracts.
   • The Vendor of the property will be liable to pay the Stamp Duty and Property Transfer Tax. Legal fees are usually 1.5% to 2% of the purchase price of the property plus applicable VAT.
7. Closing the Sale
   • Pay the remaining 90% on the closing day.
   • Finalize the transfer of ownership.
8. Timeline
   • The entire process usually takes a minimum of 3 months.
   • The process can be expedited if attorneys can accommodate and all documentation is in order.

Please contact our team if you would like more information.