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.

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