Once a price for a Barbados property is agreed on between the two Parties, the Lawyers are called into action. The Vendor’s Lawyer draws up the Purchase Agreement which is checked by the Purchaser’s Lawyer and once it is satisfactory, the Purchaser signs and puts down a 10% deposit on the Purchase Price.
The Purchase Agreement and the Deposit are sent to the Vendor’s Lawyer. Upon receipt he Vendor signs the Agreement and the two Parties have now entered a legally binding Transaction. The Deposit is held in escrow by the Vendor’s Lawyer. The Purchaser’s Lawyer proceeds with his Title Searches to ensure the property in question has indeed got good title and is free from any Legal Charges or Encumbrances.
The Vendor’s Lawyer draws up the Conveyance, which is checked by the Purchaser’s Lawyer and once everything is in order, the Purchaser signs and pays the balance of the Funds. The Conveyance goes back to the Vendor’s Lawyer where it is signed by the Vendor and the Sale is completed. The average length of time taken to complete a Barbados real estate sale is three Months.
Purchases Expenses and Taxes:
There are no additional costs or fees when purchasing a property apart from legal fees (1.5% to 2.0 % of the Purchase Price).