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English Common Law is the basis of the Bahamian judicial system. A real estate transaction usually involves 5 people - a purchaser and a vendor each with their own attorney and a real estate broker. The simple transaction usually occurs as follows: - A purchase offer is accepted and a deposit is placed with the broker as stakeholder.
- Either the real estate broker will provide a BREA approved sales agreement, or depending on the complexity of the transaction, the vendor’s attorney will draft a sales agreement.
- Once approved by the purchaser’s attorney, the agreement will be executed by the purchaser first and the then by the vendor.
- Once an agreement is duly executed the vendor’s attorney will send the purchaser’s attorney a copy of the conveyance to be held in escrow pending completion of the sale.
- Once the conveyance is approved, it will be executed by the vendor and the balance of the funds will be paid to the vendor.
- The purchaser, who now owns the property, will have his conveyance sent to the government registry to be recorded for extra security in case of any unfortunate events in the future.
If you have any questions about closing documents please feel free to contact one of our brokers.
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