Island Living Bahamas

Real Estate Transaction Fees

A Gross Sale Transaction:

The Vendor is responsible for the payment of:

• The real estate agents commission: Residential developed property is 6% of the gross sales price. Undeveloped property is 10% of the gross sales price.
• Bahamas Government Stamp Duty (Tax on the conveyance of real property). This tax is split between the Vendor and the Purchaser

This graduated tax is as follows: Property value less than $20,000, the rate is 4% Property value is equal to or greater than $20,001 and is less than $50,000, the rate is 6% Property value is equal to or greater than $50,001 and is less than $100,000, the rate is 8% Property value is equal to or greater than $100,001 the rate is 10% Legal fees. The Vendor is responsible for their own…

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Buyer’s Checklist

1. Attorney: Chose a reputable Attorney to represent you in your real estate transaction. If you do not have an Attorney we would be happy to recommend one.
2. Appraisal: You should get an appraisal to make sure you are not paying more than market value.
3. Termite Reports: We advise anyone buying an existing structure to get a termite inspection.
4. Home Inspections: We recommend if you have any queries regarding the structure of a property you should get the opinion of a contractor or engineer.
5. Real Property Taxes: Make sure the real property taxes on the property you are purchasing are paid up to date. Ask your Attorney to verify with the Valuation Section.
6. Association Fees: If you are purchasing a condo or a property in a gated community…

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Island Living Bahamian Slang Dictionary

When was the last time you heard a term that made you ask, “Wat’chu mean”? Along with our spectacular beaches and captivating culture, Bahamians are reputable for their unique dialect. Some of our language has evolved so rapidly that it’s difficult for foreigners to pick up on enough context clues to translate. This week, we’ve taken some of our favourite local idiomatic expressions and given them a definition and context to help even beginners grasp an understanding of the terms.

Sipsip (noun): If you’ve been away from the island for a while and want to catch up on what you’ve missed, you may ask a friend to give you the “sipsip.” This is the Bahamian word for gossip, deriving from a simple repetition of the word’s second syllable, “sip.” Here’s how…

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How The Bahamas Helped Define Caribbean Architecture

With our crystalline water, powdered-sand beaches and the most friendly, fun-loving people on Earth, it’s no wonder The Caribbean is a staple of every travellers dream. A huge aspect of the unique allurance that these islands possess is the architecture that can’t be imitated elsewhere. Due to the merging of European and African techniques, Bahamian architecture has become the most widely mimicked style in the tropics. We’ve built up a list of the three most distinct types of Bahamian buildings:

1. Clapboard Cottages:

These charming island cottages are most frequently found in Harbour Island and Spanish Wells. Standardized in the early nineteenth century, the ground floor of the cottages are elevated on low stilts, allowing air to circulate…

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The First Step to Owning Your First Home

Have you been yearning to own a home, but daunted by the process? Attending Scotiabank’s annual Homeownership Seminar Series on Thursday, August 3, 2017, is the perfect stepping stone to ease the stress of getting started. Experts will breakdown the process for beginners as well as those wishing to switch mortgage providers and simplify the nitty-gritty, legal details. There will even be realty and mortgage specialists ready to assist you in ensuring that the home you choose is the ideal match for you.

The brief seminar will run from 6-7:30 PM at Scotiabank’s East Bay Street Branch, but be sure to be punctual as space (and complimentary refreshments!) are limited. You also won’t want to miss out on fabulous door prizes to upgrade your home like a…

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Savvy Decoration Suggestions for Summer

Home staging is essential when trying to seduce potential buyers. It can set the scene for love at first sight, leading to love at first buy. To continuously impress buyers, it’s important to keep up with seasonal staging trends. These tips can be used to woo your customers this Summer:

1. Avoid a Colorless Canvas
Treat the home as a canvas, using color to set the scene that buyers need to see. You should bear in mind that optimal staging involves a balance between neutralization and strategic shading. Color should be used to make the home’s most attractive features pop without blinding or bombarding them. Use neutralization or a small range of colors to avoid visual jumble. Simple, light colors help draw attention to the best, brightest parts of…

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Island Living Agents Support 242 Colour Run

Showing their support to STOP POLIO NOW, Bahamas real estate agents from Island Living Real Estate participated in the 2016 – 242 Colour Run this past Sunday.

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The Benefits of Bahamas Condo Living

1. Price:

Condos represent great value, they usually cost less than single family homes with of a comparable size and quality. This is a great option for anyone shopping on a budget.

2. Location:

The majority of Condominiums are situated in an area of high convenience. Located in prime neighborhoods close to schools, work, restaurants and beaches. These highly desirable locations also retain or increase the condominiums value overtime, which makes them a solid financial investment.

3. Low-maintenance:

Don’t feel like cleaning the pool or mowing the lawn on the weekends? You don’t have to! One of the greatest perks to condominium living is that the exterior and amenities are taken care of as part of the association maintenance fees.

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Nassau Bahamas Driving Adventure

Nassau is a wonderful place to go on a lovely driving tour (rent a car or hire a taxi for a day) to take in the gardens, churches, parks and reserves. This island has a long history of extending a warm welcome to visitors. So do yourself a favor and sample this tradition of hospitality that you will find still ingrained when you meet the locals. This tour takes the better part of a day, depending on your pace and interest. There are countless attractions and activities to engage in on a holiday to The Bahamas, but this tour is a good introduction to our island paradise.

Queen’s Staircase

With just 65 steps spanning 102 feet, this is a steep ascent from Elizabeth Avenue to Fort Fincastle. Carved out of a limestone wall by 18th century slaves,…

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A Boater’s Paradise – The Bahamas

There are no waters more beautiful than those in the Islands of The Bahamas. The crystal clear waters and colorful reefs are home to the most vibrant fish and sea life you will ever experience. What better place to have a boat than the luxury development of Port New Providence located on the Eastern end of New Providence. Enjoy a weekend trip to Rose Island or an eventful vacation in the Exumas. Call this beautiful boater’s paradise home today!

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