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Buyers Guide

Found 4 blog entries about Buyers Guide.

A Permit to Acquire Property is required by all non-Bahamians acquiring an interest in land if the property is undeveloped land with two or more adjoining acres. A Permit is also required if the intended use is not as an owner-occupied property.

Eligibility

Non-Bahamians Acquiring an interest in land if the property is undeveloped land Acquiring an interest in two or more adjoining acres Bahamians are also required to apply for a permit where the intended use is not as an owner-occupied property. Process: (Can be done by your attorney).

  1. Complete the entire Form 3.
  2. Submit Form 3 to the Secretary to the Investments Board, along with the list of documents identified below.
  3. As applicable, the application is also reviewed by the
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Assessment of Real Property

Assessments are used by the Real Property Tax Valuations Unit to determine the value of a property and its related Property taxes. An assessment can be initiated by the property owner or by the Real Property Tax Unit. A Real Property may fall in the one of the following categories:

  • Owner Occupied
  • Residential
  • Commercial
  • Vacant Land

Eligibility: All Property Owners. Process:

  1. If a request is made by the owner of the property, the following forms must be completed and submitted to the Real Property Tax Valuation Unit: a. Property Tax Application Assessment form and b. A Declaration of Real Property Tax form
  2. In regards to owner occupied properties, the owner is also required to complete an
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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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  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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