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 legal fees. Legal Fees are calculated on the gross sales value and are usually 2 1/2 %. The Purchaser will be responsible for:
- Bahamas Government Stamp Tax Purchaser will pay 50%, as set out above.
- Legal fees on Conveyances. The purchaser’s legal fees are normally 2.5% of the gross sales value. This fee does include the opinion of title and recording fees. Other permit fees and legal fees for mortgages will be an additional charge.
A Net Sales Transaction:
The Purchaser is responsible for the real estate commission, both the Vendor’s and Purchaser’s legal fees and the Government Stamp Tax as stated above.Posted by Rachel Pinder on
Leave A Comment