| The reality of buying property in Barbados is | | | | exceeds $125,000. |
| simple: you will need some legal representation. | | | | Retaining Legal Advice & Council - This is a |
| Purchasing property anywhere, local or otherwise | | | | required step in purchasing property in Barbados. |
| it is always smart to get some legal advice. | | | | There are several aspects of the purchase or |
| Buying property in Barbados has a fairly set | | | | sale process that can only be dealt with by a |
| structure and follows a specific series of steps | | | | proper legal representative. There are several |
| that ensure that the sale is taken care of legally | | | | areas of concern for first time Barbados buyers |
| and in good faith. Let's have a look at the | | | | such as absence of title insurance, the great |
| different steps and how they are completed. | | | | amount of unregistered property, and some |
| Agreement For Sale - This is the first step that | | | | particular conveyance laws make legal assistance |
| occurs after negotiations have come to a close. | | | | a necessity. |
| This agreement is prepared by the seller's legal | | | | Legal Fees - Legal fees are largely dependent on |
| representation, signed in duplicate by the buyer | | | | the value of the home being purchased, as |
| and delivered to the sellers representative along | | | | defined by the Barbados Legal Profession Rules, |
| with the deposit. The whole package is then sent | | | | 1997. As well, the minimum scale fee may be |
| back to the buyers legal representative and this | | | | adjusted by an attorney to reflect their years of |
| step is concluded. | | | | experience and the intricacy of the transaction. |
| Investigation Of Title - Much like any other area, | | | | There is also a 15% value added tax that is |
| home sales in Barbados have to clear title before | | | | payable upon the attorney's fees. |
| the transaction is complete. This search is typically | | | | Financing - Financing is a different story in |
| done by the buyers attorney to ensure that the | | | | Barbados as in-country financing is available only |
| seller has clear and valid title to the property and | | | | to Barbadian nationals. If you are a non-national |
| that there are no encumbrances, liens, or | | | | who is thinking about buying a property in |
| judgments against the property that could affect | | | | Barbados, then funding must be secured |
| the smooth transfer of ownership. | | | | out-of-country. Essentially all foreign financing must |
| Completion Of Sale & Purchase - Once title has | | | | be overseas or arranged through overseas |
| been cleared the seller's representation then | | | | institutions. |
| prepares the means of conveyance (usually a | | | | Keep in mind that purchasing overseas will be |
| mortgage) as well as the previous titles. | | | | quite different than purchasing a home in your |
| Closing Costs - There are a variety of closing | | | | own country. There are different processes and |
| costs involved in the sale and purchase of a | | | | laws that apply to real estate and you should be |
| Barbados home. Sellers are responsible for the | | | | sure that you understand them all before jumping |
| stamp duty and property tax. The taxes are | | | | into a purchase. When considering a home in |
| respectively 1% of the consideration for the sale | | | | Barbados it is essential that you get legal |
| and 2.5% in the case of land without any buildings | | | | representation and tax advice long before you |
| and 2.5% on the amount by which the greater of | | | | start signing papers. |
| the consideration paid or value of the land | | | | |