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