Buying in Barbados

The reality of buying property in Barbados isexceeds $125,000.
simple: you will need some legal representation.Retaining Legal Advice & Council - This is a
Purchasing property anywhere, local or otherwiserequired 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 setsale process that can only be dealt with by a
structure and follows a specific series of stepsproper legal representative. There are several
that ensure that the sale is taken care of legallyareas of concern for first time Barbados buyers
and in good faith. Let's have a look at thesuch 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 thatparticular conveyance laws make legal assistance
occurs after negotiations have come to a close.a necessity.
This agreement is prepared by the seller's legalLegal Fees - Legal fees are largely dependent on
representation, signed in duplicate by the buyerthe value of the home being purchased, as
and delivered to the sellers representative alongdefined by the Barbados Legal Profession Rules,
with the deposit. The whole package is then sent1997. As well, the minimum scale fee may be
back to the buyers legal representative and thisadjusted 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 beforepayable upon the attorney's fees.
the transaction is complete. This search is typicallyFinancing - Financing is a different story in
done by the buyers attorney to ensure that theBarbados as in-country financing is available only
seller has clear and valid title to the property andto Barbadian nationals. If you are a non-national
that there are no encumbrances, liens, orwho is thinking about buying a property in
judgments against the property that could affectBarbados, then funding must be secured
the smooth transfer of ownership.out-of-country. Essentially all foreign financing must
Completion Of Sale & Purchase - Once title hasbe overseas or arranged through overseas
been cleared the seller's representation theninstitutions.
prepares the means of conveyance (usually aKeep 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 closingown country. There are different processes and
costs involved in the sale and purchase of alaws that apply to real estate and you should be
Barbados home. Sellers are responsible for thesure that you understand them all before jumping
stamp duty and property tax. The taxes areinto a purchase. When considering a home in
respectively 1% of the consideration for the saleBarbados it is essential that you get legal
and 2.5% in the case of land without any buildingsrepresentation and tax advice long before you
and 2.5% on the amount by which the greater ofstart signing papers.
the consideration paid or value of the land