A Word to Buyers

The Bahamas Real Estate Association (BREA) is investigating a Miami-based sales entity which has set up a website to sell real estate in the Bahamas.
BREA was responding to an announcement by Paradise Is Mine, which says it will open a sales centre in South Beach, Miami, to exclusively market Bahamas property.
BREA president William Wong noted that only Bahamians who are members of the Bahamas Real Estate Association are licensed to sell real estate in the Bahamas.
The exception is Bahamas-based developers, who are allowed to sell their own property.
Ted Rover, director of sales for Paradise Is Mine, remarked that in the current global economic turn down, Bahamas real estate prices have remained stable. He found this remarkable. Paradise Is Mine would focus at first on sales in Rum Cay, Bahamas.
There are several reasons why you should use a licensed Bahamas Real Estate Association broker. To start with, they are knowledgeable in Bahamian law as it relates to real estate and keep abreast of amendments. Secondly, they will know which subdivisions have the necessary government approvals. This is very important as, from time to time, someone will attempt to sell property without the required approvals. People have even been known to sell property they don't own.
Thirdly, they know the market. And they also know the lay of the land and all the quirks that go with the territory.
After all, it would be ludicrous for a Bahamian broker to move to, say, Boston and announce he was going to sell real estate. To start with, he'd need permission from the U.S. Department of Immigration to work in America. Then he'd need to be licensed by the appropriate real estate authority. And he would need to have first hand knowledge of the market in his territory.