BAHAMAS REAL ESTATE GUIDE FOR SELLERS
Are you ready to sell your property in The Bahamas? Choosing the best agent with the strongest support team to suit your customized needs is key in successfully securing a Purchaser for your property. Coldwell Banker Lightbourn Realty has a dynamic sales force of over 40 experienced Bahamian agents strategically positioned throughout our Bahama Islands chain. Our top-notch agents are Locally Known and Globally Connected through our worldwide network of over 92,000 Coldwell Banker affiliated sales professionals in 3,000 offices across 44 countries and territories. The Coldwell Banker organization is a leading provider of full-service residential and commercial real estate brokerage services and we pride ourselves on our history of expertise, honesty and an empowering culture of excellence.
We believe that if you’re going to do something, you should be the best at it. Never settle for average. Always be exceptional.
INFORMATION ON SELLING YOUR REAL ESTATE IN THE BAHAMAS
UNDERSTANDING OUR LIST PRICES
Bahamas Real Estate Listings are listed on a “gross” basis as established by the Bahamas Real Estate Association (BREA), which includes the Seller’s fees as follows:
1. Half of the 10% Government VAT tax for a total of 5% on all real estate transactions over $100,000; or half of the 5% Government VAT tax on real estate transactions under $100,000 for a total of 1.25%. The stamp duty is usually based on your purchase price, but is subject to review by Inland Revenue and they will normally request an appraisal reflecting market value upon completion.
2. Real estate commission as established by the Bahamas Real Estate Association:
6% commission plus 12% VAT on developed property (example homes and condos), or 10% commission plus 12% VAT on undeveloped land.
3. Seller’s Legal Fee of 2.5% plus 12% VAT.
4. Your property tax, if any, needs to be paid in full and will be pro-rated as needed up to the time of completion.
5. Other costs upon closing may – but not necessarily - include converting funds from Bahamian to U.S. currency and vice versa, and appraisal and surveying fees.
Prices are noted in $B or $US dollars. Laws are subject to change.
THE SELLING PROCESS
Once you’ve decided to list your property for sale, we strongly advise our clients to work with your Sales Agent to carefully assess your market value with up to date market data from our local MLS and to prepare a current appraisal of your property in order to determine the best list price.
Our agents have built strong relationships and work very closely with other licensed Bahamian Sales Agents and Brokers. The Bahamas MLS will provide your listing with maximum exposure to MLS members throughout the Bahamas with the advantage of an IDX feed to most Bahamas Real Estate agencies’ websites.
Prepare Your Property:
Once you have set your price and decided to sell, your trusted agent will guide you through the staging process in order to photograph and show your property in its best possible condition to potential buyers. Seller tips for showings include decluttering your home, painting and other touchups where needed and . Contact us for a copy of our Coldwell Banker Sellers Guide.
Signing an exclusive listing agreement with a Coldwell Banker Lightbourn Realty agent not only provides you with the maximum exposure on a local level through the Bahamas MLS, but the advantage of seamless worldwide marketing through our ListGLobally portal, placing your listing on over 100 website portals in over 60 countries worldwide, translated into 16 languages as needed. Our premium marketing brochures, professional photography, drone photography, videography where suitable and top notch drip marketing campaigns, will ensure your property is shown in its best light to reach your target market. Contact our sales team to discuss a customized marketing strategy for your property and pair you with the perfect Bahamas Real Estate Agent.
Closing Your Sale:
In addition to Listing, Marketing and Securing a Purchaser for your Bahamas Real Estate listing, our Agents will stay in close contact with you during the entire contract period from start to finish for a seamless transaction.
COMPLIANCE AND DUE DILIGENCE REQUIREMENTS (FTRA):
In May 2018, The Bahamas Government passed legislation known as the Financial Transactions Reporting Act 2018 (FTRA) in order to maintain a culture of compliance. As a result of this Act, Real Estate Brokers are required by law to carry out due diligence of their clients. Upon engaging us to represent you in the purchase or sale of real estate, we will require you to complete our CDD (Client Due Diligence) paperwork.