The selling process
- Choosing an agent – Condo Vikings has a team of experienced sales agents, each with their own special skill set and personality type. It is important to choose an agent that you feel comfortable with and can communicate effectively with.
- Establishing the asking price – Our sales agents can provide you with information and insights on current Bahamas real estate market data that will help you to price your property correctly. Be honest with your Realtor about your needs and expectations.
- Marketing presentation – The estate agent you select will provide you with a detailed marketing presentation outlining everything that will be done to help get your Bahamas property sold.
- Signing a Listing Agreement – This formalizes the relationship and allows us to get started in implementing our marketing schedule.
- Exposing the Property – As a member of the Bahamas Multiple Listing Service we will expose your property for sale to all members throughout the Bahamas.
- Marketing Schedule – After discussing our marketing plan we will present you with a concrete marketing schedule that will include web-based, print and multi-media campaigns.
- Showing the Property – Our sales agents will show your Bahamas property to as many potential buyers as possible. Our agent will provide you with an important list of things to do in order to prepare your home for each showing. This will allow us to show off your property in its best light.
- The Offer – When we receive an offer we will submit it to you in writing, detailing all the various terms and conditions. We will discuss the pros and cons of the offer with you and strategize with you about how to move forward with the negotiations.
- Contract – Once an offer is accepted, your lawyer will draw up a formal sales contract. We liaise with your lawyer and the buyers lawyer to help facilitate a fast and efficient process.
- Conditions – Contracts are often contingent upon financing, home inspections and/or appraisals. We will co-ordinate all of these efforts to make the process as seamless as possible.
- Closing – Once all of the conditions of the contract have been satisfied and a clear title has been proven the transaction can close and you will receive your funds.
GOVERNMENT TAXES ON PROPERTY CONVEYANCES
The total Government Fee collected on the conveyed purchase price is 10%.
There are a great variety of good law firms in the Bahamas. Condo Vikings will be able to give advice and direct you as a buyer to make sure that you get the best legal advice possible and at a reasonable rate.
Legal fees typically vary from 1-2% based on the purchase price of the property.
Real Estate Commission
Real estate commission for developed property is 6% and for undeveloped land its is 10%. Real Estate Commission is paid by the Vendor.
Value Added Tax
VAT of 12% is to be paid on Services such as Legal Fees as well as the Commission.