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As a seller, it’s important to understand the fees, process, and listing strategies involved in selling your property in Barbados.
Fees: When selling your property in Barbados, it’s important to know the costs involved. The main fees you will incur as the seller include Property Transfer Tax (2.5%), Stamp Duty (1%), and Realtor’s fees (4% to 5%). These fees are built into the purchase price and are usually covered within the 10% deposit. Your local attorney’s fees (1-2%) are also part of the costs, and all utilities are transferred to the purchaser on closing. All respective deposits will be returned to the vendor upon the name change.
Process: Once your offer is accepted, your local attorney will start the process by finalizing the Agreement for Sale. Once both parties are happy with this document, the Agreement for Sale is signed and the 10% deposit is paid. You have now exchanged contracts. 90% of the purchase price is paid on closing, which is usually 60 days after exchange. The entire process can take between 3 to 6 months.
Listing: Strategic marketing is key to promoting your property effectively on the sales market. Start by doing some market research to determine a realistic price for your property. your opportunities in securing a qualified purchase. Invest in photography and
In conclusion, as a seller in the Barbados real estate market, it’s important to be aware of the fees involved, understand the process, and implement effective listing strategies to sell your property quickly and at a fair price. Remember to have all the necessary documentation on hand.
For further information and free advice on selling your home in Barbados.
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