Frequently Asked Questions
1. How much will it cost to sell my property?
· Property Transfer Tax for land only - 2.5% of the Purchase Price.
· Property Transfer Tax for house and land - first $125,000 exempt 2.5% on the excess.
· Legal fees - Approx 1% to 2.5% of the Purchase Price (plus 17.5% VAT).
· Stamp Duty - 1% of the Purchase Price
· Land Surveyor's fee - Approx. BDS$1,500.00 (plus 17.5%VAT)
· Early mortgage termination fee - There is often a fee when a mortgage is terminated before the agreed time period. (Rates vary dependent on financial institution.)
· Standard real estate fee - 5% plus 17.5% V.A.T.
2. How will my property be marketed?
Seaside Realty Inc. advertizes in several mediums:
· Our very own website
· Barbados' MLS (Multi Listing Site)
· Barbados Property News magazine
· Living Barbados magazine
· Client data base email blasts
3. Are there additional marketing costs?
Seaside Realty Inc. works on a NO SALE / NO FEE basis. We market your property in various advertizing mediums mentioned above, as well as arrange and are present for all viewings set up by ourselves, and charge nothing more than our commission fee.
4. Do I have to be present for viewings?
Ofcourse this is entirely up to you. It is not necessary if you have contracted a trust worthy and experienced real estate agent to assist you with the sale. It should be noted that buyers usually feel more relaxed and tend to be more forthcoming with their thoughts on the property when the owner is not present.
5. If I accept an offer, does that mean I have to remove it from the market and no longer allow viewings?
Not necessarily. This all depends on what you have agreed to with the prospective purchaser.
6. How long with the sale process take?
This time period can range anywhere between 3 to 6 months. Several factors affect the time period (for example: Cash purchases usually close quicker than if a mortgage is needed by the purchaser)
7. When do I have to move out?
When the sale has been completed, the keys must be handed over to the purchasers’ attorney.