Important Steps in Buying a Property in the Bahamas

Before you can own a property in the Bahamas, you must file a Declaration of Real Property Form. This form must be signed by the property owner and witnessed by an authorized person. This can be a magistrate, registered medical practitioner, bank officer, minister of religion, or notary public. If you are buying a property as a foreign national, you must ensure that you pay your taxes on time.

However, if you are not a Bahamian, you may be unsure if a person is licensed to practice in the country. ocean club estates bahamas One US-based company, Tyler Technologies, has been contracted by the government to conduct mapping exercises. However, the company is not licensed to provide appraisal services in the Bahamas. Moreover, Tyler Technologies is not a licensed appraiser.

Another important step in buying property in the Bahamas is to engage a licensed real estate agent. In The Bahamas, property brokers must have a license from the Bahamas Real Property Association. This organization is affiliated with the National Association of Realtors. It also sets fees for real estate agents. Agent fees are 6% for developed property and 10% for vacant land.

Bahamas Realty’s appraisal department is a recognized leader in the appraisal profession. Its appraisers are highly experienced in analyzing both residential and commercial properties. In addition, Bahamas Realty appraisers are also fully aware of sales and rental conditions in the residential and commercial market. Moreover, these professionals have worked on many commercial projects and subdivisions in the Bahamas. This gives them valuable construction and infrastructure cost data. They also have an extensive knowledge of all types of property in the Bahamas.

The Bahamas Real Estate Association (BREA) recently requested an extension of its end-of-month deadline due to the volume of queries it has received from appraisers. The extension will give property owners time to dispute their tax bills. A few days ago, they were faced with a decision that could impact their businesses.

In the Bahamas, a property appraiser is required by law if you’re buying or selling property. They must be licensed and must be able to appraise the property. They can be requested through the Property Tax Unit. They must be licensed and experienced to conduct an appraisal. A licensed Bahamas property appraiser can provide a report and estimate on the property’s market value.

If you’re buying a property in the Bahamas, you should know the tax laws. There’s a 10% VAT tax on real estate transactions in the country. This tax is usually shared by the seller and buyer. In addition, there are certain exempt properties such as Family Islands and undeveloped land. Non-residents, however, must pay real estate taxes in the Bahamas.

Leave a Reply

Your email address will not be published. Required fields are marked *