Seller's Guide
Every day, the Bahamas beckons people to its shores. Naturally, the country also attracts a steady stream of real estate investors, as well as second-home and vacation home buyers. The high buyer interest in the Bahamas bodes well for you if you are planning to sell your home in the islands soon.
When deciding to sell, it's best to sit with a licensed agent to clarify your motivations and expectations. Why do you want to sell your property? Do you intend to simply find a larger property, or do you plan on moving to another neighborhood, island or country? You might think your reasons are obvious, but it would do well to consider the implications of each option for your lifestyle, opportunities, and finances. Being clear about your intentions for selling will make it easier for us to determine the most appropriate option for your specified financial, lifestyle, and real estate goals.
Speak with your agent about what would be a realistic selling price in your area. With an experienced real estate agent you can avoid overestimating the value of your property. Ask questions like what the market is like and how long would it take to sell?
Closing Costs Cont’d
Legal Fees- can be estimated at 2.5% plus disbursements
• Plus 10% Value Added Tax (VAT) on legal fees
• Estimate $473-$650 for title search and registration including VAT
Stamp VAT- This tax is split equally between buyer and seller and levied on the value. In assessing the value of the property, the VAT Comptroller may consider the purchase price and the appraisal value of the property and the VAT Comptroller has the authority to choose the higher value.
Effective July 1, 2022
- Value is less $100,000, the rate is 2.5%
- Value is between $101,000 - $300,000, the rate is 4%
- Value is betwe than en $300,001 - $500,000, the rate is 6%
- Value is between $500,001 - $700,000, the rate is 8%
- Value is between $700,001 - $1,000,000, the rate is 9%
- $1 Million & Above, the rate is 10%
**Purchases of a first home by a Bahamian citizen will be taxed at 4% when the value is between $300,000-$500,00.
Closing Costs
Commission-The seller is responsible for paying commission. Commission on the sale of developed property is 6% of the gross sales price. Commission on the sale of undeveloped property and Commercial property is 10%.
Value Added Tax- 10% Value Added Tax (VAT) on the commission.