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Choosing Your Real Estate Agent
When you have decided that you are going to buy and/or list a property in Barbados the first step would be to choose a recognised real estate agent, with whom who you will be comfortable.
This site lists the recognised agents who have met the qualifications to be a member of BEAVA and these agents are bound by the duties imposed by its Code of Ethics. It is the duty of the real estate agent or valuer that he/she be well informed of current market listings and conditions in order to advise his/her client on the best properties to view that would meet their criteria or the fair market price to list their property.
Real Estate Agents Fees
It should be noted that BEAVA Inc. does not set fees but from time to time will publish a scale of fees for the guidance of the members of the Company.
Typically the fee associated with the sale of a property is 5% of the agreed selling price of the property. This fee may vary slightly from agent to agent but this is the generally accepted fee charged by members of BEAVA Inc. The fee charged for renting a property is generally one month's rent on a long term rental. It should be noted that the above fees are subject to 17.5% VAT. The fee charged on a short term rental (holiday rental) is generally 15% and is subject to 17.5% VAT.
Purchasers should be aware of the following:
- There are no restrictions on the purchase of property in Barbados by persons who are non-citizens or permanent residents.
- Non-residents must ensure that all funds for the purchase of real estate are derived from external sources.
- All financial arrangements such as mortgage, purchase price and deposit should be in place prior to entering a binding agreement.
- Purchasers must obtain the services of a registered local attorney who will have to search the register and establish title to the property prior to the completion of sale.
- Property passes by conveyance of title, evidence by the recording of the deeds and certified survey plans at the registry of title.
- Attorney's fees are approximately 1.5% - 2% of the sale price. Attorney fees are subject to 17.5% VAT. Both buyer and seller are responsible for their own attorney fees.
- A 10% deposit is required for payment when signing the purchase agreement. This is a binding contract. The seller's attorney holds the deposit. Real estate agent fees are subject to 17.5% VAT.
- The balance of the sale price must be paid to the seller's attorney on completion the purchase.