Buying and Selling Property in Barbados In Barbados, property passes by conveyance of title, evidenced by the recording of deeds and certified survey plans at the Registry of Title. The following are a few guidelines when considering purchasing property in Barbados. Non-residents must ensure that all funds for the purchase of real estate are derived form external sources. All financial arrangements such as mortgage, purchase price and deposit should be in place prior to entering a binding agreement. Funds transferred to Barbados must be registered with the Central bank of Barbados. This process guarantees repatriation of the same amount of funds if and when the property is sold. Purchasers who are non-residents must obtain permission to purchase property from the Barbados Exchange Control Authority. This is a standard procedure under the Exchange Control Act. 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, evidenced by the recording of the deeds and certified survey plans at the registry of title. Attorney's fees are approximately 1.5% - 2.5% 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 of the purchase. In most cases international buyers purchase property through a company which has been incorporated outside but registered to do business within Barbados. This initiative may help reduce some costs when selling the property.
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