The Information Centre.Here we provides useful information about buying and selling property in Barbados.The information shown below is a guide only and while we have endeavored to show accurate information we do not guarantee its accuracy.
If you are Buying a Property:
- There is no Property Transfer Tax for buyers.
- Buyers Legal Fees - Approximately 1.5% of the Purchase Price (plus 17.5% VAT).
- Mortgage Down Payment - Usually a minimum of 10%, but can be as low as 0%.
- Mortgage Repayment Time - Up to 30 Years or until the borrower reaches 65 years of age.
- Mortgage Interest Rate - Range from 6% to 9%
- Mortgage commitment fee and negotiation fee - Ranges from 0.5% to 3%.
- Life Insurance - This is usually required if you need a mortgage.
- Annual Land Tax
- On the initial $190,000 - 0%
- On the next $310,000 - 0.10%
- On the next $750,000 - 0.45%
- On the excess of $1,250,000 - 0.75%
- For additional information please click on the following link: http://www.landtax.gov.bb/Rates.html
- Annual Property Insurance
- 0.4% for a residence
- 0.6% for commercialbuildings
- 0.9% for hotels
If you are Selling a 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 - Approximately 1.5 to 2% of the Purchase Price (plus 17.5% VAT).
- Stamp Duty - 1% of the Purchase Price
- Land Surveyor's fee - Approximately BDS$1,500.00 (plus 17.5%VAT)
- Real Estate Commission - Normally 5% of the Purchase Price (plus 17.5% VAT)
- Early mortgage termination fee - There is normally a fee when a mortgage is terminated before the agreed time period.
For Non Nationals of Barbados
- In 1998 the government abolished property transfer tax for non-nationals of Barbados.
- It is necessary for a non-national purchaser to remit the purchase price to Barbados in a foreign currency. It is then converted into Barbados currency and registered with the Exchange Control Authority of Barbados. This is to facilitate a subsequent repatriation of funds if the property is sold.
Exchange Control Authority permission is also necessary for the purchase itself. This is usually a formality once the purchase monies have been registered.
- US Dollar loans are available to non-residents from FirstCaribbean International Bank for up to 60% of the value of the property over a term of up to 15 years.
- Property is passed by conveyance* of title, which is evidenced by the recording of title deeds and certified survey plans at the registry of title.
- Once the purchaser has agreed to buy, and the vendor have agreed to sell, a legal contract has to be drawn up by a lawyer in Barbados, which provides for a deposit to be made to secure the property.
- The vendor's attorney holds this deposit in escrow** until completion of the sale when the balance of the purchase price is paid and the title passes to the purchaser by way of the conveyance.
- The purchaser will require a registered Barbadian attorney to search the register and establish title to the property prior to the completion of sale to ensure that there are no encumbrances, charges, encroachments or other impediments to the sale.
- It will normally take 2-3 months for all the legal issues to be resolved.
*Conveyance - A written document, which transfers property from one person to another.
**Escrow - The money is held in the attorney's bank account until the completion of the sale.
Some of our most Frequently asked questions:
Q. How do I add pictures to my Premium listing after creating the listing?
A. You can add your pictures by clicking on the address of your property in your Management Centre. Scroll down to the bottom of the "Edit My Deluxe Listing" page and click "Save Changes". You will then go to a new page where you have the option to "Change Pictures". To add a picture click on "Browse" and find your picture on your computers directory. Click "Open" and then click "Send Picture".You can repeat this process for your other 2 pictures.
Q. How many Kb should my property picture files be?
A. A good file size is between 30 to 50Kb. If your files are bigger and you do not have the software to reduce the size, then send them anyway. We will reduce the size for you.
If they are very large (Mb), and it takes more than 4 minutes to send your pictures, then your session will time out. If this happens send your pictures by e-mail to email@example.com, and we will reduce the file size and insert them into your advert for you.
Q. How big should my pictures be?
A. Your property pictures are each displayed in their own window. 8 inches wide by 6 inches high is a good size, but the choice is yours.
A file size of 50 KB is a good size.
Q. What format should my picture files have?
A. They should be .jpg format. Example: "house.jpg". Please, no spaces or special characters in the filenemes. If you are looking for a good free editor go to www.irfanview.com and select the download link.
Q. Do I need to have my property pictures ready on my computer before creating a Premium Listing?
A. No. You can always add them later. If you do not have a digital camera or scanner, then mail your prints to us. We will scan them for you and insert them into your advert.
Q. How much is a Premium Listing?
A. BDS$85.00 per month.
Q. Where's my property listing?
A. If you have just entered the information for your property and are wondering why it is not displayed on our lists, the reason is this. We verify that all the contact information is correct and that the information that you have entered is suitable for public viewing. Once we have completed this process your ad will be displayed on our lists.
Q. Why does my session time out sometimes in "My Account"?
A. If you do not change the page that you are on for 20 minutes or more, then your session will time out and you will have to logon again. This is necesary because each session takes up memory on our server. If we did not do this our server would run more slowly.
Q. What should I do if I rent or sell my property?
A. We ask that you change the status of your property from "Available" to "Sold" or "Rented" from the Management Centre and then after 2 weeks delete the listing.
Q. Is Cariblist a real estate company?
A. No. Cariblist is a site where Agents and individuals list properties. If you make a query, it goes to the property lister, who will then contact you.
Q. What are the costs of buying and selling property in Barbados?
A. We have prepared a comprehensive guide to buying and selling property in Barbados. This is displayed in the "Information Centre".
Q. Why do I need a lawyer ?
A. To convey your property to you as well a checking that all titles etc. are in order. If you have a mortgage you will also need legal representation to secure the mortgage.
Q. Do I need life insurance ?
A. Most lenders do indeed require life insurance to at least the value you that you are borrowing. Term insurance is a cheaper option.
Q. Are there any charges for a Free Listing.
A. No. It is completely Free.
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