Liz designed my open plan living room and kitchen. Whether she is shopping for decor or measuring for cabinets, Liz is meticulous and has a keen sense of what will work well in the space. I'm very happy with her recommendations and the way she thoughtfully considered what I wanted for my home. ~A. Sawyer
Why list with Better homes and gardens real estate mcr bahamas?When it comes to listing and selling your property the details really do influence the outcome. I take a holistic approach to the successful sale of your property.
From our first meeting to your closing, you'll get my honest and professional opinion and you'll get value. Selling your property is influenced by many factors including market conditions, mortgage rates, property location and condition, your personal timeline and financial objectives. It is important to determine what the most important factors are to you - is it time or is it return on your investment? I will work with you to find the ideal combination that achieves your goals. Book a listing presentation to decide if working with Better Homes and Gardens Real Estate Bahamas is right for you. |
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The selling process
Book Listing Presentation
Select an agent and determine pricing with a Comparative Market Analysis
Complete KYC and listing agreements
Staging to prepare your property for the market
Photography and other media (video, drone, 3D)
Marketing campaign and showings
Negotiations
Execution of sales agreement, contingencies and closing
WHERE DO I GET STARTED?
First, find an agent you think you will work well with and have an initial consultation. Be very honest about your goals, objectives and timelines. If it's not a good fit, move on. Selling your property successfully involves the right combination of pricing, preparation, communication, marketing and negotiations. You want to work through that process with someone who is experienced, professional and responsive.
First, find an agent you think you will work well with and have an initial consultation. Be very honest about your goals, objectives and timelines. If it's not a good fit, move on. Selling your property successfully involves the right combination of pricing, preparation, communication, marketing and negotiations. You want to work through that process with someone who is experienced, professional and responsive.
WHY DO I HAVE TO COMPLETE KYC DOCUMENTS?
Know Your Client (KYC) documentation is now required by law for resident and non-resident sellers irrespective of citizenship. The KYC process should be complete at the time you list your property for sale with an agent. Do expect to complete a separate KYC process with your attorney also. KYC documentation is not needed if you are listing your property for lease only.
Know Your Client (KYC) documentation is now required by law for resident and non-resident sellers irrespective of citizenship. The KYC process should be complete at the time you list your property for sale with an agent. Do expect to complete a separate KYC process with your attorney also. KYC documentation is not needed if you are listing your property for lease only.
WHY DO I NEED TO STAGE MY PROPERTY?
Research proves that staging results in selling a property faster and for more money. The greatest attention your property receives is the first three weeks on the market. You want to ensure that the best first impression is made with the photography and other media used to market your property as well as the with the buyers who walk through the door. Read more about staging and if it's the right decision for you.
Research proves that staging results in selling a property faster and for more money. The greatest attention your property receives is the first three weeks on the market. You want to ensure that the best first impression is made with the photography and other media used to market your property as well as the with the buyers who walk through the door. Read more about staging and if it's the right decision for you.
HOW MUCH IS REAL ESTATE COMMISSION AND WHO PAYS IT?
Real estate commission on the sale of developed property is 6% and 10% on vacant land. In a traditional transaction the real estate commission is paid by the seller. Real estate commission attract VAT at 10%. Net transactions are less common and involve the buyer paying the real estate fees.
Real estate commission on the sale of developed property is 6% and 10% on vacant land. In a traditional transaction the real estate commission is paid by the seller. Real estate commission attract VAT at 10%. Net transactions are less common and involve the buyer paying the real estate fees.
WHAT IF I'M RENTING MY PROPERTY?
Real estate commission for the rental of residential properties are also paid by the owner/landlord and attract VAT at 10%.
- Lease below 12 month - commission is equal to 10% of the value of the contract plus 10% VAT
- Lease of 12 months - commission is equal to one month's rent plus 10% VAT
- Lease of 2 years - commission is equal to one month's rent for the first year and one-half month's rent for the second year. payable on the anniversary date of the lease. Both commission payments attract VAT at 10%
Real estate commission for the rental of residential properties are also paid by the owner/landlord and attract VAT at 10%.
- Lease below 12 month - commission is equal to 10% of the value of the contract plus 10% VAT
- Lease of 12 months - commission is equal to one month's rent plus 10% VAT
- Lease of 2 years - commission is equal to one month's rent for the first year and one-half month's rent for the second year. payable on the anniversary date of the lease. Both commission payments attract VAT at 10%
WHAT IS A CMA?
A comparative market analysis is a pricing tool used by agents to inform the price of your property based on recent market activity. It compares the sale price of similar properties in similar areas and allows a recommendation on price based the amenities, features and the condition of your property relative to existing and pending sales.
A comparative market analysis is a pricing tool used by agents to inform the price of your property based on recent market activity. It compares the sale price of similar properties in similar areas and allows a recommendation on price based the amenities, features and the condition of your property relative to existing and pending sales.
WHAT ARE CLOSING COSTS?
Closing costs are fees due before or at the time that the property transfers ownership. Examples include VAT, appraisal fees, legal fees, real estate commission, property insurance, inspection, HOA and utility balances and deposits, etc. The fees you pay will depend on whether you are buying or selling.
Closing costs are fees due before or at the time that the property transfers ownership. Examples include VAT, appraisal fees, legal fees, real estate commission, property insurance, inspection, HOA and utility balances and deposits, etc. The fees you pay will depend on whether you are buying or selling.
IS IT POSSIBLE TO ESTIMATE CLOSING COSTS?
Yes. Costs can be estimated as a percentage of the purchase price.
For the Seller
One-half VAT on the conveyance -
Real Estate Fees 6% plus 10% VAT
Legal Fees 2.5% plus 10% VAT
Consider also all utility balances, real property taxes owing and outstanding HOA fees.
Yes. Costs can be estimated as a percentage of the purchase price.
For the Seller
One-half VAT on the conveyance -
Real Estate Fees 6% plus 10% VAT
Legal Fees 2.5% plus 10% VAT
Consider also all utility balances, real property taxes owing and outstanding HOA fees.
WHAT IS VAT ON THE CONVEYANCE FOR THE SELLER?
Previously referred to as Stamp tax, VAT on the conveyance is generally shared 50/50 between the buyer and seller unless otherwise negotiated/stipulated by law based on the citizenship status of buyer and seller.
For properties below $100,000 VAT on the Conveyance is 2.5%
$100,001 - $300,000 - 4%
$300,001 - $500,000 - 6%
$500,501 - $700,000 - 8%
$700,001 - $1 million - 9%
More than $1 million - 10%
Important Notes:
-The above VAT structure on the conveyance of real property does not apply to corporations
Previously referred to as Stamp tax, VAT on the conveyance is generally shared 50/50 between the buyer and seller unless otherwise negotiated/stipulated by law based on the citizenship status of buyer and seller.
For properties below $100,000 VAT on the Conveyance is 2.5%
$100,001 - $300,000 - 4%
$300,001 - $500,000 - 6%
$500,501 - $700,000 - 8%
$700,001 - $1 million - 9%
More than $1 million - 10%
Important Notes:
-The above VAT structure on the conveyance of real property does not apply to corporations
ARE SOME PRICES NET PRICES?
No. Every property represented by licensed BREA brokers and agents is listed with a Gross Price. However, a net transaction can still be negotiated between the buyer and seller at the time the offer is made.
No. Every property represented by licensed BREA brokers and agents is listed with a Gross Price. However, a net transaction can still be negotiated between the buyer and seller at the time the offer is made.
WHAT IS A NET TRANSACTION?
As opposed to a typical 'gross' transaction, a net transaction involves the buyer paying all closing costs on both sides of the deal so that the seller 'nets' an agreed amount.
As opposed to a typical 'gross' transaction, a net transaction involves the buyer paying all closing costs on both sides of the deal so that the seller 'nets' an agreed amount.
ARE ALL PRICES IN BAHAMIAN DOLLARS?
No. If you are not a Bahamian citizen you may list your property for sale in USD. Foreign owners of real estate should have 'Approved Investment Status' received at the time they purchased the property; this allows them to then list the property for sales in USD for the purpose of selling at a later date. If the property is listed in USD and the buyer is Bahamian, then the conversion fees will be paid by the buyer unless otherwise negotiated at the time the offer is made.
No. If you are not a Bahamian citizen you may list your property for sale in USD. Foreign owners of real estate should have 'Approved Investment Status' received at the time they purchased the property; this allows them to then list the property for sales in USD for the purpose of selling at a later date. If the property is listed in USD and the buyer is Bahamian, then the conversion fees will be paid by the buyer unless otherwise negotiated at the time the offer is made.
WHAT IS THE BAHAMAS MULTIPLE LISTING SERVICE?
The Bahamas MLS is a cooperative platform used by licensed brokers and agents who are members of the MLS to share listing details on properties for which they have an exclusive right to sell agreement. The primary benefit of the MLS is that it gives a listing the widest possible visibility in the marketplace through automatic 'propagation' to cooperating broker websites and even international real estate websites such a realtor.com. The main drawback of the MLS is that you are obligated to pay the commission on any sale even if the buyer approaches you directly.
The Bahamas MLS is a cooperative platform used by licensed brokers and agents who are members of the MLS to share listing details on properties for which they have an exclusive right to sell agreement. The primary benefit of the MLS is that it gives a listing the widest possible visibility in the marketplace through automatic 'propagation' to cooperating broker websites and even international real estate websites such a realtor.com. The main drawback of the MLS is that you are obligated to pay the commission on any sale even if the buyer approaches you directly.
CAN AN MLS LISTING BE CANCELLED?
Yes. Your agent will need to complete a form that will require approval by you and the broker.
Yes. Your agent will need to complete a form that will require approval by you and the broker.
DO I HAVE TO LIST ON THE MLS?
No. But it is in your best interest to do so unless there is a good chance you will sell you property yourself. With a dedicated listing agent you are likely to receive a greater level of commitment than having multiple agents as occurs when you have an 'open' listing.
No. But it is in your best interest to do so unless there is a good chance you will sell you property yourself. With a dedicated listing agent you are likely to receive a greater level of commitment than having multiple agents as occurs when you have an 'open' listing.
DO I HAVE TO LIST MY PROPERTY FOR SALE WITH ONE AGENT?
No. There is nothing prohibiting a seller from working with multiple agents. If you do, this will be an 'open' listing and your property will not appear on the MLS. So consider if this is the ideal scenario for you. Properties listed on the Bahamas Multiple Listing Service have incredible reach through hundreds of agents and many broker websites including foreign real estate sites like realtor.com. This all happens automatically and allows all MLS agents to market your property to their buyers. An 'open' listing has much less visibility because it is uploaded to one broker's website only and that site must be searched directly in order to find the listing. Unless you have a very good chance of selling your property on your own then the MLS is your best option. Find an agent you like and trust and have them list your property on the MLS.
No. There is nothing prohibiting a seller from working with multiple agents. If you do, this will be an 'open' listing and your property will not appear on the MLS. So consider if this is the ideal scenario for you. Properties listed on the Bahamas Multiple Listing Service have incredible reach through hundreds of agents and many broker websites including foreign real estate sites like realtor.com. This all happens automatically and allows all MLS agents to market your property to their buyers. An 'open' listing has much less visibility because it is uploaded to one broker's website only and that site must be searched directly in order to find the listing. Unless you have a very good chance of selling your property on your own then the MLS is your best option. Find an agent you like and trust and have them list your property on the MLS.
