01 Oct 2019Blog

Selling Real Estate in Barbados

by Monique

Do you own a house, apartment or plot of land in Barbados? Are you interested in selling real estate in Barbados? What should you expect the process to be like?

Once an offer has been verbally accepted and Attorney’s are appointed on each end (vendor and buyer), it will take anywhere from two to four weeks to exchange contracts.

The next step is for the vendor’s Attorney to provide the buyer’s Attorney with any prior title deeds to show rightful ownership of property. Once the vendor is established as the rightful owner, the vendor’s Attorney sends a draft conveyance to the buyer’s attorney. At this point, Attorney’s will go back and forth requesting various documents to satisfy their checklists. Usually it takes anywhere from two to six months to achieve signing of the conveyance.

To avoid delays on closing, vendors need to ensure all utility bills and land tax bills are paid to date. If you have all your ducks in a row, the process noted above will run smoothly and you will complete the sale on your house, apartment or plot of land in Barbados far quicker.

What are your transaction costs (vendor)?

Attorney fees: range from 1 % to 2.5 % and are subject to VAT.
Agent fees: range from 4 to 5 % and are subject to VAT.
Stamp duty: 1%
Property transfer tax:

  • Unimproved property: 2.5%
  • Improved property: First $75,000 USD is exempt; Over $75,000 USD incur 2.5%

Barbados