Buying Real Estate in Barbados
Barbados is an island nation of the Lesser Antilles, located in the Atlantic Ocean. It is a fairly straightforward procedure for foreigners to purchase real estate in this country, but they must hire an attorney to get through many of the required steps.
Attorneys and Real Estate Agents
It is necessary to hire an attorney when buying real estate in Barbados. This person will help with the purchase transaction with the Barbados Central Bank, which is a step required by law. They will also help research and prepare necessary documents (see below).
A real estate agent can be very helpful in this process; it is recommended, but not necessary.
Rules, Regulations and Restrictions
Foreign nationals are required to obtain permission from the Barbados Central Bank. They require registration of all of the money that is brought into the country. This is a formality that is not very complicated, and is mainly handled by the buyer’s attorney.
Other than this, foreigners have the same rights as citizens of Barbados in terms of real estate.
General Process
After obtaining permission from the Central Bank, the buyer should settle on a specific property, and make an offer to its seller. A purchase agreement must then be drawn up by the seller’s attorney, and signed by both parties. At this time, the buyer should put down a 10% deposit to secure the property. This money will be stored in an escrow by the seller’s attorney.
Some necessary research must be completed to assure that all is clear with the property. The title must undergo conveyance, to make sure there are no confusions, fees or encroachments, and that it can be successfully passed to the buyer. This research should be done by the buyer’s attorney, and generally takes 2-3 months to complete.
If everything goes well, the attorney will then come up with a new title document so that the property can be transferred in the name of the buyer. The buyer must then transfer the remainder of the money to the seller. The new title must be registered, and the buyer must pay stamp duty and necessary taxes.