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Mosko
& Associates
Counsel
Attorney-at-Law & Notary Public
Trademark Agent |
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| Chambers: |
49
Collins Avenue
P.O. Box N-7816
Nassau, Bahamas |
| Telephone: |
(242)
322-1565 |
| Facsimile: |
(242)
326-6639 |
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| Email: kmosko@moskolaw.com |
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| Legal Expertise |
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· Real Property
· Intellectual Property
Law
· Estate Planning
· Labour Law
· Immigration
· Companies |
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| THE
PROCESS |
The process
is straight forward and commences with a Sales
Agreement
which includes the relevant terms for the
sale of the property:- |
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names and addresses of the parties
buying and selling |
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purchase price |
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the payment of deposit (generally
10% of the selling price) |
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closing date by which time the
transaction must be completed |
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description of the property |
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which party will pay real estate
commission and legal fees |
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terms relating to the return
of the deposit in the event the matter
fails |
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to complete any negotiated terms
relating to financing, insurance or
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the property itself |
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| The Vendor's attorney
produces the Sales Agreement and the Purchaser's
attorney is responsible for reviewing the Sales
Agreement. Once the form has been agreed between
the attorneys the final version requires the signature
of both parties. |
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| The next stage requires
the following activities: |
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The Purchaser's attorney
reviews title to the |
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property and provides an opinion
on that title. |
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Once title has been approved,
the Purchaser's |
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attorney then reviews and settles
the Conveyance (the document which
transfers title) which is prepared
and provided by the Vendor. The
Vendor's attorney replies to any
title requisitions. |
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The attorneys will conclude the final
accounting and take into consideration the
charges, |
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rates and assessments which attach to the
property and pro rate these according to the
closing date. These charges, include utility
services, Real Property Tax (paid to the Government
of The Bahamas) and any maintenance fees. |
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The Purchaser's attorney will obtain
any permits required and attend to having
the |
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relevant documents stamped and lodged for
recording in the Registry of Deeds and Documents
and thereafter returned to the Purchaser.
The Registry will retain the original conveyance
for approximately 12 to 18 months for microfilming,
and at that time the funds are exchanged for
the title deeds to the property. |
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The Purchaser's attorney will file
a declaration of ownership of real property
with Real |
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Property Tax authority - which will subject
the property to tax payment of which is due
on or before 31 December annually. |
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| INSURANCE |
| Attorneys in the Bahamas who have
a Conveyancing practice are required by the Banking
institutions for which they may work to have professional
indemnity insurance against claims for opinions
on title which prove to be defective. Mosko &
Associates is currently insured. |
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| FEES |
| The fees that the Client will be responsible
for are detailed below: |
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Legal Fees |
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Our fee includes the services
detailed above as well as securing
approved investment status and
registration of the investment
in The Bahamas with the Investment
Board. |
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Title Verification |
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There is a standard title search
fee of $250.00 for title searches
conducted by independent service
providers. If the results of the
search require additional search
time, this will be billed accordingly.
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Registration and
Permit for Foreign Investors |
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Once the property is acquired,
an application will be made to
the Investment Board to either
register the investment or apply
for a permit to purchase. The
fees depend on the vaue of the
property, but there is a processing
fee and an application fee. |
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Disbursements |
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The client bears all expenses
incurred in the performance of
these services. The most substantial
expense to be incurred in this
matter, apart from the balance
of the purchase price, is the
stamp duty on the Conveyance.
The stamp duty is payable prior
to registering the Conveyance.
Other disbursements include fees
paid to the Registry of Deeds
and Documents, communication and
expenses related to photocopies,
courier and overnight mail charges. |
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Stamp Duty |
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This is paid to the Government of
the Bahamas and is calculated according
to the following scale. |
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| Stamp
Duty |
| $0.00
to $20,000.00 |
2% |
| $20,001.00 to $50,000.00 |
4% |
| $50,001.00
to $100,000.00 |
6% |
| $100,001.00 to $250,000.00 |
8% |
| $250,001.00
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10% |
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| REAL
PROPERTY TAX |
| Bahamians and
non-Bahamians owning property in The Bahamas
must pay property tax. The rate of tax for
Owner-occupied property (residential) is shown.
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| Real
Property Tax |
| First
$250,000.00 of market value |
Exempt |
| More than
$250,000.00 and not exceeding
$500,000.00 of market value |
3/4 of 1% |
| More
than $500,000.00 of market value |
1% |
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| HOME
OWNERS CARD |
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Non-Bahamians
who own homes in The Bahamas may apply for
an annual home owner's residence card. This
card entitles the owner, spouse and any dependent
children to enter and remain in The Bahamas
for the duration of the validity of the card.
It does not confer resident status on the
applicant, and is issued on proof on ownership
of another residence outside of The Bahamas. |
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