Buying a Condo on Grand Bahama

June 18th, 2010

We had some questions from a Texas based client interested in purchasing a Condo on Grand Bahama. I’m glad to hear our Condos are top of their list but as their queries are relevant to many of you interested in property on Grand Bahama, we thought we’d share the information in our blog.

It must be highlighted that we would always recommend you take full legal advice as part of you purchase and the following information serves merely as a useful guide to help people with their initial fact find – i.e. this is not a substitute for full legal advice.

Q & A
1. I’m based in Texas, considering buying a condo at Suffolk Court and have some initial questions regarding property purchase on Grand Bahama. Can I use my own attorney/solicitor?

Although you may have your own attorney elsewhere in the USA, you will have to engage the services of a local attorney to purchase a property on Grand Bahama.

2. How is my interest in the property recorded.

There is a local property registration body to note all property ownership. This will form part of the process your attorney undertakes with your property purchase.

3. How long is the sales/legal process?

Typically the legal process will take about ninety days.

5. How much would it typically cost in fees to acquire a Condo on Grand Bahama

Government stamp tax 2-12% (Purchases over $250,000 will be taxed the 12%);
Legal fees – 5%;
Title Search – $250.00;
Foreign Investment Board – $250.00 first time purchase; subsequent purchases will cost $500.00;
Recording Fees – $4.50 per page;
Miscellaneous – $75.00.
You might also find the following link useful.

http://www.geographia.com/bahamas/investment/propty01.htm

We would be delighted to take any more questions about buying or renting a condo on Grand Bahama or even questions on what it’s like to live in Nassau etc – drop us a line or leave a comment.