Property transaction fees:

Whether you are a buyer of a seller, real estate transaction attract a number of fees.   Listed below we explain the fees payable by the seller and the buyer.

Please note that the real estate agent is only paid by the seller, the buyer has no cost here.

If you are Buying a Property

There is no Property Transfer Tax for buyers.

• Buyers Legal Fees - Approximately 1.5% of the Purchase Price (plus 15% VAT).
• Mortgage Down Payment - Usually a minimum of 10%, but can be as low as 0%.
• Mortgage Repayment Time - Up to 30 Years or until the borrower reaches 65 years of age.
• Mortgage Interest Rate - Range from 6% to 9%
• Mortgage commitment fee and negotiation fee - Ranges from 0.5% to 3%.
• Life Insurance - This is required if you need a mortgage.
• Annual Land Tax - On the initial $125,000        - 0%
                             - On the next $225,000         - 0.10%
                             - On the next $500,000         - 0.45%
                             - On the excess of $850,000 - 0.75% 
  
• Annual Property Insurance - 0.4% for a residence
                                           - 0.6% for commercial buildings
                                           - 0.9% for hotels

If you are Selling a Property

• Property Transfer Tax for land only - 2.5% of the Purchase Price.
  
• Property Transfer Tax for house and land - first $125,000 exempt, 2.5% on the excess.
  
• Legal fees - Approximately 1.5 to 2% of the Purchase Price (plus 15% VAT).
  
• Stamp Duty - 1% of the Purchase Price
  
• Land Surveyor's fee - Approximately BDS$1,500.00 (plus 15%VAT)
  
• Real Estate Commission - Normally 5% of the Purchase Price (plus 15% VAT)
  
• Early mortgage termination fee - There is normally a fee when a mortgage is terminated before the agreed time period.