Month: February 2020

Here at BarbadosExpatHomes.com, it is our top priority to help expats to find housing on the island of Barbados, and to help landlords to connect with tenants who are ready to rent. However, we have a sister company called Global Estate Agency, which is designed to help both locals and expats find ideal properties to purchase.

If you have a property to sell on the island of Barbados, then Global Estate Agency can list it, market it, and sell it for you. When you work with the Global Estate Agency, you are working with one of the finest real estate companies on the island.

Sell your property for top-dollar

The real estate agents at the Global Estate Agency are highly-experienced and are highly skilled. Additionally, top real estate agents such as Junior Sparks have access to vast networks of buyers and other real estate agents. Getting access to these networks can help your property to sell in a very short amount of time.

Additionally, when you list your property with the Global Estate Agency, you get access to advanced marketing strategies such as aerial drone photos, which can help to capture the optimal beauty of your home. There is nothing like drone images to showcase your property in the best possible angle.

A track record of success

Global Estate Agency has an incredible track record of helping property owners to sell their properties. You can find a list of testimonials for the company here. Junior Sparks, one of the top agents at Global Estate Agency was the first-ever winner of the George Ramsay Memorial Award for real estate excellence.

Junior was given this award by the Barbados Estate Agents and Valuers Association. The Association decided to give Junior this reward due to his outstanding ability to help property sellers to sell their properties quickly, efficiently, and at great prices, and his ability to help buyers to find outstanding properties to buy in Barbados.

If you list your property with Global Estate Agency, then you will be working with top professionals in the Barbados real estate industry who are genuine market experts. Your property will be listed on the site, which will give it a lot of attention from locals and expats who are actively looking to buy property on the island. This essentially gives it the fast track to being sold at a great price.

Why wait to get started?

If you have been thinking about selling your Barbados property, then there is no time like the present to get started. Please feel free to get in touch with Global Estate Agency today if you would like to list your property or ask any questions about the process. Then Global Estate Agency is more than happy to answer any questions that you might have. You can also browse the site to see what other properties are being listed and at what price.

A common misconception for those interested in purchasing property in Barbados is that it is a difficult, time-consuming process. Truthfully, the entire process—from commencement to completion—should take 1-3 months (possibly less, depending on the method of financing), unless unforeseen complications arise.

Barbados, unlike some of its neighbouring Caribbean islands, does not require non-residents to acquire a licence to purchase property—instead, a potential purchaser of land/property in Barbados must obtain permission from the Exchange Control Authority. (Barring any complications, this permission is normally granted in a timely fashion.1)

[1] It is our custom to advise non-residents to register any foreign funds brought into Barbados with the Foreign Exchange Control of the Central Bank of Barbados. We advise this course of action because it safeguards their investment and ensures the timely repatriation of the funds should the need arise to dispose of the property and repatriate the funds to their country of origin.

Legal representation

Under the Laws of Barbados, all transactions involving an interest in property in this island must be facilitated by an Attorney-at-Law; one who represents the Vendor, and one who represents the Purchaser.

Once the Vendor and Purchaser have successfully negotiated a purchase price for the property, the Attorney(s)-at-Law for the Vendor will prepare the Agreement for Sale.

Agreement for Sale

The Agreement for Sale is the contractual document which identifies the Vendor and Purchaser, describes the property being sold/purchased, the price at which it is being sold/purchased, and the terms and conditions under which the sale/purchase will proceed.

Prior to signing the Agreement for Sale, the Purchaser’s Attorney(s)-at-Law is responsible for perusing the document for legal accuracy and completeness. Once everything is determined to be in order, the Vendor and Purchaser will sign the document and 10% of the purchase price is paid (as a deposit) by the Purchaser to the Vendor’s Attorney(s)-at-Law (who retains it as ‘stakeholder’) until the transaction is completed.

Once the Agreement for Sale is executed by the Vendor and Purchaser, the Attorney(s)-at-Law for both parties will exchange the required documents needed for the completion of the transfer of the property and the preparation of the Deed of Conveyance.

Searches

The Purchaser’s Attorney(s)-at-Law is/are also responsible for, among other things, conducting searches against the property being sold/purchased. This is done to establish indefeasible title thereto, and to ascertain whether there are any charges, encroachments, encumbrances, impediments, judgments, rights of way and other issues relating to the property that would adversely impact on the transaction’s prompt completion. Furthermore, under the provisions of the Property Act, Cap. 236, of the Laws of Barbados, twenty (20) years is the statutory time period to establish a good root of title. (Note that in some instances, a longer period may be required.)

The Deed of Conveyance

The title to property passes by way of a Deed of Conveyance. The completion of the sale/purchase transaction requires the recording of the following documents at the Land Registry of Barbados:

The Deed of Conveyance.

Declaration of Commission under the Property Transfer Tax Act, Chapter 84A, of the Laws of Barbados with respect to the commission payable to a Real Estate Agent.

Change of Ownership forms, submitted to the Barbados Revenue Authority.

Certified survey plans (e.g. key plan, individual plan of land).

Closing

Once the abovementioned matters have been settled, the Attorney(s)-at-Law for the parties meet to ‘close’ the purchase. Closing involves the completion of all legal formalities associated with the sale/purchase of the property, including the payment of the balance of the purchase price and apportioned land tax, the documents of title (inclusive of all past title deeds), the relevant land tax information, and any ancillary documents (such as the transfer of utilities and delivery of keys).

The law firm Dale Neblett-Brown & Associates consists of a dynamic team of Attorneys-at-Law who specialise in Conveyancing. They are led by Dale C. Neblett-Brown, Q.C., who has been an upstanding Property Law Attorney in Barbados and Jamaica for over 39 years.

Mrs. Neblett-Brown, Q.C. is supported by Jovani J. Brown LL.B (Hons), LL.M, L.E.C., Stefan J. Carrington-Henry LL.B (Hons), L.E.C., Attorneys-at-Law, and Sakeirah A. Rawlins LL.B (Hons), Senior Legal Assistant.

For further information, feel free to contact DNB Associates directly:

DNB Associates
First Floor One Welches, Welches, St. Thomas, Barbados, W. I.
(246) 421-9015
www.dnb.associates