Buying property in Eleuthera from a private seller (FSBO) involves a series of steps to ensure a smooth transaction.
Eleuthera is a popular destination for both vacation homes and retirement properties, investment properties, land and luxury property listings. Property prices can vary greatly depending on location (e.g., near the beach or inland), so it's essential to research the market and get an idea of what you're looking for.
When buying property from a private seller make sure you understand Bahamian property ownership rules. Foreigners can generally buy property in the Bahamas, but there are certain conditions and regulations to keep in mind, such as needing to apply for a permit if the property exceeds a certain value.
Some real estate agents in Eleuthera may have listings for properties being sold by their owners or may help facilitate a deal.
When a property has been found, reach out to the seller directly and ask for more information about the property such as, price, title deed and proof of ownership, property taxes and maintenance costs, any liens or encumbrances on the property, and why the property is being sold
Also when buying property from a private seller and before making an offer, it's crucial to perform due diligence which includes a land survey, where potential buyers should hire a local surveyor to confirm the boundaries and ensure there are no issues with the land.
Engage a lawyer or a title company to perform a title search. This ensures that the seller actually owns the property and that there are no outstanding claims, liens, or disputes.
Ensure the property is zoned for the intended use (e.g., residential, commercial, etc.). If there are buildings on the property, have a professional inspector check for structural issues or any needed repairs.
In the Bahamas, it's highly recommended (and often required) to have a local attorney represent you during the closing process.
If you're buying the property with cash, the process is simpler, but you'll still need a lawyer to finalize the paperwork. If you're financing the property, research mortgage options in the Bahamas. Some local banks may offer mortgages to foreign buyers, but the interest rates and down payment requirements can vary.
While foreigners can buy property, the purchase of larger properties (more than 5 acres) may require approval from the government. Be aware of the Stamp Duty tax (which is 4% of the sale price) and annual property taxes. The process can be complex, so it's highly advised to work with local professionals like lawyers, surveyors, and real estate agents who are familiar with the Bahamian legal system and property market.
