Ensure the property is in good condition: Make sure any repairs or maintenance issues are addressed, as this can affect the value.
Gather all necessary documents: You'll need the title deed, property surveys, tax receipts, and any documents showing that the property is free from encumbrances (e.g., unpaid mortgages).
Hire a Real Estate Agent (Optional but Recommended) - Agents in the Bahamas have local expertise and a network of potential buyers, both local and international. They can help you with pricing, marketing, and negotiations.
Check if your agent is a member of the Bahamas Real Estate Association (BREA) for professionalism and adherence to industry standards.
Research the local market or ask your real estate agent for a Comparative Market Analysis (CMA) to help set a competitive price.
Consider the location: Properties in high-demand areas (like Nassau, Paradise Island, or the Exumas) tend to sell for more than those in less-popular regions.
While not always required, it's a good idea to have a lawyer draft or review the sale agreement to make sure everything is legally sound. The agreement should outline the price, payment terms, and closing conditions.
Once you start receiving offers, work with your real estate agent to determine if any of them meet your expectations.
Negotiation: Be prepared to negotiate on price or terms, especially if there are multiple offers on the table.
Taxes: There is no capital gains tax in the Bahamas, which is advantageous for sellers.
Foreign Buyers: Foreign buyers are subject to approval from the Bahamas Investment Authority (BIA) for certain properties, especially if the property exceeds a certain value. This is something to consider if you are selling to an international buyer.
Currency: Real estate transactions are typically done in Bahamian dollars (BSD), which is pegged to the U.S. dollar.
Note this information is purely a guide, and if selling or renting in Bahamas, we advise you to seek professional help as relates to your specific needs.
Find out how to list a property in Bahamas for sale here.
