Basic details on how to buy a property in Barbados, via an Estate Agent, an agent who specializes in overseas property, or if buying a property privately.
It is always wise when looking to buy property in Barbados to do something on your own which is due diligence. Do your homework. Get the local Land Registry to verify the property's legal status. This includes checking that the property is free of debts, charges, or embargoes, and that the seller has the legal right to sell.
Find a property in Barbados that meets your needs. This can be done through locally based Estate Agents or the best place to start is only through a property listings portal.
Opening bank account in Barbados is key to setting up your fanancial status in Barbados and allows you to transfer money to cover the property purchase and to set up regular monthly payments if required.
Finalize the sale with a notary, and do any mortgage or loan paperwork as guided by the legal advisors you should be using.
In recapping you can use real estate agents or sell by yourself through a websites, but using a lawyer is a must.
Real estate agent - You can use a real estate agent or broker to help you find a buyer, negotiate, and get the best price for your property. Agents typically take a commission of up to 3% of the purchase price.
Marketing - You can use an international website, social media, and third-party listing portals to find your property.
You can work with a team of attorneys, accountants, and real estate agents during the purchase, or a mix of those professions depending on how you wish to buy your property.
Note this information is purely a guide to how to buy property in Barbados, and if Buying or renting in Barbados, we advise you to seek professional help as relates to your specific needs.
