with a mortgage broker, bank or financial advisor which will help
dictate your budget and purchase price and the type of purchase
(cash or financed) - which is key for you as you embark on the
search for your new home.
pre-approved for a mortgage. Once you have determined your budget,
you should obtain a pre-approval letter from a bank or mortgage
broker. Your realtor will need this letter to submit with any
purchase offers to demonstrate your credibility as a buyer. If it
will be a cash purchase, you will also need to show proof of
funding as well.
deposit. Along with confirmation of preapproval or proof of
funding, you will also need to secure a 10% deposit of your
preapproval amount which will be required when
you sign your sales contract.
prepared. Begin your process by having an understanding of the type
of home you want, including what features are important to you. Be
sure to distinguish between "wants" and "needs."
an agent that best suits you. Our agents at Keys Bahamas have a
variety of strengths and specialties to serve and assist you. It is
essential that you choose a real estate professional that you feel
our website for available Bahamas properties and discuss your
interest with your chosen estate agent. Come up with your top
criteria for your ideal home and make sure to communicate these to
properties with your agent. The Bahamas has an MLS (Multiple Listing
Service) system, so your chosen real estate agent can show you any
property throughout the Bahamas, regardless of the listing company.
finding a suitable property. Have your agent prepare a written offer
that includes all terms and contingencies, financing stipulations,
and a closing date. Your agent will present the offer to the seller
and most likely negotiations will take place.
your Bahamas real estate agent recommend competent professionals
such as bankers & lawyers.
negotiations are complete, your agent or attorney and the sellers
attorney will prepare a formal Sales Contract that details every
aspect of the transaction from escrow terms to the closing date. A
down payment (typically 10% of purchase price) is required upon the
signing of the Sales Contract. Your agent will also speak with you
regarding closing costs, namely Stamp Tax and legal fees.
you are financing the purchase, you will need to finalize your loan
application in order to obtain a loan commitment. This will require
submission of substantial paperwork including proof of income,
assets, and also an appraisal of the desired property. Your agent
will be able to recommend a BREA licensed appraiser.
approval is secured, your realtor and attorney will take the
required steps to schedule closing. There are often many parties
involved in the closing so it typically takes at minimum one to two
weeks following approval for closing. In total, the process from
accepted offer to close can take between 30 and 90 days. At this
point you should also secure homeowner’s insurance for your new
a final walk-through of the property with your real estate agent
prior to closing.
closing, you will be handed your original title documents and keys
to your new home!