Selling property in Barbados- Guidelines
Selling property in Barbados -guidelines
If you are selling property in Barbados it is crucial to be prepared.
Having your documentation in order will prevent delays and allow the transaction to flow seamlessly.
Sometimes the seller will be selling the property itself. In other scenarios the property may be held by an offshore company. In that case the seller may be selling the shares of the offshore company.
It is imperative that the documentation is prepared and ready to be produced to a Purchaser’s lawyer.
In both scenarios the seller will need to illustrate clear and uncompromised ownership. This will be of the Barbados property and/or the entity being sold.
The retrieval and/or procurement of some of the required documentation can be time consuming. This can cause delays in the transaction. Below are the lists of recommended documentation that should be available so that the sale can proceed.
To read our guide to buying property in Barbados click here
Selling property in Barbados -Seller Checklist for Domestic Conveyance of the property :
- Original Title Deeds including plan of land.
- Current Land Tax Demand Notice (and receipt if already paid).
- Municipal Solid Waste Tax Bill (and receipt).
- Most recent receipts for utilities (water and electricity).
- Insurance Policy, if applicable.
- Inventory of all furniture and effects being sold with the property, if applicable.
- Town Planning applications, permission, and compliance documents, if applicable.
- Registered Central Bank of Barbados Foreign Investment (FI) forms in the name of the seller or reflecting registration of the funds brought in to purchase the property, if applicable.
- Keys to the property when completion of the transaction is imminent.
- Account for any and all rental bookings especially those set for after completion.
Additional Checklist for transactions involving sale of entity:
- Complete set of all original corporate or parallel documents and records for the entity being sold. This will include a complete set of all original documents and records regarding the registration of that entity in Barbados if an offshore entity.
- Certificate of good standing evidencing good standing in the jurisdiction of origin of the entity being sold. It it is an offshore entity evidence of its registration in Barbados will also be required.
- A certificate or letter from the registered agent in the offshore jurisdiction confirming that all fees to the registered agent and government have been paid up to date.
- All books of account including financial statements, balance sheets, and tax returns from the date of incorporation to present for the entity in Barbados.
- Additional documents may be requested on behalf of the Buyer and this are dealt with on a case by case basis.
Let us find a buyer for your property and we will be happy to help you throughout the sale process. We can recommend lawyers for the buyer. The legal process usually takes from 3-6 months to closing. If you are prepared it should be nearer 3 months. The more prepared the parties are the quicker the process.
If you are thinking of selling property in Barbados contact us today. We will be happy to list your property and try to achieve the best price for you. We will guide you through the process to ensure a seamless sale from beginning to end.
To talk about selling property in Barbados contact us today
