Fees & Regulations
Typically, the principal costs incurred by the seller of a property are:
Real Estate Agency Commission
The commission rates on the sale of properties are set by the Bahamas Real Estate Association and are usually paid by the seller. The rates are based on the gross sales price of the property and are as follows:
| New Providence | |
|---|---|
| Undeveloped property | 10% |
| Developed property (residential or commercial) | 6% |
| Family Islands | |
| All property types | 10% |
Stamp Tax
This is payable on all sales or transfers of property and is generally split equally between the buyer and the seller. The rates are:
| Market Value of Property | Tax Rate |
|---|---|
| $0 - $20,000 | 2% |
| More than $20,000 and up to $50,000 | 4% |
| More than $50,000 and up to $100,000 | 6% |
| More than $100,000 and up to $250,000 | 8% |
| More than $250,000 | 10% |
Legal Fees
These are established by the Bahamas Bar Association, and normally amount to 2½% of the gross sale price of the property. Legal fees are usually shared equally between the seller and the buyer.
