Purchasing Real Estate – The Process

Purchasing real estate in Barbados can be a relatively easy process that may involve interacting with a real estate agent who is marketing the property. Before the property is marketed, the seller should have certain documents to prove that they have the legal right to sell the property. These legal documents include:

• Title Deeds
• Land Tax Bill
• Plot Plan

Title Deeds

A title deed contains important details about the property, including who has title for the property – the beneficial owner of the property.

Land Tax Bill

The land tax bill usually shows who legally owns the property as the bill should have been recorded in that person’s name.

Plot Plan

The plot plan maps out the shape and measurements of the property so that important boundary lines can be marked.

The Role of an Attorney

It is important for the buyer to hire an attorney when purchasing a property. Their attorney is responsible for ensuring that the process goes smoothly for their client.

The Role of the Real Estate Agent

The real estate agent is responsible for submitting the details of the buyer to the seller’s attorney, and an agreement is signed.

Payment and Transfer Process

A deposit is then paid over by the buyer through their attorney. Once the legal process is completed, the remaining funds are transferred from the buyer’s attorney to the seller’s attorney, who then pays it over to the seller. The buyer would then have the property transferred in their name.

Compliance with AML Regulations

When purchasing property in Barbados, it is important to abide by the AML regulations and guidelines in Barbados. See our article AML Requirements & Real Estate.