Selling Real Estate – The Process

Selling real estate in Barbados usually begins with finding a real estate agent to market the property. Before the property can be 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 holds the title – 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 seller to hire an attorney when selling their land. The attorney is responsible for ensuring that the process goes smoothly for their client.

The Role of the Real Estate Agent

The real estate agent, if one is used, advertises the property to the public and shows it to interested buyers. Once a buyer has been found, the agent submits the details to the seller’s attorney, and an agreement is signed.

Payment Process

A deposit is then paid 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.

Compliance with AML Regulations

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