I. Acting for Vendor or Purchaser, in either case, fees are calculated as a percentage of the consideration or price. The percentage rate varies across several bands of consideration spanning from zero to $5 million, as follows: -
Price Rate
not exceeding
$500,000 2.5% or $400.00
(whichever is the greater)
exceeding $500,000
not exceeding $1 Million 2%
exceeding $1 Million
not exceeding $5 Million 1%
exceeding
$5 Million .5%
The relevant percentage rates are applied to that part of the consideration or price falling within the respective band, and the amounts added together to arrive at the fee.
II. For acting on a Mortgage, the rates are the same as the foregoing applied to the amount secured by the mortgage. When acting on a contemporaneous purchase and mortgage, the rate applicable to the mortgage reduces to one half of the foregoing rate.
In the case of non-Bahamian Purchasers only : -
III. Application to the Investments Board for the grant of a permit to purchase - $250.00.
EXPENSES
I. Stamp Duty on the Conveyance, at the following percentage rates on the value of the land and any chattels (e.g. furniture and appliances) included in the transaction : -
Value Rate not exceeding $20,000 3% exceeding $20,000 not exceeding $50,000 4% exceeding $50,000 not exceeding $100,000 6% exceeding $100,000 7%
II. Stamp Duty on a Mortgage (where applicable) at the rate of 1% of the amount secured thereby.
III. Stamp Duty on Renunciations of Dower and affidavits at the flat rate of $4.00 each.
IV. Recording of documents at the Registry of Records at the rate of $3.50 per page.
V. Search fees $175.00 per parcel of land.
In the case of non-Bahamian Purchasers only : -
VI. Investments Board Application and Permit fees of $100.00.
VII. Cost of preparation and filing of survey plan of the property if there is not an existing plan which complies with the required criteria - no estimation of cost can be given
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
