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Bahamas – Finding Property to Buy

Popular Estate Agents in the Bahamas

Some of the most popular and reputable real estate agencies in the Bahamas include:

Qualifications and Licences in the Bahamas

In the Bahamas, real estate agents are required to be licensed by the Bahamas Real Estate Association (BREA) in order to practice. To obtain a license:

  • Agents must complete a BREA-approved real estate course.
  • They must pass the BREA licensing exam.
  • Agents must be a member in good standing of a local real estate association.
  • They must maintain appropriate professional indemnity insurance.

Licenses must be renewed annually by completing continuing education courses. There are additional requirements for brokers who manage agencies.

Breakdown of Estate Agent Fees in the Bahamas

Real estate fees in the Bahamas are typically paid by the seller, unless otherwise negotiated. Common fees include:

  • Commission Fees – Usually between 5-10% of the sale price. This is split between the seller’s agent and buyer’s agent.
  • Marketing Fees – Can include advertising costs, photography, videography, brochure design etc.
  • Admin and Legal Fees – For preparing sales agreements, liaising with attorneys, etc.
  • Closing Fees – Paid at closing, around 1-2% of sale price.

Fees are not regulated in the Bahamas, so agents may charge what the market can bear. However, commissions are often negotiable, especially on high-value properties.

Other Resources

Some other places to find property listings in the Bahamas include:

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  • Bahamas Realty – Popular property portal.
  • Bahamas Local – Classifieds site with real estate section.
  • Islands Properties – Specializes in Bahamas listings.
  • Local newspapers – Such as The Tribune, Nassau Guardian, Freeport News.
  • Real estate magazines – Bahamas Realty Magazine, The Nassau Herald Real Estate Guide.
  • Facebook groups – Such as Bahamas Real Estate for Sale.
  • Word of mouth – Speaking to locals can uncover unlisted properties.

It’s always best to use a licensed agent to facilitate any Bahamas property purchase.

Use of a Buyer’s Agent Common

There are no specific licensing requirements or qualifications to be a buyer’s agent in the Bahamas beyond the standard real estate license. The benefits of using a buyer’s agent include:

  • Access to off-market or pocket listings that aren’t advertised.
  • Expert knowledge of local neighborhoods and market conditions.
  • Negotiation assistance to help get the best possible price and terms.
  • Guidance navigating the purchase process and Bahamian property laws.

Buyer’s agents are typically paid a commission of 2.5-3% by the seller, so their services are free for buyers. Some may charge small admin fees. Overall, using a buyer’s agent can provide invaluable help for expats purchasing property in the Bahamas.

Organisations for Foreign Property Buyers

There are a few organizations that can assist foreign buyers looking to purchase property in the Bahamas:

  • Bahamas Realtor Association – The licensing body for Bahamian real estate agents. Website: www.bahamasrealtor.com
  • Investment Board – Government agency providing info and resources for foreign investors. Website: https://bahamas.gov.bs/ib
  • Bahamas Real Estate Association – Trade association for real estate agents. Phone: (242) 322-2305
  • Law firms – Many law firms like Lennox Paton have specialized expertise in foreign property purchases.

It’s advisable for buyers to engage both a real estate agent and lawyer to ensure a smooth property purchase process in the Bahamas.

Purchasing property in the Bahamas as an expat can be a rewarding endeavor, but navigating the real estate market requires some guidance. Licensed Bahamian real estate agents are equipped with invaluable local expertise to help foreign buyers find the right property and avoid any pitfalls. Engaging professionals like a buyer’s agent and real estate attorney provides an extra layer of support through what can be a complex transaction. With its tropical climate and island lifestyle, owning a piece of paradise in the Bahamas is an enticing prospect for many expats. Doing the proper research and surrounding yourself with the right team will set buyers up for success in finding the perfect Bahamian property to call home.