BLOG #1
The Real Estate
Buying Process in The Bahamas
Rudolph R. Dean, Sr
1. Go and get pre-qualified.
Take
an up to date job letter to the bank and ask them to let you know everything
that is required to purchase a piece of real estate. This includes the following:
a) What is the total amount you are qualified
for?
b) How much would the payments be?
c) How long will the payments be for?
d) How much down payment is required?
e) What is their debt service ratio?
f) How much is your current debt service
ratio?
g) How much is required for closing cost?
h) Do they allow weekly payments applied to
the loan rather than interest?
i) Can you have a copy of the lawyer and
appraisers list?
j) Is there a commitment fee and how much is
it?
k) Do they allow Mortgage Indemnity Insurance
and explain how it works?
2. Go shopping for a property.
a) Let everyone you know be on the lookout for
the type of property you are interested in.
b) Shop online.
c) Call real estate companies.
d) Drive around.
3. Only deal with a Bahamas Real Estate
Association member.
4. Upon selecting a property, thoroughly
examine it physically.
5. For vacant lots, make sure it has the right
zoning. Check with the Ministry of Works yourself.
6. Get advice from others who have been
through the process.
7. Seeing that you are already pre-qualified,
have all documents and money ready.
8. For buildings, have an inspection done.
9. For vacant land, physically examine the
boundary markers.
10. Based on the inspection report, try to
negotiate a better price.
11. Pay the down payment and sign the Sales
Agreement.
12. Follow up with the banker constantly about
the final approval.
13. Make sure it is within the Sales Agreement
deadline.
14. Have the lawyer request more time in
writing if more time is needed.
15. Upon approval, constantly follow up with
the realtor and lawyer for a quicker closing.
16. Make sure that the property is registered
in your name at the Registry.
17. Secure all original documents and also have
a copy saved on a cloud.
18. This is a good time to update your will.
19. Enjoy your property.
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