We are experts at conveying property in The Bahamas. These are the stages of the conveyancing process:
CONTRACT STAGE (1 to 5 days)
1. Vendor’s Attorney forwards draft Agreement for Sale to Purchaser’s Attorney for approval; clauses to be
3. Purchaser’s Attorney returns executed Agreement for Sale with deposit (usually 10% of PP).
POST CONTRACT STAGE (1 to 3 months)
4. Vendor’s Attorney forwards title deeds.
5. Purchaser’s Attorney receives Permit, if required, and conducts title search to ensure Vendor has good and
marketable title. Good title includes: 30 year root of title; unbroken chain of title (property not divested by any owner in chain); no encumbrances; no outstanding judgments; Permit/Certificate of Registration, if required; Affidavit of Citizenship/Marital Status; payment of any real property taxes, maintenance or utility charges. If a company is party in chain, Purchaser’s Attorney checks company’s: Objects Clause, Seal Clause (ensures correct signatories have signed) and may obtain a Certificate of Good Standing.
6. Purchaser’s Attorney forwards any requisitions, and Vendor’s Attorney forwards draft Conveyance for
COMPLETION STAGE (1 to 5 days)
7. Vendor’s Attorney forwards original engrossed Conveyance in escrow along with Closing Statement.
8. Purchaser’s Attorney forwards funds and receives letter releasing Conveyance from escrow; stamps
Conveyance; applies for and obtains Certificate of Registration, if required; sends Conveyance for recording (up to 3 months); sends change of address to Real Property Tax Department; if foreign funds used, applies to Central Bank for approved investment status; and assigns any insurance policy.