The Little-known Laws and Fees of Real Estate in BarbadosMay 23rd, 2011
Puerto Aventuras real estate is a popular choice for many people who want to buy property on a beautiful place. There are things to know about buying in Barbados because the laws are different than some of the other island real estate markets. Here we will look at some of the specific rules and regulations about buying houses in Barbados.
Barbados is an island that is 21 miles long by about 13 miles across so it is very easy to go around the whole island in a short amount of time. Many people recommend visiting the island of Barbados before actually purchasing real estate there so that you can decide where you want to buy the real estate. Furthermore, you want to be sure that you can see the property you are considering buying in its current state. A picture from three years ago will give you an unfair impression if there has been damage done since then that you would not know about if you could not visit.
Limitations for Foreigners
When you are a foreigner trying to buy land in Barbados, you will need to hire a lawyer to help you. You will also need to get permission from the Central Bank of Barbados before you can legally buy real estate there.
The lawyer will help you once you have found the property you want to buy. The person who is selling your desired land will give you an agreement of sale and the lawyer will take about 10% of your deposit for the land. Assuming you are a foreigner, the lawyer will also serve as the liaison with the Central Bank of Barbados. The lawyer is important because they can do the title search for your property and make sure you are buying it from someone who actually owns it. Read the rest of this entry »