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Quick
Financial Guide |
A rough financial guide to real
estate.
In the example below, a seller in Nassau believes
the property is worth $300,000 and wants to pocket
that amount after the sale. First, use the following
scale to determine the government stamp tax on
property conveyances. This tax is split between
buyer and seller.
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If Your House Is
Valued Between: |
| $ 1.01
- $ 20,000....
the stamp tax is... |
2% |
|
$ 20,000.01
- $ 50,000 |
4% |
| $ 50,000.01
- $100,000 |
6% |
| $100,000.01
-$250,000 |
8% |
|
$250,000.01
and above |
10% |
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Seller's
Costs: |
| Amount
Seller Wants (net) |
$ 300,000 |
| Add
seller's legal fee (typically 2.5% but can
vary) |
$ 7,500 |
| Real
estate agent's commission as per Bahamas Real
Estate Association. (6%) |
$ 18,000 |
| Seller's
half of government stamp tax |
$ 15,000 |
| Which
arrives at the seller's advertised price |
$ 340,500 |
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