Thinking About Buying?

Think about what kind of property you may want. Are you looking for a primary residence, an investment property, a vacation home etc.

Getting pre-qualified for a home loan before you start touring properties can put you ahead of the pack. It also gives your goals direction, since you’ll know exactly what price range and options you’re working with — making your search more focused and realistic. Local banks and institutions such as RBC, CIBC FirstCaribbean, Bank of the Bahamas, Bahamas Mortgage Corporation, Scotiabank, and Commonwealth Bank assist both residents and international buyers in obtaining financing.

A licensed Bahamian agent (like me, Dwaynecia Knowles) will:

• Guide you through the buying process

• Provide access to MLS listings

• Negotiate on your behalf

• Coordinate with your attorney and lender

Having a trusted agent makes the process smooth and stress-free.

As a homebuyer, you can expect to see an array of different home styles and designs. You’ve got options. Sticking to your goals allows you to narrow down your choices:

• Know your budget and stick to it.

• Identified your must-haves.

Your agent will help you explore options based on location, price, property type, condition, and budget. She will also coordinate showings for properties you’d like to see in person.

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💡Tip: You only need to work with one real estate. A dedicated partnership keeps your search organized and efficient.

Once you’ve found the one, your agent will prepare an Offer to Purchase, including:

• Agreed price

• Deposit amount (usually 10%)

• Closing date

• Conditions (financing or inspection)

The offer is submitted to the seller for acceptance or negotiation.

All real estate transactions in The Bahamas must be handled by an attorney. Having an experienced attorney ensures your investment is protected and the process stays on track from offer to closing.
Your lawyer will:

• Conduct title searches

• Review and prepare legal documents

• Ensure there are no liens or encumbrances

• Manage closing and government filings.

Legal fees are typically around 2.5% of the purchase price, plus VAT. 
Each party (buyer and seller) covers its own legal costs.

💡 Tip: If you’re getting financing, make sure your attorney is on the approved list of your lending institution. 

Once your offer is accepted, you’ll be required to pay a deposit to secure the property. This amount is usually held in the seller’s attorney’s escrow account until closing.

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Deposits in The Bahamas typically start at 5% and can go up to 20% of the purchase price. If you’re obtaining financing, follow the recommendation of your loan officer — they’ll advise the correct amount based on your mortgage approval and purchase terms.

💡Tip: Having and paying your deposit promptly helps move the process forward and shows commitment to completing the transaction.

Once your offer is accepted and the deposit has been paid, the formal process begins.

At this stage:

• Your attorney prepares and finalizes the Sales Agreement, which both parties review and sign.

• The bank orders an appraisal of the property to confirm its market value. 

• Attorneys begin conducting title searches to ensure the title is clear and free from liens or encumbrances.

During this period, your financing process moves into its final stages.

Your bank will review all supporting documents — including the appraisal and title search — to issue a formal or “sure” loan approval.

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Once financing is confirmed and all legal checks are complete, your attorney drafts the Conveyance document to officially transfer ownership at closing.

At closing:

• The remaining balance is paid

• Stamp duty, legal fees, and taxes are settled

• You receive your registered conveyance and keys 🔑

Congratulations — your property is officially yours!