Sales

Our team has unbeatable local knowledge and passion for detail which enables us to successfully pair your property with serious buyers, ensuring that properties are sold quickly and efficiently without unnecessary intrusion.

Mortgage Pre-Approval
Before you start looking for a home, you need to get preapproved for a mortgage To be clear, preapproval does not mean you’re guaranteed a loan; it just means that you initially qualify for one. The lender will need more documentation to formally approve your loan.

Purchase Offer
You may want to have a lawyer who specializes in real estate law to review the purchase offer and give legal advice. In most instances, your agent will have used a standard form approved in your county, but you want your attorney to make sure it includes everything necessary to protect you and that it’s completed and executed properly.

Negotiations / The Purchase Agreement
The first part of every home sale is the purchase agreement. This is the purchase contract that both parties sign once an offer has been accepted. Along with the purchase price, a purchase agreement also defines the following:

Earnest money – How much cash buyers commit to completing the sale. An earnest money deposit is typically 1% – 2% of the purchase price.

Contingencies – These protect the buyer and the seller, allowing them to back out of the deal if something goes wrong. For the buyer, contingencies usually let them cancel the contract and retain the earnest money deposit.

Settlement date – The date of closing the sale. Appraisals and inspections must be completed in advance of this date. The new mortgage must be secured and home insurance put in place. All moving parts line up on this day.

Date of possession – Different from closing, this is when you get to move into your new home. The date of possession allows you to purchase the home and gives the seller time to move out

Home Inspection
Nearly every contract for the sale of a home includes a provision for a home inspection before the contract is considered binding.

Title Insurance
Next, you’ll need to purchase title insurance for the property, as required by the mortgage company. A title search will need to be done to assess any outstanding mortgages, unpaid liens, unpaid HOA dues easements and leases. Title insurance ensures that the title (ownership rights) you receive is valid and free of any claims. It protects you from issues that could occur down the line that could lead to a property dispute.

Deed
As part of the closing, you’ll receive the deed to the home, which is your legal ownership. This deed will contain a description of the property, including property lines. You’ll want to consult with your attorney about how to take ownership if you’re married or buying the home with someone else (some options include joint tenants, joint tenants by the entirety, joint tenants with right of survivorship).

Filing
Once all the paperwork is done, your purchase is still not complete until the documents have been filed with the Government of Barbados. Get approved to buy a home.

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