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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.
  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%
 
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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