Seller's Closing Costs

Seller Closing Costs and Other Related Items

  1. Seller attorney fees.

  2. A newly prepared deed conveying title to the buyer. In the even Seller does not have an attorney, most bank attorneys will draw a deed for a fee.

  3. The Bahamas Government stamp Duty charged to the Seller. However, the standard practice is that this cost is shared 50/50 between the Buyer and the Seller upon transfer of title. This cost is based on a percentage of the selling price of the property and is broken down as follows.

                   a. $1.00                      to $20,000.00 – 04.0% of selling price.

                           b. $20,001.00           to $50,000.00 – 06.0% of selling price

                           c. $50,001.00           to $100,000.00 – 08.0% of selling price

                           d. $100,001.00         and over           -  10.0% of selling price

  1. Outstanding mortgages or other liens which are outstanding must be paid off at closing. Often written notice is necessary before lenders will release the payoff figures. The attorney will charge a fee to secure payoff figure, to draw discharge, and record.

  2. Adjustments to final water bill (if selling a single family), sewer, electric, service charges and (if selling a condominium) Condominium fees are recognized at closing.

  3. Brokerage fee is due at closing.

  4. Certificate as to unpaid common charges (also known as a 6D Certificate and applicable to condominium sales only) are required at closing in the form of a notarized statement from the trustees or board of managers of the condominium certifying that all outstanding condominium fees and assessments have been paid through the month of closing. Costs of this certificate are the responsibility of the seller. 

  5. If the Seller has received the Real Property Tax bill it should be brought to the closing whether paid or unpaid. If the Real Property Tax bill is paid, bring to the closing a stamped receipt and inform the conveying attorney prior to the closing that you will be bringing your receipt. This along with the lien certificate (which will be ordered by the buyer’s attorney) document your lien status.‚Äč

  6. If there are to be holdbacks or escrow because of outstanding issues, these issues need to be discusses well before the closing date. Mortgage lenders have become more stringent about holdback agreement are require that they be approved be the lender