Buying a Condo, House or Apartment in Barbados
Condo, House, or Apartment Construction Process
The units are being constructed in sequence. Blocks A and B are finished. Construction of Blocks C and D, the studio block and swimming pool are due to be completed in December 2006. Phase 3 is scheduled to be competed by winter of 2007/2008.
No. 1 Springcourt, the model condo is available for viewing. Make your selection and pay your deposit now to secure your first choice of condo, house or apartment.
Buying is easy.
When you decide to go ahead a 10% deposit will be required to secure the condo, house or apartment for you at the price offered on that day. After we sign the preliminary sales agreement, all you have to do is transfer the money from your bank to the bank account of Springsibs Incorporated in Barbados. We will write to confirm receipt and send you form (F1) for registering the money with the Barbados Central Bank. We will register your deposit and return the ratified form to you. (You may prefer your lawyer to do this). The contract for purchase will then be prepared and sent to you or your lawyer in Barbados. (It is necessary to have a lawyer in Barbados) We can give you help in choosing a lawyer.
Further payment for your condo, house or apartment will be required in stages as the building progresses so that you can plan the financing of your home or vacation house. We will give you six weeks notice of when each stage payment is due.
Staged payments
Payment for your condo, house or apartment will be required in stages as the building progresses as follows:
10% deposit on agreement to purchase
20% on completion of the foundations for the block
20% on completion of the walls of the block
20% on completion of the roof of the block
30% on conveyance of the condominium
Transferring money to Barbados
You can simply send money through your bank.
Or check the following finance transfer companies all claiming to offer a better rate of exchange than the banks.
Currency Solutions
Telephone +44 (0) 1322 229929 or see www.currencysolutions.co.uk
SGM-FX Ltd.,
Graham Langton , Corporate Foreign Exchange, 41 Eastcheap, London EC3M 1DT
Tel: +44 (0) 207 220 1740, Fax:+44 (0) 207 220 1741 e-mail grahaml@sgm-fx.com
Website: www.sgm-fx.com
Global Currency Service Ltd specialise in providing a full currency service to both corporate and private clients who are buying and selling goods, services, foreign properties or emigrating overseas. “Our Foreign Exchange rates and level of service will be considerably better than any Bank or other provider; thus saving money and giving a high standard of satisfaction”. Website: www.globalcurrencyservice.com
If you require any further information, please do not hesitate to call Ian Skinner or David Baker on 020 8464 9090.
Global Currency Service Ltd.
The Mansion House, Sundridge Park, Plaistow Lane, Bromley, Kent BR1 3TP, UK
Registration of money
Money transferred to Barbados, to finance the purchase of property in Barbados, must be registered with the Central Bank to ensure that this money together with profits accruing from the property can be taken out of the country should you sell your condominium. We will be happy to do this for you.
Return of Deposit
If, after having paid your deposit you change your mind about proceeding with the purchase, your deposit will be returned as soon as a new buyer is found for that unit.
Cost of Conveyancing
In accordance with the provisions of the Legal Professional (Attorney-at-Law) (Remuneration for non-contentious Business) Rules 1997, the following fees are payable on the sale and purchase of property:
For Preparing and completing conveyance for unregistered land: (Attorney fees) in Barbados dollars
| Vendor: | |
| Up to $25,000.00 | $750.00 |
| On the next $75,000.00 | 2% |
| On the next $100,000.00 | 1.5% |
| On the next $300,000.00 | 1.25% |
| Thereafter | 1% |
|
Purchaser: | |
| Up to $25,000.00 | $1,000.00 |
| On the next $75,000.00 | 2.5% |
| On the next $100,000.00 | 1.5% |
| On the next $300,000.00 | 1.25% |
| Thereafter | 1% |