SELLER's GUIDE
THINGS TO CONSIDER
There are many factors to consider when placing your property on the market for sale. That is why choosing a qualified agent to assist you through the process is important.
Our Agents draw on years of experience and knowledge of the market in guiding you towards a successful outcome.
Our Team is Your Team!
PRICING
Entering the market at the right price will competitively place your property and ensure that your listing attracts the serious and qualified buyers.
The right price will make it possible for buyers to realistically meet the financial obligation. Banks and Lending Institutions will only offer financing based on an Appraised “Fair Market Value”.
The correct selling price should be set based on recent sales prices of comparable properties to your property. Buyers will compare properties and the price of your property must align with similar properties.
Other factors to consider in determining the Right Price:
– Location
– Accessibility and approach
– Age and condition of the property
– Urgency to sell
– Specific amenities such as views, swimming pools, adequate garden and exterior areas
WHAT YOU CAN DO
PROPERTY DEEDS
Obtain a copy from the Property Deeds of the information pertaining to the Description of the Lot, any Right-of-Ways, Water Access Rights, Restrictions on the Property and a copy of the Plan of your Lot. Your agent will need as much information in order to be fully informed about the property.
BOUNDARY STAKING
Upon the Closing of a Property Transaction, the Seller will need to ensure that the Boundaries have recently been staked by a professional Property Boundary Surveyor. Completing the Boundary Survey at the start of marketing your property will clarify for the agent and potential purchasers the exact boundary lines and any Right-of-Ways.
FIRST IMPRESSIONS
Take an objective look at the interior and exterior of your property. You don’t want a prospective buyer to be distracted by clutter, peeling paint, broken fixtures and fittings and unkept lawns and gardens. Our agents can assist you by offering suggestions to ready your home for the market
RENT CONTROL DWELLINGS
If not already registered, it is advisable to register any dwelling which falls into Rent Control (A.R.V. of $22,800 and under) prior to placing your property on the open market. This will be a requirement prior to a property sale completion, and not being prepared can delay the Closing Date.
SELLING COSTS
Typically, Buyers and Sellers split the Stamp Duty Fee and Conveyance Fees associated with a Property Transaction.
Stamp Duty Fees
Stamp Duty is based on the Purchase Price of the Property and can be calculated from the rates listed below.
Conveyance
Conveyance is the legal process of Property Transactions. This process includes producing a Certificate of Title, Land Title Registration and many other legal requirements. The Bermuda Bar Association has established the minimum recommended fees associated with Conveyance work. A Purchaser usually chooses the attorney to conduct the property transaction, however the Buyer and the Seller are separately responsible for costs involving personal advice and negotiation by their respective attorney. Basic costs of Certificate of Title may be calculated from the rates listed below.
It is recommended that you meet with your attorney to confirm all other costs involved, including satisfying any outstanding lien or mortgage on the property.
Basic Certificate of Title Fee
The Certificate of Title is based on the Purchase Price of the Property and can be calculated from the rates listed below.
Stamp Duty
| Stamp Duty Band | Rate |
|---|---|
| First $100,000 | 2.10% |
| Next $400,000 | 3.15% |
| Next $500,000 | 4.20% |
| Next $500,000 | 6.30% |
| Over $1,500,000 | 7.35% |
Certificate of Title
| Conveyance Band | Rate |
|---|---|
| First $250,000 | 1.25% |
| Next $250,000 | 1% |
| Next $500,000 | 0.75% |
| Next $1,000,000 | 0.50% |
| Over $2,000,000 | 0.25% |
Additional Costs
| Additional Items | Cost |
|---|---|
| Drawing of Contract | $1,000 |
| Conveyance | $3,000 |