Buying a home in Barbados is similar to buying a home in other places, in that there are a few steps you need to go through.
It usually goes something like this:
- view the home and make an offer via the agent
- hire an attorney and make an official offer
- if accepted, get a draft purchase agreement in place
- pay a non-refundable deposit of 10% of the purchase price
- pay the balance and complete the sale, usually within 3 months.
But things are never completely straightforward, are they? If you’re in a different country, you probably also have to:
- arrange finance, perhaps by selling another property as the Jays did.
- send lots of paperwork back and forth
- get that paperwork notarised, which can end up being very costly.
For the Jays, the process started smoothly. In contrast to getting the cheque book, it just one week to get a draft agreement in place with their lawyer. And a week later the agreement was in their hands. But then the UK proved that Barbados isn’t the only place to experience postal delays. More than once, the sale paperwork for their UK property was lost in the post. That could have caused problems at the Barbados end but luckily it didn’t.
By the end of September, just under three months after viewing the property, here’s where things were:
1. Agreement signed in front of Commissioner for Oaths and returned to Barbados.
2. Deposit paid (which the Jays describe as “an adventure in itself”). It turned out that although the deposit money was in the Jays’ bank account, there is no provision for inter bank internet transfers in Barbados. Though if you know the right people, it can be done in a few minutes.
3. Finance arranged for balance and exchange rate fixed.
Then it was a waiting game, but it wouldn’t take much longer.
Don’t miss the other posts in the series following the Jays’ move to Barbados:
- Move to Barbados – Meet the Jays
- The Jays Search for Barbados Property
- The Jays Move to Barbados: Choices, Choices
- The Big Decision: What Kind of Community?
- The Jays Brave the Bank
- The Jays: A Chequered Tale
- The Jays Move to Barbados – Special Delivery
And see how we made our move in the From the Ground Up series.