Choose your Barbados attorney carefully
Whether you are buying or selling property in Barbados, a registered attorney is necessary. Moreover it has been advised the property owners and prospective property owners enlist the services of a registered attorney who either specializes in real estate law or one who is well versed in this area of law.
Your real estate agent or firm handling the sale maybe able to suggest an attorney that can handle the transaction. It is best to hire an attorney that you have received good references of. Additionally knowledge of any conflicts of interests on the part of the lawyer would be useful information.
It is important to have an attorney who is versed in property or real estate law as too often there has been complaints that property owners and buyers hire attorneys who may not know the process that is required to buy or sell property. This lends to major delays in the process.
Attorneys fees in Barbados are paid for separately by either the buyer or the seller, these fees are 1.5%-2% of property costs plus Value-Added Tax (VAT).
On the side of the buyer, this attorney will be required to conduct a search for title of the property. This search of title ensures that the property or land is free from any charges or encumbrances this includes unpaid mortgages, unpaid judgements or land tax. This is an important step because if this search is not done thoroughly, it is possible that a release of the deed for the property may not be recorded and this can cause significant delays in you owning the property.
The peculiarities of Barbados’ conveyancing laws, the absence of any scheme of title insurance, and the predominance of unregistered title to land are factors which make real estate transactions in Barbados potentially risky for the unfamiliar buyer. This reinforces the need for a registered attorney who is right for you.
The sellers lawyer draws up the conveyance, which is checked by the buyer’s lawyer before the buyer signs it and pays the balance of the funds. The conveyance then goes back to the ’seller’s lawyer where it is signed by the vendor and the sale is completed. With some new developments where there is new construction, after the 10% deposit there will be a series of stage payments made through the construction period typically amounting to 85%, with 5% retention for completion of the property. At this juncture the seller’s attorney prepares the instrument used to convey title to the buyer. Upon closing the seller’s attorney will normally exchange that instrument, along with prior title deeds, for the balance of the purchase money.
But it should not only be emphasized that an attorney who is well versed in real estate law should be handling the legal aspect of the sale but, an attorney who understands the buyers or sellers needs is important. If it is the belief of the buyer or seller to be kept informed about every detail of the transaction or not, the lawyer should understand that and act accordingly. Additionally if the pace of the transaction is the most important factor for the buyer or the seller, the attorney should be mindful of this as well. Considering any special needs you may have as the buyer or seller that would be useful, such as if you need translation services if you speak another language.
The Barbados Bar Association provides a listing of registered attorneys that are members that practice real estate law and other types of law in the island. It is also a good resource on legal issues that may surround real estate and other concerns. http://www.barbadosbarassociation.com/