List Your Property
First of all we need to know that your original title deeds are safe and that they have your name on them. This is because Barbados is one of the only countries in the world that you cannot sell on a copy, not even a certified copy. If they are lost it can take two years and up to $12,000 to replace them. Many people do not realize how important these documents are.
Then we need to make an appointment to see the property at which time we will need a copy of the plot plan, a copy of the land tax bill and hopefully to see all the boundary marks, irons or land marks as they are sometimes called. These are very important as a good purchaser’s lawyer will not allow him to put in a deposit unless he has seen them all. In other words you can’t sell what you can’t see and even the smallest of encroachments can cause a delay in closure.
Next I will ask you what you think you want for the property, then I will tell you honestly what I think I can get for it within a realistic time frame somewhere in there we will agree and Hannah Properties Limited will do a letter to say that you have engaged us to sell it for you. This is not an exclusive agreement. You will sign it and we will start work. We put your property on a three week advertising campaign Sunday, Monday, Tuesday in the Nation, up on the internet at Cariblist.com, hannahproperties.com and live on our three radio programs Mix 96.9 at 8:15 Monday morning, VOB at 8:15 Thursday morning and LOVE FM at 8:25 Thursday morning.
Honestly 90% of what we put up for sale we do sell within three weeks. Of course there are difficult areas of the market such as apartment buildings that tend to take longer. If we haven’t sold it within three weeks it is usually an indication that the property is listed at too much money at which time we would advise you. It makes no sense over valuing because 98% of purchasers borrow money from somewhere, a bank, a mortgage company or a credit union. This ultimately puts us in the hands of the banks valuer. At present the banks are very careful not to lend on overvalued properties. Of course their main concern is that they can recover their money should their client have problems paying the mortgage. We are on 5% commission therefore we want as much for you as humanly possible. On the other hand I never list anything I don’t truly believe I can sell.
The cost of selling is as follows:
- House and Land
2 ½ % Transfer tax over $150,000
1% Stamp Duty on the whole amount
Approximately 3% Legal fees
5% + Vat for the Agent.
2 ½ Transfer Tax
1% Stamp Duty
Approximately 3% legal fees
5% for the agent
Total= 11 ½ %
From the day we sell your property to the day you get paid, Lawyers will generally tell you that it will take 3 months but the average is 5.4 months but it totally depends on your choice of Lawyer. This is a key decision, if you have a good lawyer we have no problem with that if you don’t we would prefer to recommend one because if you choose the wrong one it could take two or three years to close, in some cases even longer. In a recent survey of our past clients who took our recommendations were much happier and were paid within a reasonable time frame and over all got far less grey hair in the process.
I personally visit every potential vendor at their property and put all the details in writing. Even if you believe that your property has a problem, we deal with people’s problems every day. There are 6 ½ billion people on earth and for your property we are only looking for one. We have now been in business for over 10 years and have a wealth of experience with over six hundred properties sold in that time. I am more than confident that yours can be next.
I sincerely look forward to working with you. If you wish you can call me directly on 262-5072.
Julie A. Dash