Bahamas | Why do I need to use a Bahamian Real Estate Attorney?

A Bahamian real estate attorney is a legal professional that handles real estate transactions. A real estate attorney knows how to complete the documentation, ensure a clear title and manage the entire process of property acquisition. Properties can be either commercial or residential .

Real estate transactions can be very complex. If the past owners didn't posses proper permits for construction or mortgage liens, then they can be better managed by a real estate attorney. Real estate disputes have to be resolved with mediation, arbitration or litigation, which only can be done by a qualified and motivated real estate attorney.

You should contact your Bahamian real estate attorney if you are considering entering into a real estate transaction: be it a purchase of property or if you plan on entering into a residential lease or commercial lease.  A basic (and non-exhaustive) general list of the types of tasks that your Bahamian real estate attorney will handle are as follows.

If you’re buying a home, your lawyer should:

·         Help you understand the purchase contract, including how you will take title on the property.

·         Check that there are no covenants, easements, liens, etc. registered against the property that will impede your use of it.

·         Prepare and register all the legal documents.

·         Clarify the terms of the mortgage and work with your bank, if necessary, to modify them.

·         Scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the transaction closing.

·         Attend the closing and review all the papers you will be required to sign.

·         Arrange title insurance protection to protect you from losses due to title defects.

·         Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.

If you’re selling a home, your lawyer should:

·         Review the binder and review or prepare the purchase and sale agreement, including negotiating its terms.

·         Prepare the deed and power of attorney if necessary.

·         Deal with title issues as they arise and help correct them.

·         Attend the closing and review all the papers you will be required to sign.

·         Arrange for transfer of security deposits.

·         Arrange for insurance certificates if needed.

Remember that lawyers belong to a regulated profession with standards they must meet and insurance to cover damages if they make an error or omission. You don’t necessarily have the same standards or recourse dealing with other advisors. And this isn’t the time to do-it-yourself.  The potential cost of an error or omission can be great and the worst-case scenario is that you may wind up with defective title or, even worse, no title to the property that you have paid all your hard-earned money for.

If you require advice from a Bahamian property law specialist you may contact a Bahamian real estate lawyer by clicking here.