Thursday, August 27, 2020

Guide to purchasing property in The Bahamas

Montagu Bay - PhotoⒸDerek Catalano

By Lennox Paton

Introduction

A second home in The Bahamas has been a highly sought-after commodity for international buyers from time immemorial. The Bahamas is an archipelagic nation of 700 islands and cays, with each island providing its own charm and unique Bahamian culture. As the value of real property in the jurisdiction tends to hold or gradually appreciate over time, the purchase of real property remains a viable and attainable wealth-creating mechanism.

What you should know

The Bahamas has an unregistered land system which is based on the conveyancing laws of England and Wales prior to 1925.

Title must be deduced by the seller for a period of no more than 30 years or title must otherwise commence with a grant or lease by the Crown or a certificate of title granted by the court in accordance with the provisions of the Quieting Titles Act, whichever period is shorter. Accordingly, it is customary for a buyer to engage a local attorney to search title and to issue a title opinion for the purpose of ensuring that the seller has good and marketable documentary title.  Read more >>