It is customary practice for costs associated with the conveyance of a property to be shared equally between the Vendor and Purchaser; i.e. legal fees generated in preparation of the Conveyance and Stamp Duty payable on the Deed of Transfer. In addition to the costs specified above, the Vendor and Purchaser are liable each to their own attorneys for any costs incurred for legal advice obtained during the sales process.
A deposit of 10% of the negotiated purchase price is payable upon signing sale and purchase agreements.
The deposit will be held in escrow by the Stakeholder until closing and any interest accrued is for the benefit of the Purchaser.
The balance of funds will be due when the sale completes.
The Stamp Duty is calculated based on the purchase price as follows:
- First $100,000 is at 2%
- Next $400,000 is at 3%
- Next $500,000 is at 4%
- Next $500,000 ($1,000,000 but not exceeding $1,500,000) is at 6%
- Thereafter: 7%
The Conveyance Fee is based on a scale of minimum fees provided by the Bermuda Bar Association.
- The fees will be determined by your legal representative.
Sales Commission is charged in accordance with the rules and regulations established by the Real Estate Division of the Bermuda Chamber of Commerce.
- The standard 5% sales commission is ordinarily payable by the Vendor and deducted from the proceeds of sale.