Below is an interview with developer Matthew Simon about buying and selling real estate in the Bahamas.
Matt is referring to his step-by-step e-book that I found to be very helpful and well documented.
I: Matt, please tell me why you got involved in the subject of buying and selling real estate in the Bahamas and why you wrote a step-by-step e-book about this subject.
Matt: Four years after I started investing in real estate in the Bahamas, I looked back at all the mistakes I had made and all the confusion I experienced. That’s when I realized I should write a book so other people would not have to go through what I went through.
I: Before we go into the detail, what is the main advantage for buyers and sellers of real estate in the Bahamas of owning your e-book?
Matt: I give all buyers of my book 20 minutes of my time by e-mail or phone to ask questions about Bahamas real estate or their own transactions.
For those who want more assistance, I'm available as a consultant.
I: Let's first talk about a potential seller of real estate, i.e. an empty lot of land or a house... What is the first step a seller should do?
Matt: On page 22 of the book, I list the steps for selling property in the Bahamas, beginning with techniques for determining the value.
I: And what would the next important step be?
Matt: The second step is the process of selecting an attorney -- a step that can have considerable pitfalls in the Bahamas. This is discussed on page 9.
I: How can a seller prevent being taken advantage of by the potential buyer?
Matt: Understanding the conveyance process and having a good attorney are the key factors here. Chapter Two is devoted to real estate transactions in the Bahamas.
I: When is a sales transaction legally completed?
Matt: As in the U.S., there is a closing where the conveyance is finalized and the purchase monies change hands. I write about this on page 16.
I: Now, let's talk about potential buyers of real estate in the Bahamas... What is a safe thing to do to start the process?
Matt: The first step is to choose the island that's best for you. Chapter Five contains a review of the major islands of the Bahamas and the real estate prices on each.
I: Once a potential buyer has chosen his preferred island in the Bahamas - out of the 10 main ones - what should he/she do next?
Matt: The second step is to research available properties, either online or by working with Bahamian real estate agents, or both. Bahamas real estate agents are discussed on page 9 and 10, and real estate Web sites are reviewed in depth in Chapter Four.
I: Is it important to live on the chosen island for an extended period of time before buying anything and if yes, why is it important?
Matt: In my opinion, no. I think it's possible to get a good feeling for an island by researching it thoroughly, talking to people who own real estate there, and visiting it as a tourist.
I: How does a buyer make sure there are no title problems before committing to anything?
Matt: Title problems are much more widespread in the Bahamas than they are in the U.S., Canada, and Western Europe. It's essential to have a competent and trustworthy attorney review the title before you part with any money.
I: Can you recommend a competent and reliable Nassau attorney?
Matt: I am using Ms. Anne Wells, Wells Legal and Corporate Services, Nassau, Bahamas, (242) 325 4618, satwells-[at]-hotmail.com com (replace -[at]- with @ ). You told me that you personally got excellent service from Nassau attorney Mrs. Debi Williams-Hancock.
I: Yes and it's best to contact Mrs. Williams via e-mail at dwh-[at]-wlclex.com com (replace -[at]- with @ ). Her Web address is www.williamslawchambers.com
Thank you, Matt, for this interesting interview. Any potential buyer or seller of real estate in the Bahamas should be happy to have access to such practical advice in your e-book.
Continue reading a further interview with Matt Simon about the updated version of his e-book