Purchase Procedure

Once your decision is made to purchase, the purchaser supplies required documentation and details for the drafting of a formal Sales & Purchase Agreement.

Required from Purchaser:

• Notarized copy of government identification (for each purchaser)

• Client Verification Form (one per purchaser)

• Completion of Anti-Money Laundering / Anti-Terrorism Financing Documentation (one per purchaser)

• Name of local attorney representing purchaser (your agent can help recommend one)

1. Once all required details are provided, they are added to the Sales & Purchase Agreement, which is then sent to the vendor’s attorney for review. The vendor’s attorney then forwards it to the purchaser’s attorney for review.

2. The purchaser’s attorney collects fees (application fee for the land license: $1,625) and documentation for the alien license application including bankers’ reference, 2 personal references (Bermudian preferred).

3. Once agreed by both parties, the final version of the Sales & Purchase Agreement is engrossed (printed) in triplicate and sent to the purchaser’s attorney for signature.

4. Once signed, the purchaser should arrange for the deposit to be paid to his or her attorney who will pass it on to the vendor’s attorney (acting as stakeholder). 

Payment Plan:

• 10% required on the date of the Sales & Purchase Agreement

• The cost of Chattels (if applicable) on the date the Property is wind and watertight

• 90% on the date of Closing

5. The purchaser signed Sales & Purchase Agreements are forwarded to the vendor’s attorney for signature.

6. Once signed by all parties, the Sales & Purchase Agreements are sent to the agent for signature, stamping and dating. Each party receives one copy of the executed Sales & Purchase Agreement for their records.

7. Once the special conditions are satisfied, the sale will move to completion with the remaining balance of funds due prior to closing.