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Negotiating the Real Estate Deal

JAMES SARLES The FreePort News
Negotiating the Real Estate Deal - Bahamas - Real Estate - Analysis


It is a buyer's market in Freeport, which means that there is a greater supply of property than there is demand. I can assure you that buyers who are making reasonable offers are getting noticed and there are many sellers who are tired of waiting for their property to sell and willing to negotiate on the prices.



If you are a buyer, this is a good time to buy believe it or not, but the trick is in the successful contract negotiations. There are motivated sellers in this buyer's market but the selling price for a home or investment property is only one factor in determining whether the buyer and seller reach an agreement.

The sales contract (Pur-chase/Sale Agreement) has many facets that must be considered, understood and accepted by all. An experienced broker is a solid advantage to both buyer and seller, because they have been through countless transactions and understand the principles of successful negotiations. At James Sarles Realty we have seen deals fall apart over very minor, petty issues and we have saved deals where parties have walked away from the closing table. As the old saying goes, "It aint over till the fat lady sings." We don't look at deal is done until the cheques clear, you have keys in your hand and you move in the house.

The issue of price or consideration in your deal is only one aspect of the finances. The contract should specify who pays for stamp tax, legal fees, and real estate fees. A typical gross offer or list price that you may see advertised implies that the stamp tax is customarily split between buyer and seller, whereby each party pays for their own attorney fees and seller pays for the real estate fees. HOWEVER, any of these costs can be negotiated with either party paying any of the fees as the closing costs are NOT mandated by law.

It's real estate and it's negotiable as long as it is clearly stated. Sometimes the purchaser makes a net offer, which means that the seller receives whatever is offered and the purchaser agrees to pay ALL closing costs, including ALL legal fees for both parties, ALL real estate fees, and ALL Real Estate Fees. In a net deal the percentages of the legal fees, the real estate fees and the government stamp tax are based on the net price.

 


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Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.