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As with all property purchases, a local trusted lawyer should first be employed to help with all dealings and make sure the buyer avoids any potential pitfalls. The first step a buyer must take is to obtain permission to buy from the Central Bank of Barbados – this is a mere formality, however. Once a property has been decided upon and price agreed, the funds for the purchase must be transferred into Barbados through the Central Bank of Barbados – the bank convert the funds into Barbadian Dollars and make sure that if the property is sold in future the money is reconverted for repatriation, if necessary. A pre-contract agreement is signed and a deposit of around ten percent is paid – during this time other checks can be carried out on the property to make sure it is in good legal and physical order. Once everything is in order and the main contract has been drawn up it can be signed and all remaining fees paid in full. Documentation is then sent to the land registry where everything is signed over officially. Fees for lawyers and notaries vary but are usually around two percent of the total. Taxes, including stamp duty, usually come in at around seven percent of the total, depending on the value of the property or plot of land.
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