Exuma Buyer Closing Costs: A Practical Guide

Buying a home in Exuma should feel exciting, not confusing. Yet when you get to the numbers, closing costs can raise a lot of questions. You want a clear picture of what you will pay, how the process works for non‑Bahamian buyers, and where you can negotiate. This guide walks you through the typical costs, approvals, timelines, and smart ways to plan your purchase with confidence. Let’s dive in.

What buyer closing costs cover

Closing costs in Exuma include more than your purchase price. You will budget for your deposit, legal work, government charges, inspections, insurance, banking fees, and any lender expenses. You will also plan for timing, especially if you are a non‑Bahamian buyer who needs formal approval. Here is what to expect.

Purchase price and deposit

Your contract usually calls for a good‑faith deposit of about 5 to 10 percent of the purchase price. The balance is due at closing. Confirm where the deposit will be held, such as an escrow or a regulated solicitor trust account, and when it can be released. Make sure the contract states exactly when you would forfeit or receive a refund.

Legal and conveyancing fees

A Bahamas‑licensed attorney will handle the conveyance, title searches, drafting, negotiation, closing, and registration. Attorneys may charge a percentage of the purchase price, an hourly rate, or a flat fee plus disbursements. Disbursements often include title searches, registry fees, certified copies, courier and bank charges, and notary costs. Ask for a written estimate upfront and whether VAT applies to professional fees.

Government charges and approvals

Property transfers in The Bahamas involve stamp duty or transfer taxes and registration fees. The exact rates, thresholds, and whether a buyer or seller pays can change and may be influenced by local practice. Confirm current rules with your attorney and the Registrar General before you sign. If you are a non‑Bahamian, you will likely need a formal government consent or licence to acquire property, which includes an application, supporting documents, a fee, and processing time.

Title searches and insurance

Title searches and certificates are standard disbursements and help verify a clean chain of title. Title insurance is available in some transactions and can reduce registry or title risks. Ask your attorney early about availability, coverage, and cost. If it is an option, weigh the premium against the long‑term risk protection.

Inspections and surveys

Schedule a general home inspection that covers roof, structure, electrical, and plumbing. In a tropical climate, a termite or pest inspection is common. If the property is waterfront or has a dock, consider a seawall or marine survey. A current boundary or property survey is often recommended, especially if boundaries are not clearly registered.

Insurance requirements

Windstorm or hurricane coverage is essential in Exuma. Premiums depend on location, construction, replacement value, and market conditions. Lenders often require proof of insurance before releasing funds, and some insurers will need inspections or photos before binding coverage. Start your quotes early in case you need shutters, retrofits, or other steps to meet underwriting conditions.

Financing and lender costs

If you are using a Bahamian or international mortgage, plan for lender fees, valuation or appraisal costs, the lender’s legal fees, and loan registration fees. Mortgage insurance may be required in some cases. Local banks follow strict KYC and AML rules and may ask for certified funds, identity documents, and pre‑closing conditions. Cross‑border financing can add time and complexity, so confirm your lender’s timeline as soon as your offer is accepted.

Banking, wires, and currency

International wire transfers can incur sending and intermediary bank charges, and you may see currency conversion spreads if you are not sending USD. Some Bahamian banks require telegraphic transfer confirmations and allow several days for funds to clear. Plan for cut‑off times and bank holidays. For large transfers, confirm limits and documentation, such as source of funds, passport, and proof of residence.

Commission, escrow, and adjustments

Real estate commissions are usually negotiated with the seller and are often paid by the seller. Confirm whether any buyer‑broker fees apply to your deal. If you use an escrow or closing agent, decide in the contract who pays those fees. At closing, you may also have prorations or adjustments for property taxes, HOA fees, utilities, and service contracts, along with connection or transfer costs for utilities and internet.

Import costs for furnishings

If you plan to ship furniture, vehicles, or household goods into The Bahamas, budget for customs duties, import taxes, and a customs clearance agent. Timelines and costs can vary based on the shipment and category. Factor this into your overall move‑in budget. Consider ordering lead‑time items early to align with your closing date.

What is negotiable in Exuma

Commonly negotiable items

• Allocation of stamp duty and transfer registration fees within the sale agreement
• Legal fees and disbursements, including requesting a fixed estimate
• Inspection contingencies and remedies such as repair credits or a price adjustment
• Any buyer‑broker fee structure where applicable

Items usually not negotiable

• Statutory government charges, though allocation between parties can be negotiated
• Alien acquisition approvals for non‑Bahamian buyers and the related documentation
• AML and KYC requirements from banks, attorneys, and government offices

Sample timeline from offer to keys

Every deal is unique, but here is a practical sequence for a cross‑border purchase.

1. Offer accepted and deposit paid under the agreement. This occurs within days of agreement. Confirm deposit handling and release triggers.
2. Engage a Bahamas‑licensed attorney and begin due diligence. Title searches, survey requests, and inspections often take 1 to 3 weeks.
3. Submit the alien acquisition application if you are a non‑Bahamian. Processing can range from a few weeks to several months based on complexity and workload.
4. Secure mortgage approval if financing. Expect 2 to 8 or more weeks, often in parallel with due diligence.
5. Obtain insurance quotes and bind coverage. Allow 1 to 3 or more weeks, especially if inspections are required by the insurer.
6. Finalize closing documents and transfer funds to escrow or a clearing account. International transfers can take several business days.
7. Close and record the transfer at the Registrar General. Registration times vary after closing.

Cost planning tips for international buyers

• Ask your attorney for a detailed, written estimate that separates fees and disbursements, and confirms whether VAT applies.
• Use an escrow or solicitor trust account for deposits with a regulated Bahamas firm or bank.
• Start insurance quotes early. If premiums are high, explore higher deductibles or retrofits to meet underwriting requirements.
• Budget a 2 to 5 percent contingency for surprises such as additional searches, changes in government charges, or unforeseen repairs.
• Request recent surveys, title documents, and utility statements from the seller before you sign, if available.
• If you are financing overseas, confirm whether your lender accepts Bahamas property as collateral and your expected approval timeline.
• Consider title insurance where available to reduce long‑term title and registry risk.

Common pitfalls to avoid

• Waiting to start the alien acquisition application, which can delay closing.
• Underestimating AML and KYC steps that require notarization or apostilles, which can add days or weeks.
• Leaving insurance binding until the last minute, especially if you need inspections or storm‑resilience upgrades.
• Assuming international wires arrive same day. Intermediary banks and clearance times can push closing.
• Skipping a boundary or marine survey for waterfront property, which can lead to costly surprises later.

Quick buyer checklist

• Written legal fee quote with disbursements and VAT status
• Clear deposit instructions and escrow details in the contract
• Title search, survey, and inspection timelines set in writing
• Alien acquisition application prepared and filed early if required
• Insurance quotes requested and binder scheduled
• Lender requirements and appraisal scheduled if financing
• Wire instructions confirmed with bank cut‑offs and clearance times
• Plan for prorations, utility transfers, and any import duties on furnishings

Ready to move forward with clarity and confidence in Exuma? Our role is to help you set the right strategy, coordinate the moving parts, and protect your timeline. For discreet guidance and curated property access, connect with The Altidor Collection.

FAQs

What closing costs do buyers in Exuma typically pay?

• Buyers usually cover legal and conveyancing fees, title searches, inspections, insurance, lender fees if financing, wire costs, and any agreed share of stamp duty and registration.

Do non‑Bahamian buyers need government approval to purchase?

• Yes, most non‑Bahamian buyers require a formal consent or licence, which your Bahamas‑licensed attorney prepares and submits with supporting documents and a fee.

How long does a cross‑border closing in Exuma take?

• With good preparation, many closings take 6 to 12 weeks, but allow extra time for alien acquisition approval, AML and KYC checks, and lender conditions if financing.

Who pays stamp duty and registration fees in The Bahamas?

• The charges are statutory, but the allocation between buyer and seller is negotiable in the contract, so confirm local practice and current rules with your attorney.

Is hurricane insurance required for Exuma homes?

• Cash buyers are not legally required to carry it, but lenders will require adequate coverage and most buyers choose windstorm insurance due to local storm risk.

What banking costs should I expect when wiring funds?

• Expect sending bank fees, intermediary bank charges, and possible currency conversion spreads, and plan for several days for funds to clear in The Bahamas.

Should I get a survey or marine inspection for waterfront property?

• Yes, a current boundary survey and a marine or seawall inspection are recommended for waterfront properties to identify issues and confirm boundaries before closing.