Associated Sale Costs
Deposit: A deposit of 10% of purchase price is payable by the purchaser upon signing sale and purchase agreements and held in escrow by the seller’s attorney or agent.
Gross Transactions: The Seller is responsible for 100% of the Agent’s Commission and 50% of the conveyance fees and stamp duties. The Purchaser is responsible for the other 50% of the conveyance fees and stamp duties.
NET Transactions: The Purchaser is responsible for 100% of the Agent’s Commission and 100% of the conveyance fees and stamp duties.
Non-Bermudian and PRC License Fees: Non-Bermudian and PRC Purchasers are responsible for the Bermuda Government License Fee for restricted persons, regardless if the sale is expressed as gross or net.
Conveyance (Legal) Fees
These are legal fees directly related to the preparation of the deed of conveyance. They are calculated on a sliding scale set by the Bermuda Bar Association and are normally shared equally by Seller and Purchaser in a ‘gross’ transaction.
Other Legal Fees
Each party is responsible to his/her own attorney and not to the attorney of the other for the cost of any legal services provided in relation to the transaction, such as preparation and/or review of sale and purchase agreement, negotiations and other services.
Bermuda Government Stamp Duties
Calculated on the property purchase price, these are based on a sliding scale set by the Bermuda Government. Stamp duties are shared equally by Seller and Purchaser in a gross transactions.
- First $100,000 is at 2%
- Next $400,000 is at 3%
- Next $500,000 is at 4%
- Next $500,000 ($1,000,000 but not exceeding $1,500,000) is at 6%
- Thereafter: 7%
Click HERE for Closing Cost Calculator
Agent’s Commission
The Real Estate Division of the Bermuda Chamber of Commerce establishes the guidelines for agent’s commission (Real Estate Handbook.) The standard Sales commission is calculated as 5% of the property price. In a gross transaction, it is payable by the Seller.