When Purchasing Your Dream Home…

Denis de Frias provides a guide to help you buy your new home.

1. Get Your Finances in Order

• Preapproval: A mortgage charges the title of the property until repayment of the loan is complete, at which time the charge is released. It’s always best to start by making an appointment with a local lender to seek pre-approval for financing. Confirm with your lender how long preapproval lasts for.

• Stamp Duty: The Government Stamp Duty charged on the transfer deed should be considered. Your attorney will prepare a mortgage deed; there are stamp duty and legal costs associated with this document, too, and these costs are the sole responsibility of the purchaser/borrower.

2. Find a Property Attorney

While purchasing a property can be a relatively straightforward transaction, each deal presents its own unique circumstances that require the guidance of professionals trained in the intricacies of buying/selling Bermuda property.

3. Background Checks