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Barbados
has experienced a property boom during the last decade, which
shows no signs of abating. The buoyancy of the property market
is attributable to various factors: the smallness of the island
(a mere 166 square miles), which ensures that land will always
be a scarce commodity; Barbados’ reputation
for political stability and fiscal prudence; its relatively low
crime rate; its excellent infrastructure, communications and
public utilities; the absence of discriminatory laws against
non-nationals who wish to purchase or develop land; and the
not insignificant fact that Barbados is outside the Caribbean
hurricane zone.
Mortgages for land purchase and development are
readily available from the numerous international and local banks,
and insurance cover and mortgage protection policies are offered
by various life insurance companies.
Conveyancing practice in Barbados follows well
settled principles derived from English common law, as modified
by local legislation such as the Property Act, Cap 236, the Condominium
Act, Cap 224A, and the Land Registration Act, Cap. 229. One of
the hallmarks of English conveyancing practice is that vendor and
purchaser are represented by separate attorneys.
In
residential conveyancing, whether acting for the vendor or the
purchaser, we explain to our clients the steps which will be
involved, from the initial stages of obtaining the title deeds,
carrying out searches and preparing a draft contract of sale,
to completion of the transaction by the simultaneous events of
receipt of the purchase monies by the vendor and transfer of
title to the purchaser. Throughout this lengthy process, our
clients are kept fully informed as to the progress of the transaction.
In commercial conveyancing our services extend
to the sale and purchase of business premises which would normally
include offices, shops, factories, warehouses and agricultural
land. We also deal with commercial leases and can assist with the
complex procedures relating to renewal, rent reviews, dilapidations
and the many obligations imposed in such leases.
With respect to both commercial
and residential premises, we can also offer essential advice on
important topics such as insurance, town and country planning applications
and restrictive covenants. |