Kim Sheen
14 Reasons to Work With a REALTOR® REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. Kim Sheen is has been a proud member since 1988! This is the REALTOR® difference for home sellers and buyers: An expert guide. Selling a home usually requires dozens of forms. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also,…
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Bermuda’s real estate community is now subject to similar AML/ATF (Anti Money Laundering/Anti-Terror Financing) laws, regulations and guidelines that are already in effect in many other jurisdictions. Real estate brokers are now required to obtain far more information than in the past. You will be asked to complete forms that are similar in content to those your bank or your lawyer may have already requested. While this may seem to be a duplicated effort, it…
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Conveyance or transfer on sale of land fees Land transfer or general transfer stamp fees are based on the value of the transaction. The fee is calculated on a sliding scale, with different portions of the transfer taxed differently, as follows: Amount or value Stamp duty fees On the first $100,000 2 per cent On the next $400,000 (up to $500,000) 3 per cent On the next $500,000 (up to $1 million) 4 per cent…
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Non-Bermudians MAY purchase qualifying properties in Bermuda. In order to be available to a non-Bermudian purchaser a property must have an assessed Annual Rental Value (“ARV”) at or above a set minimum level (in effect disqualifying properties in the middle to lower price ranges). NB: ARV is not a reflection of market value but rather is used as the basis for calculating Land Tax.
Today I am here to announce that Government will be enacting regulations that will lower the minimum Annual Rental Value at which non-Bermudians and non-permanent residents, referred to as ‘Restricted Persons’ may purchase residential property from $153,000 to $126,000. Additionally, we will be reducing the minimum ARV threshold of $32,400 for condos to $25,800.
he Land Valuation Department inspects properties around Bermuda, taking photos and measurements to establish the annual rental value.
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There are always appropriate steps to investing in real estate. However, there are also inappropriate steps vendors/landlords can walk down when it comes time to put their property on the market. In my 23 years of being in the business I see the same mistakes over & over when all they had to do was to listen to the voice of an experienced professional.