Buying Overview

Property Search

At My-Bermuda-House (MBH), we make it easy to find the right property. You can use our website to search for properties using a wide range of criteria, including property type, price, location and must-have features. Search results can be viewed in list mode or by map location and every individual property has a full detail page. Nothing could be more straightforward.

Our goal is to convey as much information as possible to help you shortlist potential properties. Image galleries, virtual tours, location maps, floor plans, facts, features, room dimensions and property descriptions all assist the selection process. Once you have identified target properties, you can add them to a favorites portfolio, book viewing requests, ask follow up questions, submit offers online and generally move through the buying process quickly and surely.

But we don’t stop there. If you don't see what you are looking for on our site, call one of our agents at 292 6245 and we will help you to find the right property.

Pre-Approval

Seeking pre-approval from at least one lending institution is one of the most important steps you can take even before you begin to look for a house. The pre-approval process will confirm how much you are able to borrow and helps set your sights on affordable properties. Furthermore, in today’s market, many sellers will not take an offer seriously unless the prospective purchaser has pre-approved backing from a mortgage lender.

The process is straightforward: call your bank’s lending department and make an appointment with a loan officer. They will assess your personal circumstances and issue a letter, normally valid for six months, stipulating how much the bank is willing to lend you. With this letter in hand, you are ready to meet with your real estate agent and begin the property search in earnest.

Viewings

When you have short-listed your target properties, you are ready to inspect them in person. On the detailed listing page of every property, we indicate the agents who are showing the property. Choose the agent you want to work with, click the “Make an Appointment” button and submit the request. It’s as simple as that. Whoever you choose will be alerted to your request and will typically confirm the appointment within 24 hours.

Property Prices

Pricing is not always straightforward. You may encounter prices listed as “gross” or “net”. Quoting the gross price is the norm in Bermuda and means that the vendor will pay (from the sale proceeds) half of the stamp duty and half of the conveyancing cost (the closing costs) plus the sales commission, while the purchaser pays the other half of the closing costs. Sometimes prices are quoted as “net” or “net net”, meaning that the vendor receives the full purchase price from the buyer who, in addition, pays the closing costs and commission.

Making an Offer

When you've found a home you like, start negotiations by making an offer. MBH allows you to submit an offer directly from the property details page. Simply click the button, submit the form and your offer will be sent to the party who showed you the property. All data sent from the MBH website is SSL encrypted to ensure security and privacy.

Your first offer may be accepted, but be prepared to negotiate. It is common for offers or counter-offers to involve different allocations of closing costs as a way to fine-tune the final agreement.

Selecting an Attorney

When buying a home, you must have a lawyer to represent you. Purchasing a home is a significant legal matter and likely your most expensive investment. Involving an experienced real-estate lawyer ensures sound advice and helps avoid future problems.

Your lawyer will also conduct a title search to confirm that the seller can deliver clear title. The search identifies any claims (e.g., taxes, mortgage, judgment) that must be satisfied for you to obtain clear ownership. Referrals—from friends, family, or your agent—are the best way to locate an experienced lawyer. As with any professional, ask about fee structure and other charges.

Sale and Purchase Agreement

Once your offer has been accepted, the Sale and Purchase Agreement (SPA) is prepared (based on a standard Bermuda Bar Association Agreement). Drafted by the vendor’s lawyer and reviewed by your lawyer, the SPA fixes the rights and obligations of the parties, terms of the transaction, and key dates/conditions. After signatures, it becomes a binding contract, subject to any conditions stipulated.

The SPA describes the property, lists general and special conditions, and stipulates the closing date. Your lawyer should confirm the clauses reflect the agreed deal, negotiate any changes, and coordinate due-diligence items (financing, surveys, etc.).

Special Conditions

Sales in Bermuda are on a caveat emptor basis, so buyers often add protective conditions. Common examples include:

• Financing: Even with pre-approval, you’ll typically need ~14 days to confirm mortgage approval for the specific property.
• Structural Survey: Prudent for older homes not recently rewired/re-plumbed, properties with termite evidence, or steep sites.
• Property Staking: Request vendor staking to confirm boundaries and identify encroachments/illegal developments.
• License (non-Bermudians): A Ministerial license is required, coordinated by your attorney. Processing (often 4–6 months) can affect the closing date.

Deposit

After terms (including conditions) are agreed, the purchaser signs first, then the seller, then the agent. A deposit—usually 10%—is paid to the stakeholder (agent or vendor’s lawyer) and held in a segregated account until completion or cancellation. The property is effectively off the market at this point.

Both parties should act in good faith to satisfy conditions by the agreed date. If a condition cannot be met or renegotiated, the SPA is rescinded and the deposit returned.

Mortgage Financing

After signing, your attorney provides the SPA to your loan officer, who arranges an appraisal and issues an “Offer to Finance” letter with mortgage details. Your attorney prepares and reviews the closing documents—creating a lien on the property and obligating repayment—before returning them to the bank so funds can be transferred at closing.

Closing Costs

Budget for stamp duty (often shared and based on an escalating percentage of value), legal fees, deed preparation, bank fees (admin fee up to ~1% of mortgage), government search/registration, surveys, valuations, and any license fees for non-Bermudian purchasers. Ask your lawyer for an estimate so you can include these in your financing plan.

Completion

The SPA typically sets a closing date (often the 30th day after full execution, though it can be longer). The interval allows the Department of Planning to inspect for illegal development. Avoid taking possession before inspection is complete, otherwise you could become liable for past illegal works. On closing, both parties sign conveyance documents, funds are disbursed (commissions, legal fees, liens), and you receive the keys.