What Happens After You Accept an Offer on Your Home? (Bahamas Closing Timeline)

You’ve accepted an offer on your home—congrats! Now what happens? When can the keys change hands?

If you’re wondering how long closing on a house takes in The Bahamas, or what the process looks like from here on, you’re not alone. 

The answer depends on whether you’re paying cash, using a mortgage, or buying from abroad. Cash deals can move quickly, while financed deals or purchases by foreign buyers often take longer due to the additional steps these transactions may involve.

In this guide, we’ll walk you through exactly what happens after you accept an offer, and how long each step can typically take when you buy or sell a property in The Bahamas.

TL;DR: How Long Does Closing on a House Take

• How long does closing on a house take? In The Bahamas, it can take 30–45 days for cash deals, 90–120 days for financed purchases, and longer for foreign buyers needing approvals.

• Hire a qualified real estate agent and Bahamian attorneys early, and be as responsive as possible to avoid delays.

• Key steps include title search, obtaining government approvals (if required), securing financing, and preparing legal documents.

• Even after closing, your attorney must record the conveyance, pay VAT, and update property tax records. Don’t skip these final steps.

How Long Does It Take to Close on a House in The Bahamas?

How long it takes to close on a house depends on the complexity of the situation; for example, the mode of payment, mortgage, and location of the buyer/seller, among other factors. 

In summary, the quickest possible closing is usually around 30 days for a quick-close cash transaction. A mortgage transaction may run over 90 days, and foreign buyers may have to wait even longer, as they may face additional steps. Let’s look at these situations in detail.

Here are the typical scenarios:

• Cash Buyers:  This is the fastest option, typically closing in 30 to 45 days, as there are no bank delays or mortgage underwriting requirements.

• Buyers with Financing:  A Mortgage is the most common source of delays during the closing process. The financing process can take anywhere from 90 to 120 days, primarily due to the bank approval process. Bahamian banks often deal with head offices overseas, which can cause added back-and-forth.

• Foreign Buyers or Sellers:  If the transaction involves expats, it can add 2–6 weeks or more to the process, mainly because they have to go through more steps, from currency exchanges to special approvals. For example, you may require special approval from the Foreign Investment Authority if you’re purchasing more than 5 acres or buying a second home. 

Pro Tip:  Keep in mind that the closing dates in The Bahamas are flexible suggestions. Even if the contract has a firm closing date, say, "Closing on July 10," don’t book your move for July 11 just yet. Many clients are disappointed when the transaction continues past the date on the form. This is normal and expected in The Bahamas — Hello, island time!

Pre-Closing Process: What to Do Before the Official Closing Timeline Begins

Even before your attorney drafts the first document, there's a lot you can do to keep your deal on track. And the first step is to consult with a qualified real estate agent.

It’s best to hire a good agent as soon as you decide to buy/sell property in The Bahamas. Because your agent can guide you through the local process from the very beginning. They can help you avoid missteps and get everyone, including your lawyer and other key players, working together from day one.

At ERA Dupuch Real Estate, we help clients connect the dots, avoid common delays that can slow down the process, and ensure a smooth closing. You can take many of those steps even before you look at the first property your agent has lined up for you. Let’s have a look at some of the things you can do to prepare yourself for a hassle-free sale/purchase experience in The Bahamas.

If You’re the Buyer: Set Yourself Up for a Smooth Close

Buyers who have prepared their paperwork and sorted their financing… their deals fly through. Here are a few ways we help our buyers to prepare for a quick and easy closing.

• Get your financing in order.  If you’re applying for a mortgage, start the pre-approval process right away.

• Choose your Bahamian attorney early.  Don’t wait until after the offer is accepted. A good local attorney can start guiding you immediately. We can connect you with trusted legal professionals.

• If you’re a foreign buyer,  start the Central Bank paperwork because you’ll need this approval for foreign currency transactions, and it can take time.

• Gather personal documents.  You’ll need a valid ID (passport), proof of funds or mortgage approval, and sometimes tax residency info.

• Appraisal (if applicable):  If you're getting a mortgage, schedule the appraisal early to avoid banking delays.

If You’re the Seller: Get Ahead of the Paperwork

Sometimes we’re waiting on a missing mortgage satisfaction from 20 years ago. That’s a weeks-long delay that could’ve been avoided. So, it’s better to start getting your paperwork in order as soon as your house goes on the market. 

• Engage an attorney as soon as you list your property for sale. They’ll be responsible for drafting the Sales Agreement and moving the legal process forward.

• Ensure all property taxes are current.  Unpaid taxes will hold up the title search and approval.

• Gather proof of ownership, especially if the property has been in the family or has a long history.

• Have your mortgage satisfaction documents ready.  Missing satisfactions can create major delays, sometimes stretching back decades.

• Be upfront about any known title issues.  Transparency helps your attorney prepare and keeps the deal from stalling.

Closing Timeline in The Bahamas And How Long Each Step Can Take

These are typical timeframes based on real-world experience. Some steps overlap or vary slightly, but knowing what to expect at each stage can help you stay on top of your timeline and avoid preventable delays.

Hire a Bahamian Attorney (Buyer and Seller)

Timeline:  0–1 week

The first legal step after accepting an offer is to hire a local attorney, if you don’t already have one. Both the buyer and the seller must have separate Bahamian attorneys to represent them. 

Attorneys begin by onboarding their clients and completing the required "Know Your Client" (KYC) due diligence. This step must be completed before any legal drafting or title work begins.

Pro Tip:  Don’t wait until later to hire your lawyer. The earlier they’re involved, the faster the rest of the process can move.

Drafting and Signing the Sales Agreement

Timeline:  ~1–3 weeks

The seller’s attorney prepares the Sales Agreement and sends it to the buyer’s attorney for review. The two attorneys negotiate any changes, and there may be some back and forth until both sides reach an agreement. Then both buyer and seller sign the finalized document. This formalizes the agreement and sets the deal in motion.

Pro Tip:  How fast this happens depends on how responsive the attorneys are. If either side delays feedback or changes, the process can stretch out.

Paying The Deposit: Deal Goes Under Contract

Timeline:  Same time as agreement signing

Once the Sales Agreement is signed, the buyer’s deposit is transferred from the buyer’s attorney to the seller’s attorney. It’s usually 10% of the purchase price. At this point, the deal is officially “under contract.” 

Pro Tip:  Make sure your funds are ready to wire. Delays in sending the deposit can hold up every other step.

Buyer Secures Financing (If Applicable)

Timeline:  2–4 weeks

If the buyer is financing the purchase, the bank's approval process begins in earnest after the contract is signed. This often includes document reviews, verifications, and issuing a commitment letter. The bank will also require a property appraisal during this stage.

Pro Tip:  Bahamian banks often consult their head offices overseas, which adds time. Choose a lender with local authority if possible, and stay on top of their paperwork requests.

Title Search and Due Diligence

Timeline:  2–4+ weeks

The buyer’s attorney conducts an extensive title search to verify that the seller has clear ownership of the property and that there are no liens or legal encumbrances. 

Older properties, especially those on the Family Islands, may take longer to research due to limited or incomplete historical records. Any issues, like missing mortgage satisfactions or unpaid property taxes, must be resolved before moving forward.

Pro Tip:  Sellers can speed this up by locating their original ownership documents, past conveyances, and any mortgage releases early on.

Government Approvals (If Foreign Buyer)

Timeline: 2–6 weeks (often runs in parallel)

Foreign buyers must obtain approval from the Central Bank of The Bahamas to authorize the transfer of foreign currency. In some cases, they may also need approval from the Foreign Investment Authority, as we mentioned earlier. These processes can run alongside the title search and financing steps, but can become bottlenecks if initiated too late.

Pro Tip:  Begin these applications as early as possible, especially if you're buying from abroad or the property is unusually large.

Conveyance Drafted and Reviewed

Timeline:  ~1 week

Once the title is cleared and any required approvals are in place, the seller’s attorney drafts the conveyance. It’s the legal document that officially transfers ownership of the property. The buyer’s attorney reviews and approves it. Once both parties sign, the conveyance is ready for execution.

Pro Tip:  Ensure that all agreed-upon terms and conditions are accurately reflected. Your attorney will handle this, but it’s a good idea to review it carefully before signing.

Closing Day: Funds Transferred + Keys Handed Over

Timeline:  Same or next business day after signing

On closing day, funds are disbursed, the conveyance is executed, and the keys change hands. This is typically handled at the office of one of the attorneys. In some cases, if financing is involved, the bank may release the funds a day later.

Pro Tip:  Avoid scheduling travel or moving dates for the exact closing day. Give yourself a day or two buffer in case final fund transfers or document signings take longer than expected.

What Happens After the Closing Day

Closing day isn’t the end of the process. It’s just the finish line for the transaction itself. Once the keys are handed over and the funds have cleared, a few crucial steps still need to happen to finalize your ownership in the government’s records.

• Registry Recording:  Your attorney will submit the signed conveyance to the Registrar General's Department to have the transaction formally recorded. This step makes your ownership official in the public registry.

• VAT on Conveyance:  Property transfers in The Bahamas are subject to Value Added Tax (VAT). For Bahamian citizens, the rate ranges from 2.5% to 10%, depending on the property value. For non-Bahamians, the rate is typically 10%. This tax must be paid and cleared as part of the recording process.

See a full breakdown of costs and fees for buying or selling property in The Bahamas

• Property Tax Declaration:  The buyer or their attorney must register the property with the Department of Inland Revenue and file a property tax declaration form in the new owner's name.

• Utility Transfers:  Electricity, water, internet, and any HOA services need to be transferred into the buyer's name. In many cases, your real estate agent can assist with this part.

Pro Tip:  Keep copies of all final documents for your records, including the conveyance, VAT receipt, tax declaration, and proof of registry. These will come in handy for future sales or tax questions.

Closing in The Bahamas involves many steps, but it doesn’t have to be stressful. With the right team, the process can be smooth, efficient, and even enjoyable. Your real estate agent plays a central role in the entire process. 

Experienced local agents are familiar with the local process and typically have a well-established system in place for a quick and smooth closing experience. 

Ready to make your move? Contact ERA Dupuch Real Estate today.

FAQs

Who pays the closing costs?

Closing costs are typically split between the buyer and seller, depending on what is negotiated in the Sales Agreement. Buyers usually cover their attorney fees, VAT on conveyance (if not shared), and any inspection or financing fees. Sellers often pay their own legal fees and sometimes a portion of the VAT, depending on the deal.

When can I move in?

You can usually move in the same day or the next business day after closing if all funds have been cleared and keys have been officially handed over.

Do I need to be in The Bahamas to close on a property?

No, you don’t need to be physically present in the country. Many transactions, particularly those involving foreign buyers, can be completed remotely. Be sure to discuss this with your attorney early so they can prepare the necessary documents and ensure a smooth remote closing.

What happens if the closing is delayed?

Delays are common and often not a cause for concern. If the closing date passes, both attorneys typically continue working to complete the transaction. Extensions are usually agreed upon without penalties, but it’s important to communicate and manage expectations. Having experienced professionals in your corner makes all the difference when delays pop up.