Schedule of BREA Commission Rates
All Real Estate commissions in the Bahamas are based on the total gross sales price of property not on equities or partial payments.
Business Opportunities –
10% of total sales price including inventory if property is also sold at time of sale of business, use applicable rate for property.
Car Parks –
10% of total sales price.
Deferred Sales Collections –
On collection of deferred payments 2 1/2% of the amount collected. When the broker has a mortgage service agreement, this condition need not apply. The minimum charge is $1.00 per collection.
Farms, Groves, Un-plotted Land –
10% of total sales price, minimum commission is $100.
Improved Property –
6% of total sales price.
Lease Hold –
For the selling of leaseholds the charge shall be 6% of any consideration paid by the purchaser for the leaseholds plus the regular brokerage commission on the unexpired portion of the lease, calculated as a new lease.
Out Island Sales –
Abaco 6% developed – 10% undeveloped.
Rules Governing Sales
Gross prices: A price given to a broker by an owner shall be deemed to be gross and the broker shall charge the regular commissions on such price.
Net Price: Acceptance of net listings by brokers is not allowed.
When commission is earned: A commission on a sale is earned and payable when through the agency of the broker, minds of a seller and a buyer have met on the terms of sale, as evidenced by a cash deposit or written agreement.
Buying Real Estate: The same commission rates and rules which apply to sales apply to purchases in which a broker is employed to purchase property, and the broker shall collect a commission based on the total cost to the purchaser if he or she is authorized to buy property at public auction, forced sale or private sale (article 13, part 2 code of ethics).
Options To Buy Property Secured by Broker: If a consideration, cash or otherwise has been paid for an option arranged by a broker and the option is not exercised the broker shall charge the principle granting the option one-half of the consideration received, but in no event shall this amount exceed the sales commission to which the broker would have been entitled had the option been exercised. If a broker is engaged by a prospective purchaser to secure options, the broker shall have an agreement in advance for compensation by the prospective purchaser and he or she shall charge compensation accordingly, whether the option are exercised or not the same commission rules and customs which apply to exchange.