Completion

The Sale and Purchase Agreement will specify a closing date for the conveyance of the property. It is common in Bermuda for this date to be set as the thirtieth (30th) day following the full execution of the contract, though there are many reasons why the closing could take longer. The 30 day period is a minimum hiatus, designed to allow time for the Department of Planning to complete a 28 day inspection of the property for any illegal development.

Once the Department of Planning has completed its investigation, the property is deemed free of any development that contravenes the Planning Act and the final hurdle to the sale of the property is overcome.

Typically, on the day of closing (or perhaps the day before), both you and the purchaser will sign the conveyance documents. Once these documents are executed, the purchaser will transfer the balance of the purchase price (usually 90%) to his lawyer, who will then disburse the funds, including paying any real estate commissions, legal fees, mortgages or liens on the property. The balance is paid to you, you hand over the keys to the door and the deal is complete.

Congratulations, you have now sold your property!