Amendments to The Stamp Act & The Real Property Tax Act

In The Bahamas when one is selling and buying property they must not only factor in the funds from the sale or the purchase price, but must consider the additional costs associated with the transaction. The purchaser would be responsible for paying some or all of the Stamp Taxes and the vendor is normally responsible for paying Real Property Taxes before completing the transaction. Recently, both the Stamp Act and the Real Property Tax Act have been amended, which took effect on the 1st July, 2012. More…