We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies.More info
MorleyMorley
Call Us:

(242) 394-7070

Message Us:

morleyrealty@morleyrealty.com

  • Buy With Us
  • Sell With Us
  • Morley Commercial
  • Meet Our Team
  • Our Story
  • Where We Work
  • See Our Featured Properties
  • Our Market Reports
  • Our Resource Center
  • Call Us:

    (242) 394-7070

  • Message Us:

    morleyrealty@morleyrealty.com

Featured Image

What Actually Happens During the Closing Process?

The closing process is the final step in purchasing a home or property, but for many buyers, it can seem like a mysterious...

  • Morley
  • September 23rd, 2024
  • 4 min read

The closing process is the final step in purchasing a home or property, but for many buyers, it can seem like a mysterious experience. In reality, closing is a well-organized series of events that, when understood, can help alleviate stress and ensure a smooth transition to homeownership. Let's demystify the closing process and explore what actually happens during this crucial phase of your real estate journey.

Pre-Closing Preparations

Before the official "closing day", several important steps take place:

  • Final walk-through: Buyers typically conduct a final inspection of the property with their agent to ensure it's in the agreed-upon condition.
  • Document review: Both parties and to their respective attorney review numerous documents, including the closing statement, deed/conveyance, and mortgage papers. It’s possible to pre-sign some documents at this stage, which can be advantageous to speed up closing day.
  • Funds preparation: Buyers arrange for the transfer of the closing costs to their attorney by either a cashier’s check or an electronic transfer.

The Waiting Game

The closing process—from “contract signed” to “key handover”— can take up to 3-4 months. Most of the time you’ll spend waiting depends on obtaining the buyer financing from your bank because that’s the part that takes the longest to come through. Once that’s ready and approved, you're attorney will start moving to closing day.

Closing Day

On the day of closing, several events unfold:

Meeting of Parties

The buyers, their real estate agent, and the buyers' attorney may gather at the attorney's office. It is very rare in the Bahamas for buyers and sellers to close a land sale and purchase together.

Document Signing

This is the heart of the closing process. Each party will sign a multitude of documents, including:

  • The closing statement (detailing all financial transactions)
  • Mortgage documents
  • Property deed or conveyance
  • Affidavits and declarations

Fund Transfer

The buyer's attorney provides the seller's attorney with a cashier's check or initiates a transfer for the remaining balance of the purchase price and closing costs. Based on agreement between the two attorneys in the closing statement, each may distribute some of these funds - paying off the seller's existing mortgage, real estate commissions, and other fees.

Key Handover

Once the signed conveyance has been delivered to the buyers' attorney and the seller's attorney has received the balance of the purchase price, the seller hands over the keys to the property, along with any other relevant items like garage door openers or security codes.

Post-Closing Activities

After the "closing" a few final steps occur:

  • Move in: You’re ready to move into your new home. Congratulations!
  • Transfer Tax: The transfer tax or VAT, must first be paid to Government. The Stamp Tax on the mortgage must also be paid to Government too.
  • Document recording: The conveyance and mortgage documents are then given to the Registry to be recorded on public record.
  • Declaration of Real Property Tax: The buyers' attorney submits the Declaration of Real Property Tax to the Department of Inland Revenue to register the change in ownership for annual property tax purposes.

In conclusion...

While the closing process involves numerous steps and can seem overwhelming, understanding what to expect can help you navigate this final stage of your home purchase with confidence. Remember, your Morley agent is there to guide you through each step, ensuring a successful and exciting transition into your new home.

Buying or selling and want some help from an expert? Get in touch.

Looking for an expert guide?

Let's work together. We'll make every step easy and as stress-free as possible.

Let's Go

Author Photo
About the author

Morley

  • facebook
  • X
  • instagram
  • linkedin
  • youtube

Similar posts like this

Pineapple Post

Pineapple Post - Vol. 4.7.25

The Pineapple Post - Sharing local stories that make us proud to call The Bahamas Our Home. Volume 4-7-25
Read more
Monthly Market Report

Nassau & Paradise Island Market Report - June 2025

See the June 2025 numbers and read our analysis of the local real estate market trends in Nassau & Paradise Island, The ...
Read more
Blog Post

Backyard Summer BBQ Time is Here: 8 Easy Tips for Hosting the Ultimate Party

The best backyard BBQs aren’t the ones where everything’s perfect—they’re the ones where everyone feels comfortable. Whe...
Read more
Morley

Here for Good

Morley

11 Shirley Street, Nassau, Bahamas | +1 (242) 394-7070 | morleyrealty@morleyrealty.com

11 Shirley Street, Nassau, Bahamas | +1 (242) 394-7070 | morleyrealty@morleyrealty.com

Call Us:

(242) 394-7070

Message Us:

morleyrealty@morleyrealty.com

Footer Links

  • Property Search
  • Buy With Us
  • Sell With Us
  • Morley Commercial
  • Our Team
  • Our Story
  • Where We Work
Privacy Policy

Morley © 2025

Powered by

The data relating to real estate for sale/lease on this website comes in part from a cooperative data exchange program of the Bahamas Multiple Listing Service (MLS) in which these Brokers participate (BREA). The properties displayed may not be all of the properties in the Bahamas MLS database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than this Broker/Agent are marked with the IDX Symbol, indicating an agreement to exchange property information. Detailed information about such properties are noted as Courtesy of: The Bahamas MLS. Information provided is thought to be reliable but is not guaranteed to be accurate. You are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. This information is protected from unlawful duplication by copyright.

The Bahamas Real Estate Association is not responsible for the accuracy of the information listed above. The data relating to real estate for sale or lease on this website comes in part from the Internet Data Exchange Program (IDX) and the Bahamas MLS, and is provided here for consumer’s personal, noncommercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing or leasing. Real Estate listings held in brokerage firms other than the office owning this website are marked with the IDX Logo on the short inquiry. Data provided is deemed reliable but not guaranteed. This information is protected by copyright and all rights are reserved. This property is shown courtesy of The Bahamas MLS.