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Buying and selling real estate in Bermuda: potential pitfalls

May 2011 Harry Kessaram

It is always good to be an informed consumer. The more you know about what you are paying for, the better able you are to judge whether or not you are getting a good deal. This applies to buying a car as much as it does to buying legal services to transfer title to land, however with the latter, any deficiency in service may not become apparent until years later.

When you engage a lawyer to assist with your property purchase, perhaps the most important thing he or she does for you is to make sure at the end of the transaction you have good title to the land and your money has been properly accounted for. Good title is what you are buying, along with the legal services that achieve that end.

In essence, your “title” is the bundle of rights that define your ownership of the property in question. There are freehold titles and leasehold titles, freehold being the closest thing to absolute ownership with the fewest restrictions. If you have a leasehold title, it means your interest in the property arises under a lease, which will have all sorts of conditions written into it, by which you must abide.

Transferring title to land in Bermuda is sometimes fraught with pitfalls, and if a mistake is made, it could result in you not owning the land or your having diminished or restricted rights to it, something you may only discover when you come to sell it. "Ignorance is bliss" so the saying goes, until you become aware, then misery and financial ruin can set in.

So what can go wrong? You’d be surprised! Click on the link below to read more.

 

To continue reading full articles in PDF format:
Buying and selling real estate in Bermuda: potential pitfalls

 


Harry Kessaram
Associate

BERMUDA   +1 441 278 7991


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Articles

Buying and selling real estate in Bermuda: potential pitfalls

25 May 2011 Harry Kessaram

It is always good to be an informed consumer. The more you know about what you are paying for, the better able you are to judge whether or not you are getting a good deal. This applies to buying a car as much as it does to buying legal services to transfer title to land, however with the latter, any deficiency in service may not become apparent until years later.

When you engage a lawyer to assist with your property purchase, perhaps the most important thing he or she does for you is to make sure at the end of the transaction you have good title to the land and your money has been properly accounted for. Good title is what you are buying, along with the legal services that achieve that end.

In essence, your “title” is the bundle of rights that define your ownership of the property in question. There are freehold titles and leasehold titles, freehold being the closest thing to absolute ownership with the fewest restrictions. If you have a leasehold title, it means your interest in the property arises under a lease, which will have all sorts of conditions written into it, by which you must abide.

Transferring title to land in Bermuda is sometimes fraught with pitfalls, and if a mistake is made, it could result in you not owning the land or your having diminished or restricted rights to it, something you may only discover when you come to sell it. "Ignorance is bliss" so the saying goes, until you become aware, then misery and financial ruin can set in.

So what can go wrong? You’d be surprised! Click on the link below to read more.

 

To continue reading full articles in PDF format:
Buying and selling real estate in Bermuda: potential pitfalls

 


Harry Kessaram
Associate

BERMUDA   +1 441 278 7991