This explanation describes the buyer-funded payment process for the purchase and construction of a custom residential home on Lot 10, Coco Bay, Green Turtle Cay, Abaco, The Bahamas. The total fixed price is US$2,500,000, covering the land, all construction costs, permits, utilities, finishes, and all closing costs (including stamp duty and legal fees). No additional payments will ever be required from the buyer.

Project Timeframe

The entire project—from contract signing and initial deposit to final completion, certificate of occupancy (or equivalent), and closing—is scheduled for 14 months. Construction will commence promptly after the initial deposit and receipt of necessary permits. The 14-month timeline includes buffers for typical weather-related delays common in The Bahamas (e.g., hurricane season). Any delays due to force majeure events (such as hurricanes or acts of God) will extend the schedule reasonably without penalty.

How the Payment Process Works

The buyer funds 100% of the project through a series of non-refundable staged deposits totaling exactly $2,500,000. This allows construction to proceed without the seller requiring bank loans or external financing, while providing the buyer strong protections via escrow and independent inspections.

All payments are placed into an independent escrow account managed by a neutral third party (typically a licensed Bahamian attorney or title company). Funds are released to the seller only after specific construction milestones are independently verified as complete.

The process follows these six stages (exact amounts, detailed descriptions, and interim timelines will be agreed and specified in a final schedule before signing):

1.  Initial Deposit – Upon Signing the Agreement
Covers contract execution, land transfer preparation, permits, and design finalization. This deposit is non-refundable once paid, securing the buyer’s commitment and enabling the project to start immediately.

2.  Site Preparation and Foundation
Funds released only after independent verification of completed clearing, excavation, and foundation work.

3.  Framing and Roof Completion
Next funds released once the structure is framed, roofed, and dried-in (weather-tight).

4.  Exterior Completion
Windows, doors, siding, and exterior finishes installed and approved.

5.  Interior Completion
Plumbing, electrical, HVAC, drywall, flooring, cabinetry, and all finishes inspected and certified.

6.  Final Completion and Closing
Remaining balance released upon full completion, final inspections, certificate of occupancy, and readiness for title transfer. Closing occurs shortly thereafter, with all costs included in the $2,500,000 price.

Independent Inspections to Miami-Dade Hurricane Standards

For maximum storm resilience—critical in The Bahamas—an independent structural engineer and architect (mutually selected and unaffiliated with the seller) will inspect the work at the end of each stage.

They will confirm the construction meets or exceeds Miami-Dade County (Florida) hurricane standards, considered among the world’s strictest for withstanding Category 5 winds. This includes:

•  Impact-resistant windows and doors

•  Reinforced concrete and framing

•  Proper roof strapping and tie-downs

•  Compliance with high wind-load engineering requirements

Inspections involve site visits, photographs, material reviews, and written certification reports. No escrow funds are released for any stage until both professionals certify satisfactory completion.

Key Benefits of This Buyer-Funded Approach

•  Strong Buyer Protection: Funds remain safely in escrow until work is independently verified, greatly reducing financial risk.

•  Exceptional Build Quality: Rigorous staged inspections to Miami-Dade standards deliver a highly resilient home, potentially lowering insurance premiums and increasing long-term value.

•  No Financing Costs or Delays: Seller avoids construction loans, eliminating interest expenses and lender-related slowdowns.

•  Price and Timeline Certainty: Fixed all-inclusive price of $2,500,000 with a clear 14-month completion schedule.

•  Transparency and Involvement: Buyer receives regular updates, escrow statements, photos, and inspection reports throughout.

•  Efficient Execution: No bank approvals or draw schedules means smoother, often faster progress.

This structure combines firm commitment (non-refundable deposits) with robust safeguards (escrow + third-party inspections), offering a secure and streamlined path to owning a premium, hurricane-resilient custom home in The Bahamas.

Note: This is an explanatory overview of the intended process. The final binding agreement must be drafted and reviewed by qualified Bahamian legal counsel to ensure compliance with all local laws and regulations.

Yes, international buyers can purchase property in the Bahamas. We assist with all necessary legal and financial processes.

The process involves property selection, making an offer, securing financing, and completing the legal paperwork with the assistance of our experienced agents.