Real Solutions, Real Time!
The Mortgage Optimizer!
February 2009
Volume 3, Number 2
In This Issue
Stamp duty exemption!
From the President’s Desk
Your Monthly Mortgage Tip: Secrets Lenders don't want YOU to know!
Links
Repossessed Homes
Construction
Attorneys
Stamp duty exemption
The amendment to the Stamp Act which provides for exemption from payment of stamp duty on certain financial transactions involving licensed lending institutions became effective July 1,2008 the Ministry of Finance has confirmed.
Application may be made for exemption from stamp duty for any of the following:
- purchase of a dwelling home;
- purchase and financing of a dwelling home and mortgage;
- purchase and financing of a dwelling home combined with other domestic loans and mortgages;
- purchase of vacant land for the construction of a dwelling home;
- transfer of a home mortgage;
- transfer of a home mortgage combined with other domestic loans.
In New Providence, the applications are to be made to the Financial Secretary, Ministry of Finance, Cecil Wallace-Whitfield Building, Cable Beach, or to a Family Island Administrator. Forms are also available on the Ministry’s web site at www.bahamas.gov.bs.
Applicants are reminded that purchase or construction of the home must be in respect of a first time home ownership, and the home must be intended for owner occupancy.
NOTE: “A dwelling house includes a condominium unit or a duplex, exclusive of any part that is not owner-occupied; the property must not be used for commercial purpose.”
For more information, email us at info@xmloans.com
From the President’s desk….
|
As many financial institutions around the globe are on the brink of collapse or have already collapsed, should we be concerned about our local financial insititutions? Recently, headlines were abuzz with the news of fruad accusations against R. Allen Stanford by US regulators. Stanford is well known throughout the Caribbean for his Stanford 20/20 Cricket Tournament. |
With the news of the accusations against him, many of his investors and depositors have sought to recover their monies from his institutions resulting in a run on his banks.
Do we have any Bernie Madoffs or R. Allen Stanfords' in our midst? I say, keep your eyes opened!
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