{"id":315,"date":"2011-03-14T17:06:45","date_gmt":"2011-03-14T22:06:45","guid":{"rendered":"http:\/\/new.jpfco.com\/dir\/?p=315"},"modified":"2013-07-23T12:43:21","modified_gmt":"2013-07-23T12:43:21","slug":"the-land-bank-fee-is-a-good-thing","status":"publish","type":"post","link":"https:\/\/www.jpfco.com\/dir\/the-land-bank-fee-is-a-good-thing\/","title":{"rendered":"The Land Bank fee is a good thing"},"content":{"rendered":"<p>My wife Jenn and I are in Harbour Island, The Bahamas.  It is a beautiful island with many similarities to Nantucket-great beaches, restaurants, festive local\/non-local crowd, tight-knit local culture, great fishing and valuable real estate<a href=\"http:\/\/www.dunmorerealty.com\/?p=n&#038;sectid=4&#038;view=details&#038;lid=42\">.  Naturally I thought what is the process of buying real estate and what are the fees.<\/p>\n<div class=\"\"><a href=\"https:\/\/www.jpfco.com\/dir\/wp-content\/uploads\/2011\/03\/IMG_02141.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.jpfco.com\/dir\/wp-content\/uploads\/2011\/03\/IMG_02141-300x225.jpg\" alt=\"\" title=\"IMG_0214\" width=\"300\" height=\"225\" class=\"alignnone size-medium wp-image-318\" srcset=\"https:\/\/www.jpfco.com\/dir\/wp-content\/uploads\/2011\/03\/IMG_02141-300x225.jpg 300w, https:\/\/www.jpfco.com\/dir\/wp-content\/uploads\/2011\/03\/IMG_02141-624x468.jpg 624w, https:\/\/www.jpfco.com\/dir\/wp-content\/uploads\/2011\/03\/IMG_02141.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/div>\n<p>  Besides the 8-10% brokerage fee and hefty real estate taxes, which I will get to in another post, the Government Stamp Duty tacks on major dollars to the purchase price.  What portion of it the Buyer and Seller pay is negotiable, but essentially it is a pass through cost to the Buyer.  The tax, which goes into the government coffer, is:<\/p>\n<p>Under $20,000 2%<br \/>\n$20,000 $50,000 4%<br \/>\n$50,000 $100,000 6%<br \/>\n$100,000 $250,000 8%<br \/>\nOver $250,000 10% <\/p>\n<p>So, for the sale of a $1MM property, the tax is $91,600 and for a $2MM property, $191,600!!!<\/p>\n<p>So, don&#8217;t feel bad about paying the 2% Land Bank fee because not only will this help your property value in the long run as the Land Bank uses their revenue to buy open land, therefore restricting supply of property in the marketplace, but it pales in comparison to other high-end islands&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>My wife Jenn and I are in Harbour Island, The Bahamas. It is a beautiful island with many similarities to Nantucket-great beaches, restaurants, festive local\/non-local&hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-315","post","type-post","status-publish","format-standard","hentry","category-real-estate-news"],"_links":{"self":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts\/315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/comments?post=315"}],"version-history":[{"count":0,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts\/315\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/media?parent=315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/categories?post=315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/tags?post=315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}