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The FORM 4 page contains all that you need to have in your possession to prove ownership.
Without a valid conveyance, you cannot:
- Be recognized as an owner.
- Sell the property expeditiously
- Transfer utilities.
- Access the property or grant access to a guest.
- Access the HOA Common Areas, roads or amenities.
The "THIS INDENTURE" page contains redlines, critical to have a color scan. Also critical to have the attorney signature on the left side margin (red), with the date and accurate seller and buyer names required at closing.
Within days, the VAT Stamps (orange) confirming closing attorney has remitted the VAT paid by the buyer should be on this page and a copy sent to the buyer.
4 months but less than
The Signature Pages, Affidavit (Witness) Pages with Signature and/or Notary blocks, for the Conveyance and License to be fully executed, must have Witness signatures and Notary signatures along with the Notary's Stamp and dates.
In the case of a buyer, seller or Developer being a corporation, the Corporate Seal on the corporate officer's signature pages is also required.
The "Recording Page" (last page) in a new conveyance. The left side of the page should have the Closing Date, the sellers and buyer names, accurate description of the property, and the name of the closing attorney law firm.
After 4 months but less than 2 years, the page should return from closing attorney with the dated Recording Stamp, and the right side complete with Attorney name in the lodged
The LICENSE issued and should be included with the Conveyance. Initially signed by all parties and later (4 - 24 months) recorded simultaneously with the Conveyance.
The LICENSE Recording Page should match the Conveyance Recording Page. They both get recorded simultaneously.
Post Recording Documents
Once recorded, the Conveyance document set should also include the Certificate of Registration signed by the Bahamas Investment Board.
The Registrar General's Recording Page is typically the cover page of the "Recorded" Conveyance Document.
The Instrument Data Form is added by the Closing Attorney when submitted for recording and must be stamped upon recording. This page is typically the 2nd page in your "Recorded" Conveyance Document set.
WHAT IF I DON'T WORRY ABOUT THIS UNTIL I SELL?
POTENTIAL RISKS OF NOT VERIFYING YOUR CONVEYANCE & CLAIMING YOUR CLASS B sHARE CERTIFICATE
If the document provided does not establish that the conveyance was executed by a Bahamian Attorney, along with a BIA Approval Permit or if it was executed well over 12 months ago and it remains unrecorded. Accordingly, the Association requires evidence of the recorded conveyance or other satisfactory evidence establishing your legal title before updating its Register of Members/Class B Share register.
The only way for a homeowner, who purchased their Unit over 12 months ago, is to establish that legal title to the Unit was actually conveyed to them, and that the conveyance was accepted and recorded by the Bahamian Registry of Records. Providing evidence of the recorded conveyance proves ownership and their entitlement to claim their Class B Share Certificate.
Until then you continue to run several risks:
1. Your future sale or transfer to your heirs will be delayed by several months. I have seen it take over 8 months.
2. You remain exposed to VAT Tax liability if your copy of the conveyance does not show a Stamp Duty or VAT Tax Paid stamp. Without this stamp or evidence of recording, the tax authorities can require a new appraisal of the unit's value and demand the VAT to be paid on its current value before recording your Conveyance. The longer you wait, the more VAT tax liability could be accruing as your property value increases.
3. Without your Class B Share Certificate you cannot vote as a non-member in the Company.