First published in The Royal Gazette, Legally Speaking, August
2022
The law requires that an agreement for sale and purchase of
Bermuda land is in writing.
Typically a seller and buyer agree a transaction "in
principle". The seller will market at a particular price and
the buyer will make an offer, whether or not at market price.
After agent guidance there can be some haggling over price and
then the terms and conditions are written and signed.
Such written terms and conditions should be stated as
"subject to contract". This avoids the offer becoming
binding, at a time when neither party has had legal advice.
An agreement format approved by the Bermuda Bar Association is
often used for land transactions. This agreement incorporates
standard terms and conditions known as the "general
conditions". The agreement details additions to and deletions
from those general conditions.
