Tenants - Q & A.


 
How is the Revenue Stamp amount due to the Bermuda Government calculated?
 
 

Revenue Stamps are normally split 50-50 between the Landlord and the Tenant.

The formula for calculating revenue stamps due on a rental is as follows:

For Rentals of 36 months or less it works like this:
The Monthly Rent x Duration of the Lease in Months
Revenue Stamps due are 1% of the Total
Example:
Rent = $2,000 pm for 24 Months
$2,000 x 24 = $48,000
1% of $48,000 = $480 (+ $25 Revenue Stamp for the Copy)

For Rentals of more than 36 months it works like this:
The Monthly Rent x Duration of the Lease in Months
Revenue Stamps due are 1% of the total, for the first 36 months and 0.5% on the balance
Example:
Rent = $2,000 pm for 48 Months
$2,000 x 36 = $72,000
1% of $72,000 = $720
$2,000 x 12 = $24,000 (the months over 36 months)
0.5% of $24,000 = $120

So add the 1st 36 months and the balance = $720 + $120 (+ $25 Revenue Stamp for the Copy) or $865.00 in total

 
How is the Revenue Stamp amount due to the Bermuda Government calculated?

Revenue Stamps are normally split 50-50 between the Landlord and the Tenant.

The formula for calculating revenue stamps due on a rental is as follows:

For Rentals of 36 months or less it works like this:
The Monthly Rent x Duration of the Lease in Months
Revenue Stamps due are 1% of the Total
Example:
Rent = $2,000 pm for 24 Months
$2,000 x 24 = $48,000
1% of $48,000 = $480 (+ $25 Revenue Stamp for the Copy)

For Rentals of more than 36 months it works like this:
The Monthly Rent x Duration of the Lease in Months
Revenue Stamps due are 1% of the total, for the first 36 months and 0.5% on the balance
Example:
Rent = $2,000 pm for 48 Months
$2,000 x 36 = $72,000
1% of $72,000 = $720
$2,000 x 12 = $24,000 (the months over 36 months)
0.5% of $24,000 = $120

So add the 1st 36 months and the balance = $720 + $120 (+ $25 Revenue Stamp for the Copy) or $865.00 in total

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What does 'Month to Month' mean, as far as a Rental Lease is concerned?
 
 

After a Rental Lease has ended AND neither party has given notice, a Rental is then deemed to be a "Month to Month" lease - all other terms and conditions of the Rental Lease remain in effect.
Under a "Month to Month" lease either Party can give the other 'Notice' - the period of this notice is normally ONE CALENDAR MONTH, but the notice period can be longer by consent in writing of both the Landlord and the Tenant.

 
What does 'Month to Month' mean, as far as a Rental Lease is concerned?

After a Rental Lease has ended AND neither party has given notice, a Rental is then deemed to be a "Month to Month" lease - all other terms and conditions of the Rental Lease remain in effect.
Under a "Month to Month" lease either Party can give the other 'Notice' - the period of this notice is normally ONE CALENDAR MONTH, but the notice period can be longer by consent in writing of both the Landlord and the Tenant.

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I have put in an offer to rent a property but the Agent is still showing the property to other prospects - why?
 
 

When renting a property the agents normally receive several offers, all of which have to be presented to the Landlord. As you are aware, an offer is not binding on either party until it is accepted and both parties have signed a lease, a binding contract, and the deposit is in place.
Until this lease is signed and the deposit is in place, the property is still 'For Rent' and the agent (who acts on behalf of the Landlord) should continue to show the property and accept offers on the property for onward transmission to the Landlord for consideration.
This is one of the reasons that once your offer is accepted that you should move towards getting a signed Lease agreement in place as soon as possible.

 
I have put in an offer to rent a property but the Agent is still showing the property to other prospects - why?

When renting a property the agents normally receive several offers, all of which have to be presented to the Landlord. As you are aware, an offer is not binding on either party until it is accepted and both parties have signed a lease, a binding contract, and the deposit is in place.
Until this lease is signed and the deposit is in place, the property is still 'For Rent' and the agent (who acts on behalf of the Landlord) should continue to show the property and accept offers on the property for onward transmission to the Landlord for consideration.
This is one of the reasons that once your offer is accepted that you should move towards getting a signed Lease agreement in place as soon as possible.

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How do I go about finding a rental in Bermuda?
 
 

Your best bet is to contact a Real Estate Broker - you can contact us at +1 (441) 703 1006 and ask to speak to Rhys.
Or for General Enquiries - RENTALS@BDA4SALE.COM

 
How do I go about finding a rental in Bermuda?

Your best bet is to contact a Real Estate Broker - you can contact us at +1 (441) 703 1006 and ask to speak to Rhys.
Or for General Enquiries - RENTALS@BDA4SALE.COM

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Why does the landlord want a pet deposit?
 
 

Rentals that allow pets sometimes ask for an additional deposit to cover any work required to repair, replace or clean up after your pets have been on the property.

 
Why does the landlord want a pet deposit?

Rentals that allow pets sometimes ask for an additional deposit to cover any work required to repair, replace or clean up after your pets have been on the property.

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I paid a deposit, can I deduct this from my last month's rent?
 
 

No - your lease says you have to pay all rent due.
The deposit will be returned to you by the Landlord less any required deductions for damages etc as specified in your lease.

 
I paid a deposit, can I deduct this from my last month's rent?

No - your lease says you have to pay all rent due.
The deposit will be returned to you by the Landlord less any required deductions for damages etc as specified in your lease.

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