Selling Property in St. Vincent & The Grenadines, and Grenada
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It is relatively straightforward for vendors selling their properties, with costs generally being lower than those of purchasers. Although legal representation is not always required, we generally recommend sellers have their own attorney.
- The client makes an offer in writing. Upon the offer being accepted, the attorney will prepare a purchase agreement.
- The agreement will have to be executed, and the buyer will then usually have to pay a 10% deposit to be held in escrow.
- The purchaser's lawyer will then conduct a title search and due diligence and apply for the client's Alien Land Holding License.
- Upon the license application being approved, the purchaser’s lawyer will usually have to pay the balance within a certain timeframe, after which the conveyance will finally be exchanged.
It is for the parties at hand to decide which attorney should prepare the deed of conveyance and who will hold the deposit in escrow. Standard procedure is for a deposit to be paid by the purchaser as security for taking the property off the market and for the purchase agreement to be executed.
The standard fee is generally 5% of the agreed purchase price.
Sellers in Saint Vincent and the Grenadines are required to pay 5% stamp duty on the purchase price of the property. In Grenada, sellers who are not citizens are required to pay 15%, while nationals pay a 5% land transfer tax.
If you seek to have your own legal representation, legal fees are usually between 1/2 and 1 percent, depending on the attorney chosen.
Note: We cannot be held responsible for discrepancies in the details on this page and encourage all our clients to confirm their own legal obligations and requirements, with the above only being used as a general guideline.