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 recommend Sellers to have their own attorney.
Here are the typical steps:
- 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 through which the Buyer would usually pay a 10% deposit to be held in escrow.
- The Purchasers lawyer will then conduct a title search and due diligence and apply for the Alien Land Holding License.
- Upon the license application being approved the Purchaser’s lawyer will pay the balance after which the Conveyance will 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 of 10% to be paid by the Purchaser, as security for taking the property off the market and for the Purchase Agreement to be executed.
Our fee is generally 5% on the agreed purchase price.
Sellers in Saint Vincent are required to pay 5% stamp duty on the purchase price of the property, whilst in Grenada, sellers who are not citizens are required to pay a transfer tax of 15% of the purchase price.
If you seek to have your own legal representation, which we recommend, legal fees are usually between ½ - 1% and depend on the attorney chosen.
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 above only to be used as a general guideline.