Buying/Selling
Buying of Real Estate Property in Grenada
The Sales Process
- An interested buyer will put forth an offer letter (prepared by your Century 21 agent).
- If the offer is accepted by Seller, your Century 21 agent will formally notify (with Acceptance Letter) the purchaser that the offer has been accepted.
- The Acceptance Letter is copied to the Seller’s lawyer and the purchaser’s lawyer.
- Seller’s lawyer uses the Acceptance Letter to prepare a Sale Agreement. The Sale Agreement is sent to the purchaser’s attorney for perusal. Once approved, it is forwarded to the purchaser for signature.
- Upon signature, the buyer is responsible to pay a deposit, typically 10%.
- The deposit is retained by your attorney, and released only upon the closing of the sale.
- A Title Search is carried out by the purchaser’s lawyer (to ensure a clear title) and a Conveyance is prepared.
- The purchaser then makes final payment to their lawyer, which is sent on to Seller’s lawyer.
- The duration of this process until completion is 1-3 months.
SELLING TO FOREIGN BUYERS
Non-Grenadian Residents are obligated to secure an “Alien Land Holders License” and pay 10% on the purchase price. The application process for the license can take 3-6 months.
Expenses for Purchaser
Legal Fees:
Approximately 1-2% of purchase price + 15% VAT on fees (e.g. fees of $1000 x 15%= $ 150. Total fees=$ 1150)
Stamp Duty:
1% of purchase price
Surveyor’s Fee:
0.5% of agreed sales price (if applicable)
Alien Land Holding License (non-residents/citizens):
10%
Incidental Expenses:
Approximately US$ 600.00
Expenses for Purchaser
Property Transfer Tax:
5% of the purchase price for nationals and members of the OECS, and 15% of the purchase price for non-nationals
Legal Fees:
Approximately 1% of the purchase price + 15% VAT
Real estate commission:
Normally 5% of the purchase price + 15% VAT (to be paid by seller)
Out-of-pocket expenses:
Approximately US$ 250.00
Government of Grenada allows an exemption on the first EC$ 20,000 of property value. Value Added Tax – VAT: 15% on Agents Commission and Legal Fees.
Additional information for Non-Nationals/Citizens purchasing property
Local banking institutions require declaration of ‘source of funds’ from the Buyer. For amounts above EC$ 250,000, approval is required from the Grenada Ministry of Finance.
For more information on this topic, visit Government of Grenada – Property Taxes
Selling of Real Estate Property in Grenada
Expenses for Purchaser
- Our state of the art website makes buying and selling real estate easier
- Expert advice & support
- Experienced & knowledgeable agents
- All Century 21 listings are pushed to more than 800 of the internet’s most visited real estate websites (worldwide exposure)
- We keep you informed about your property listing on a regular basis
- Our agents receive buyer leads for a property wherever they are, instantaneously
- Database of prospective buyers (CRM System)
- Marketing listing plan for each listing
- Video slideshow & virtual tours are available for prime exclusive listings
- Our team dedicate themselves to making the process of selling your home as easy and successful as possible.
The following will be required from you to allow Century 21 to list and market your property.
- Copy of ID
- Copy of Title Deed and Plot Plan
- Copy of current Tax Receipt
- Copy of house plan (if applicable)
- Inventory list if the property is being sold furnished
- Copy of Power of Attorney Documents/ Authorization Letter (if applicable)
- Signed Listing Agreement Contract
