Buying Procedure
The Property Buying Procedure
With the help of McB Realty, purchasing real estate in Grenada is a simple process. Our agents are experts in Grenada real estate, local financing options, related legislation, valuations, building regulations, and more. Here is a quick overview of what the property-buying procedure in Grenada will look like. If you have any additional questions, our team of experienced agents are here to help.
Financing
If you require a loan or mortgage, discuss your needs with a lender and secure loan pre-approval to determine how much you can afford to spend on a home. Generally speaking, your monthly mortgage payment should be no more than 1/3 of your total monthly income. Our agents can put you in contact with local financial specialists and help you to secure the best available financing.
Additional transaction costs may include:
- Alien Landholding License Fee (for non-residents only): 10% of the purchase price
- Legal Fees: Approx. 2% of the purchase price + 15% value-added tax
- Stamp Duty: Approx. 1% of the purchase price
- Licensed Land Surveyor’s fee: Approx. E.C. $1,000 for less than 1 acre of land
- Bank-related consultant’s fees should the buyer require a mortgage
Finding the Right Property
Your McB Realty agent will show you all available properties in your area that match both your budget and your needs. This includes properties that have just hit the market and some that may not yet be listed, widening your pool of homes or parcels of real estate to consider. We will arrange viewings for any properties you want to see. Once you are serious about a property, you may need both a market valuation and a boundary survey plan from a Licensed Land Surveyor. This will help to determine if the property is worth the seller’s asking price and a sound investment for both you and your lender.
Placing an Offer and Negotiating the Final Contract
You will need to retain a local lawyer to represent you in your real estate transaction. Your lawyer will remain involved throughout the entire process. They will present your offer to the seller (or the seller’s lawyer), which may or may not match the asking price. Your offer may also include contingencies that the seller can accept, amend, or deny.
If you are a non-national, the same lawyer will apply for an Alien Land Holding License from the Government of Grenada on your behalf. Your ability to make the purchase is subject to the approval of the Alien Landholding application.
Once the seller accepts your offer, and the Offer and Acceptance Letter is executed, the seller will instruct the lawyer to prepare a sale agreement. This will be sent to the buyer’s lawyer for sign-off by the buyer. Following this, the buyer’s lawyer will complete Title searches and prepare the conveyance documentation in preparation for the transference of legal ownership. When Bank financing is involved, the process is significantly lengthener. This is because there is an added layer of the Bank’s lawyers preparing Mortgage documentation for execution by the buyer. If the buyer is making a cash purchase, the transaction may be much shorter.
here to help you throughout every step of the buying procedure.
