Selling Procedure

At McB REALTY, we’ll work hard to attract the right buyer with expert marketing through our extensive databases, in print, on social media, and on International Websites. We’re also here to support you and answer any questions you have along the way. Below you’ll find answers to some of the most common questions we receive about the selling process.

Standard Sales

What Does the Standard Sales Procedure Look Like?

The standard sales procedure will involve the following steps:

  • The seller is required to present the agent with a copy of the Title documentation for the property.
  • The seller’s agent does an assessment of the property to determine the asking price.
  • The seller’s agent advertises the property, accepts inquiries, and oversees the buyer’s inspection.
  • The buyer’s agent drafts an Offer Letter and presents it to the seller for signing.
  • The seller’s agent drafts an Acceptance Letter and presents it to the buyer for signing.
  • The seller appoints an attorney to oversee the procedure.
  • A sale agreement is prepared by the seller’s attorney and sent to the buyer’s attorney.
  • A Conveyance document is prepared by the buyer’s attorney for execution by the seller. Typically, the sale closes in 90 days.
NOTE

All taxes (including outstanding annual property taxes) and fees must be paid by the time the sale is finalized.

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The Property Transfer Tax

  • 5% over EC$20,000.00 of the property’s sale price or market value (whichever is higher) for nationals
  • 15% of the property’s sale price or market value (whichever is higher) for non-nationals
Legal Fees

Seller’s Legal Fees

  • Typically, 1-2% of the purchase price and 15% VAT
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Real Estate Commission Fees

  • 5% of the purchase price and 15% VAT

Are All Sellers Required to Get Legal Representation?

The BAR Association of Grenada highly recommends that all parties to the real estate transaction secure legal representation. Your McB REALTY agent effectively coordinates with all parties through to the successful completion of the transaction.

How Long Does the Standard Sales Procedure Take?

The BAR Association of Grenada highly recommends that all parties to the real estate transaction secure legal representation. Your McB REALTY agent effectively coordinates with all parties through to the successful completion of the transaction.

Sales