The Sales Process
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Once you have viewed the Heights and are interested in buying, if you feel it necessary, I recommend a survey is performed prior to making an offer.
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Once you are happy with the property and want to make an offer, this should be done formally in writing.
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If the offer is accepted, I will notify you by email/phone/whatsapp and the sellers will confirm officially with an acceptance letter.
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The acceptance letter will be copied to both the buyer and seller's lawyers
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A Sales Agreement will then be prepared by the seller's lawyer and a draft sent to your lawyer for perusal. Once approved, the Sales Agreement forwarded to you for signature.
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Upon signature, you are required to pay a deposit, typically 10%.
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The deposit is retained by your lawyer and released to the sellers lawyer only upon the closing of the sale.
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Your lawyer then carries out a Title Search to ensure a clear title and a Conveyance is prepared.
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You then makes the remaining payment to your lawyer, which is forwarded to seller’s lawyer. upon the closing of the sale.
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The duration of this process until completion is 1-3 months.
Foreign Buyers
An “Alien Land Holders License” is required for any Non-Grenadian Residents buying a property in Grenada. The buyer's lawyer will complete this application and an additional 10% of the purchase price will be payable to the Government of Grenada once the application is approved. The application process for the license can take 3-6 months.
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Buyers expenses
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Legal Fees: Approximately 1-2% of purchase price + 15% VAT on fees
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Stamp Duty: 1% of purchase price
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Surveyor's Fee: 0.5% of agreed sales price (if applicable)
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Alien Land Holding License (non-residents/citizens): 10% of purchase price
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NB:
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Local banking institutions require 'source of funds' declaration from the Buyer.
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The Grenada Ministry of Finance also need to approve purchases of EC$ 250,000, and above.
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If a mortgage is required to buy property in Grenada it can be a lengthy process with surveys and risk assessments. Applicants will need a Grenadian bank account prior to applying.
For more information on this topic, visit Government of Grenada - Property Taxes