When selling a property it is important to have all the information at hand to make the right decisions for a fair and profitable sale. This information is intended as a basic guide; we recommend that you consult an attorney regarding all legal matters.
Selling Made Simple
Important Facts You Should Know:
All sales of residential and commercial property are subject to a transfer tax (10% in the case of non St. Lucians and approximately 5% for citizens and permanent residents) as well as approximately 2% stamp duty. This applies to non-nationals as well as citizens and permanent residents.
The 1st EC$50,000.00 is exempt from transfer tax.
Property passes by conveyance of title as evidenced by the recording of deeds and certified survey plans at the registry of title and the issue of a land register in the name of the purchaser. The land register document is proof of title.
Attorney’s fees are approximately 3% to 5% of the sale price of the property, which includes the application for the Alien’s Landholding License.
The buyer is responsible for paying the stamp duty on the Deed of Sale and all registration fees.
The seller is responsible for paying the Vendor’s Tax, sales commissions and survey costs.
Both buyer and seller are responsible for their own attorney’s fees
A 10% deposit is required for payment when signing the purchase agreement. This is a binding contract. The seller’s attorney holds the deposit with the balance payable upon completion of the sale.
The real estate agent’s commission is generally 5% of the purchase price.