At RE/MAX 1st Choice our Team of dedicated, experienced and trusted agents is here to guide you through every step of the buying process.
We have a detailed knowledge of Grenada and the economic trends. We can advise and assist you in finding a property to suit your requirements; there is no charge for this service. Whether you are purchasing land, your dream home or for investment purposes we can offer accurate advice that will save you wasting time and money due to choosing the wrong location.
We can introduce you to a good lawyer, as well as make introductions at the Bank and ensure that you have everything you will need to open an account or obtain a mortgage.
Once you have made the decision to purchase, then you are required to pay a 10% deposit and yourself and the seller will sign a sale agreement. The lawyer will check the Property Deeds in the Land Registry, and then process all documents for you, until the Deed is fully registered in your name, and you become a happy owner of your own “Piece of Paradise”.
The Buying Process
The Standard Purchase Process:
A written Offer Letter is prepared by your RE/MAX agent and presented to the seller.
Once the offer is accepted by the Seller, your RE/MAX agent will formally notify you (with Acceptance Letter) that the offer has been accepted.
The Acceptance Letter is copied to the seller’s attorney and the purchaser’s attorney.
Upon receipt of the Acceptance Letter by the seller’s attorney, a sale agreement is prepared and sent to the purchaser’s attorney for perusal and once approved, it is then signed by the purchaser.
On signing of the Sale Agreement, a deposit of 10% is paid by the purchaser.
A Title Search is then carried out by the purchaser’s attorney to ensure that there is a clear title.
A Conveyance is then prepared by the purchaser’s attorney and sent to the seller’s attorney for execution by the seller.
The purchaser then makes the final 90% payment to their attorney, which is then sent to the Seller’s attorney.
The purchase process can take 3 to 6 months, depending on whether or not an alien landholding licence is required or a mortgage.
Transaction Costs:
Alien Land Holding License Fee (for non-nationals only): 10% of the purchase price
Legal Fees: Approx. 2% of the purchase price + 15% Value Added Tax (VAT)
Stamp Duty: 1% of purchase price
Land Surveyor’s fee: Approx. 0.5% of the agreed sales price
Miscellaneous: Approx. US$500.00
Non-Nationals
Non-nationals require an Alien Landholding Licence to purchase real estate in Grenada. The process involves an application to the Prime Minister’s Office for an Alien Landholding
Licence.
A local attorney must register the licence.
It is a permanent licence which does not require renewal.
The licence is granted for a specific property or plot of land and is not transferable.
Separate Alien Land Holding Licence must be applied, for each property being purchased by a Non-national, and can only be applied for, after one decides what property, their wish to purchase.
The cost of the alien landholding licence application is 10% of the purchase price.
Applications can take as quick as 2 months and as long as 6 months to process and are usually applied for immediately after an Agreement for Sale has been entered into and a deposit has been paid by the intended purchaser.
Documents Required in Support of an Application for an Alien License
Personal reference letter.
Bankers’ reference.
Police Certificate of good Character (PCGC) or Police Report from country of origin or current residence.
