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RE/MAX 1st Choice

Selling Property

  • Selling property can be stressful. This is a huge financial transaction with many emotional aspects. But you can get it done; and it may even be easier than you anticipate.
  • One thing to keep in mind is that you're not alone. An experienced, RE/MAX 1st Choice real estate agent can guide you through the process, help resolve any issues that may arise, and ensure that your property sells for the optimal price in a timely manner.
  • We shall be pleased to list and market your property for sale.

Requirements for Listing with RE/MAX 1st Choice:

  • Copy of ID
  • Copy of Title Deed and Lot Plan
  • Copy of current Tax Receipt
  • Copy of house plan (if applicable)
  • Inventory list if the property is being sold furnished
  • Copy of Power of Attorney Documents/ Authorization Letter (if applicable)
  • Client Identity Form (a requirement of the AML commission)
  • Signed Listing Agreement Contract

The Standard Sales Process:

  • A written Offer Letter is prepared by the purchaser’s agent and sent to the seller’s agent for signing by the seller.
  • Once the offer is accepted by the Seller, your RE/MAX agent will prepare an Acceptance Letter and send it to the purchaser’s agent for signing by the purchaser.
  • Seller appoints an attorney to oversee the process.
  • RE/MAX agent instructs seller’s attorney to prepare Sale Agreement.
  • Sale Agreement is signed by the seller.
  • Seller’s attorney sends Sale Agreement along with copies of the Title Deed and Lot Plan to the purchaser’s attorney.
  • A Conveyance is then prepared by the purchaser’s attorney and sent to the seller’s attorney for execution by the seller.
  • The sales process can take 3 to 6 months, depending on whether or not an alien landholding licence or mortgage is required by the purchaser.
  • All property taxes, utility bills and neighbourhood association fees (if applicable) must be paid in full before the closing of the transaction.

Transaction Costs:

  • Property Transfer Tax: 5% of the selling price for nationals and members of the OECS, and 15% of the selling price for non-nationals
  • Legal Fees: Approx. 1-2% of the purchase price + 15% Value Added Tax (VAT)
  • Real Estate Commission: 5% of the purchase price + 15% Value Added Tax (VAT)
  • Miscellaneous: Approx. EC$500.00

Note: The Government of Grenada allows an exemption of the first EC$20,000 on the property’s selling price before the Transfer Tax is calculated