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How To Buy A Property In Grenada?

Posted by Admin on June 21, 2024
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Alien Land Holders License

All foreign nationals wishing to purchase property in Grenada must apply for an Aliens Land Holding Licence and upon granting the License will need to pay the government 10% of the purchase price to be issued with the license.

 

Buyers Closing Costs

Legal Fees – Approx. 2% of the Purchase Price.

Stamp Duty – Approx. 1% of the Purchase Price.

Alien Landholders – 10% of Purchase Price.

The seller’s legal fees are approximately 1% of the purchase price

Property Transfer Tax – 5% of the purchase price for nationals and 15% for non-nationals.

Real Estate Commission – Normally 5% of the Purchase Price .

 

Property Title

The majority of property in Grenada is owned fee simple, however, property in Grenada may also be held on long lease from private individuals, which are normally 99 years or the unexpired term in the case of an assignment of a lease. For practical purposes, a purchaser of such a leasehold interest will enjoy all the benefits of an absolute title for the duration of the lease.

Legal Matters

The purchaser will require a registered Grenadian attorney to search the register and establish title to the property before the completion of the sale to ensure that there are no encumbrances, charges, encroachments, or other impediments to the sale. It normally takes 2-3 months for all the legal issues to be resolved and the sale close.

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