Selling Made Simple
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.
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.