The system for buying and selling is based on that of the UK. Property titles are recorded at the Land Registry, which is good, but it does not necessarily include all land, particularly so in the more remote parts and where no transfers of ownership have happened in recent times.
Anybody and everybody can buy and sell property in Grenada. It's just that it's a little easier for Grenadians than it is for the others, 'aliens' as the Government calls them! There's a couple of extras for them to deal with - some tax and an 'Alien Landholder licence'.
|Grenadians||1% stamp duty|
|For 'Aliens' (everybody else)||10% property transfer tax, the Alien Landholder Licence + 1% stamp duty|
|Grenadians||5% property transfer tax|
|For 'Aliens'||15% property transfer tax|
|The first EC$20,000 are exempt for each|
There are some variations on the theme and special conditions can apply.
In an 'Approved Tourism Development' the Property Transfer Tax has been reduced to 5% each for both seller and buyer and to 2.5% for subsequent sales.
Citizenship by Investment is available under certain terms of investment in approved projects. We are able to introduce applicants to the process.
Annual Property tax is 0.01% of the value assessed by the Government
When purchasing, it is normal to employ a lawyer to check, amongst other things the vendor's title and to ensure that all liens and charges are lifted before transfer of ownership. They will investigate and explain any covenants that may apply (and often do) and will also deal with the transfer of the money. Their charges vary but are generally in the 1.5-2% range.
Identifying the land is vital as boundaries can be less than clear and certain. On the island, boundary markers are used to identify the curtilage of plots and are recorded on the deed plans held by the Land Registry. The markers are normally a simple piece of reinforcement bar driven into the ground and marked with a bit of orange ribbon. As such they are at the mercy of the passage of time and somehow become subject to 'interpretation'. It is perhaps a good idea to have a Land Surveyor check and re-establish the boundary markers before completion of the purchase. If the land in question is being purchased for construction it is advisable to extend that Surveyor's brief to include a topographical survey. Very little land in Grenada is flat and forewarned is forearmed! Their charges vary with the extent of the work, obviously, and range from a lump sum of around EC$800 for the basic work to EC$0.10 - 0.15 per sq ft for the more detailed.
Grenada's roads! It's not just the road surface that can be problematical. So can be the rights of way, rights of access and responsibility for maintenance. A lawyer will be able to advise on this along with the title. A physical check of the availability of electricity, water and telecom is easy and worthwhile. Almost all sewage disposal is by the property owner's own private sceptic tank - and it works well!
Coldwell Banker can help with recommendations for any these of professionals, and any others that you may need, to ensure good service and good value.