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Everything you need to know about buying and Selling Real Estate in Grenada

The Sales Process

  • A prospective buyer will submit an Offer Letter, which is prepared by Your Agent. If the seller agrees to the offer, an official Offer and Acceptance Letter will be prepared.
  • This Offer and Acceptance Letter is also forwarded to both the seller’s and the buyer’s attorneys.
  • The seller’s attorney then uses the Acceptance Letter to draft the Sale Agreement. Once prepared, the agreement is reviewed by the buyer’s attorney. Upon approval, it is sent to the buyer for signing.
  • Once the Sale Agreement is signed, the buyer is required to pay a deposit—usually 10% of the purchase price.
     This deposit is held in escrow by the seller’s attorney and is only released upon completion of the sale.
  • The buyer’s attorney will carry out a title search to ensure the property has a clear, undisputed, and transferable ownership. After this, a Conveyance document is prepared.
  • The buyer then remits the final balance to their attorney, who transfers the funds to the seller’s attorney.
  • The full transaction typically takes 1 to 3 months to complete.

 

Selling to Foreign Buyers

  • Non-Grenadian buyers are legally required to obtain an Alien Landholding License, which carries a fee of 10% of the purchase price.
     The application process for this license generally takes 2 to 6 months.

Costs Incurred by the Buyer

    • Legal Fees: Approximately 1–2% of the purchase price, plus 15% VAT
       (e.g. for legal fees of $1,000, VAT is $150, totaling $1,150)

 

    • Stamp Duty: 1% of the purchase price

 

    • Surveyor’s Fee: 0.5% of the agreed sale price (if applicable)

 

    • Alien Landholding License (for non-residents): 10%

 

  • Miscellaneous Expenses: Around US$550.00

Costs Incurred by the Seller

  • Property Transfer Tax:

    ○ 5% of the sale price for Grenadian nationals and OECS citizens

    ○ 15% of the sale price for non-nationals

  • Legal Fees: About 1% of the purchase price, plus 15% VAT

  •  Real Estate Commission: Normally 5% of the sale price, plus 15% VAT, paid by the seller

  •  Miscellaneous Costs: Approximately US$250.00

    The Government of Grenada provides an exemption on the first EC$20,000 of the property’s value when calculating Transfer Tax.

    Value Added Tax (VAT) of 15% applies to both the agent’s commission and legal fees.

Additional Notes for Non-National Buyers

  • Local banks in Grenada require buyers to declare the source of funds.
     If the purchase amount exceeds EC$250,000, approval from the Grenada Ministry of Finance is required.