Have a property for sale? Selling your property is a serious business. At Roberts Caribbean, we understand your need for selecting the best team to market and sell your property.
Find below key steps involved in selling your property. Please contact us to make the sale of your home, land or other property a reality. Steps in selling your property:
Contacting the office of Roberts Caribbean Ltd is your first step in selling your property. This can be done via the telephone, email or a walk-in visit to our Bruce Street, St. George’s office. One of our competent real estate agents in Grenada will guide you through every stage in the sales process.
An appointment will be made with your real estate agent to view the property to understand its location, boundaries, physical attributes, selling features etc. It would be useful for the seller to come to the viewing with a copy of the property’s plan.
This is an important component of the selling process that has major implications on how fast the property can be sold. Determining the property’s value is therefore critical. Sellers can establish a sale price for the property or can request the services of Roberts Caribbean to have an estimate conducted. The final marketed sale price however, will be the decision of the Seller.
A listing agreement will be signed between the Seller and Roberts Caribbean. This document will provide the authority for the company to market and show the property to potential buyers. Prior to signing of the agreement, the Seller should submit 1 copy each of the title deed and plan for the property (including subdivision and layout plans if applicable) to Roberts Caribbean. This can be done through your agent or directly to our Bruce Street, St. George’s office.
In the event, that you require Roberts Caribbean to sell a property that you manage but is not legally owned by you, the company must first receive legal authorization from the owner to sell the property. The legal owner must do one of three things:
A. Sign the listing agreement in the presence of a Notary Public.
B. Give caretaker Power of Attorney
C. Prepare a letter address to Roberts Caribbean signed by a Notary Public authorizing the caretaker to act on their behalf in negotiating a sale for the property. The letter should outline exactly the permissions granted to the caretaker.
Roberts Caribbean will strategically market your property to the target audience. We will provide routine reports to the Seller regarding interest in the property and provide recommendations for enhancing the sale if necessary.
Roberts Caribbean will require access to the property to facilitate showings to prospective buyers. If the property of interest is a home or other building, we will work with the Seller to show the property at the most convenient times for all parties.
All offers for sale would be communicated to the Sellers orally within the first available opportunity. This process will continue for all offers made until an offer has been accepted by the Seller, which will be submitted in writing.
Once the real estate agent finds a buyer who is willing to purchase the property at the price accepted by the Seller, Roberts Caribbean sends an offer letter to the buyer copied to the Seller and Buyer’s lawyers. Seller’s lawyer prepares a sales agreement and send to buyer’s lawyer for review and approval. Once approved, agreement is sent to buyer for signature and payment of 10% deposit which is kept by the Seller’s lawyer. The requisite title searches are conducted and conveyance/re-conveyances prepared on approval of good tile. Final payments are made by the buyer through his/her lawyer. This transaction can be completed within 3-4 months depending on the nature of the sale. To conclude the sale, the Seller/Vendor pays the following:
– Legal fees paid to lawyer – typically 1% of the property value
-Property transfer tax to the Government – 5% of the property value exceeding EC$ 20,000.00 for nationals. Example if the property costs EC$ 220,000. Property transfer tax is paid on EC$ 200,000.00 = EC$ 10,000.00.
-Real estate commission to Roberts Caribbean Incidentals (if relevant).
Persons buying property in Grenada must select a lawyer to represent them. If needed, Roberts Caribbean can recommend to you a competent attorney to suit your needs.
If a non-national (including non-nationals within CSME) is interested in purchasing property in the State of Grenada, an application for an Alien Land Holding License must be submitted to the Permanent Secretary in Ministry of National Security, Public Administration, Disaster Management, Home Affairs, Implementation and Information. The application should be accompanied by two (2) references, a bank statement, police record and a copy of the property’s plan. In the case of a non-resident company, Certificates of Good Standing and Incorporation are needed. Government takes about 3 months to process the application.
A. Legal fees: typically 1% of the property value
B. Alien Land Holding License fee: 10% of property value (only for non-nationals)
C. Stamp duty: Approximately 1% of the purchase price.
D. Recording fee: An additional EC$ 5.00 is added for recording the transaction in the Deed and Land Registry.
E. Stamps on Affidavit: EC$ 1.50 per each witness affidavit required
F. Stamps on plan: $5.00
G. Cost of additional disbursements, e.g. Search fees