USEFUL TIPS WHEN PURCHASING LAND OR BUILT PROPERTY

IN GRENADA
AS A GRENADIAN CITIZEN

When embarking on this exciting journey, it is important that my clients are well
informed and educated on the purchase process in Grenada.

• Sales Agreement - Once a purchase price has been agreed, a Sales

Agreement outlining the terms and conditions of the sale is prepared by the
Vendor’s attorney and sent to the Purchaser’s attorney for perusal. The
Purchaser will then be required to pay a 10% non-refundable deposit which is
held in escrow by the Vendor’s attorney until completion of sale (generally 2-
3 months) and both parties sign the relevant Sales Agreement. N.B. It is
important to note that the only conditions in which the 10% deposit is
refunded is if clear Title Deed is not proven when the purchaser’s attorney
conducts the necessary search in the Registry or if the Aliens Land Holding
License is not granted.

• Transfer Of Monies Into Grenada - It is imperative that when monies are

being transferred from overseas, the “source of funds” be included in the
information for the bank in Grenada as this can delay the process.

• Stamp Duty – this is generally 1% of the agreed purchase price.

• Legal fees – these are generally 2% of the agreed purchase price. Other
minimal charges may include Fedex charges, postage, recording fees
etc. – ½%

• Property Tax – Paid annually, this is 0.3% of the value of the property as
deemed by the Government of Grenada for a residential property and 0.2%
for land as per the Taxpayers Guide. Valuation takes into account the
following:- location, land prices in the area, development potential, type of
land, size of land, condition of building, neighbourhood etc.

P.O Box 1439, Grand Anse, St. George’s, Grenada W.I.

Telefax +1 (473) 440.5227 / (473) 538.5224
Email: beverly@c21grenada.com Skype: beverlyrenwick
www.c21grenada.com
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• Covenants - Obtain any covenants that may exist of the area, thus enabling
you to make an informed decision on the restrictions governing the area.
Some of these areas include Westerhall, Ft. Jeudy, Egmont, Lance Aux
Epines, Calivigny Harbour Development and Calivigny Gardens. There is
usually an annual maintenance fee that is required by residents of these areas.

• Pools - If purchasing a property that has a pool, it is advisable to have the

pool checked out thoroughly before purchase.

• Land Transfer Tax – The seller/vendor is required to pay 5% (as a citizen of

Grenada) or 15% (as a non-citizen) of the agreed selling price at the time of
sale to the Government of Grenada. Land Transfer Tax is calculated on the
cost of the property and land ONLY. The Government of Grenada gives a tax
break of EC$20,000.00 and Land Transfer Tax is calculated on the balance
once this deduction has been made.

• Land Purchase - If purchasing land, ensure that all boundary markings are
clearly identified.

• Building Costs – Approximate building costs generally run in the range of

US$150.00/EC$400.00 per sq. ft. increasing depending on the level of
finishes and complexity of design. Swimming Pools can run in the range of
US$75.00/EC$200.00 per sq. ft. and up again increasing on the level of finish
etc.

• Architectural Fees - Architectural fees can range depending on the firm

chosen and whether it is Commercial or Residential, however a rough guide
would be approximately 13% broken down as follows:-
Architects fees for residential architecture – approximately 8% of total
construction depending on services provided.
Quantity surveyors – approximately 2% of total construction
Structural engineering – approximately 2% of total construction
Electrical engineering – 1% of total construction
P.O Box 1439, Grand Anse, St. George’s, Grenada W.I.
Telefax +1 (473) 440.5227 / (473) 538.5224
Email: beverly@c21grenada.com Skype: beverlyrenwick
www.c21grenada.com
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• Banking Information -Interest Rates – Can range between 4-7% however

this is negotiable and depends on a number of factors which include the
location of the property, value of the property, construction of the property
(i.e., wood, concrete), if the individual applying is qualified, stability of
employment, income etc.
Deposit Required - Approximately 10% down payment is required but again
this is negotiable.

P.O Box 1439, Grand Anse, St. George’s, Grenada W.I.

Telefax +1 (473) 440.5227 / (473) 538.5224
Email: beverly@c21grenada.com Skype: beverlyrenwick
www.c21grenada.com