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Grenada Property Buying Information

How to Buy Property in Grenada

Alien Land Holders Licence
For non nationals wishing to purchase property in Grenada, the property must first be identified and then an application made for an Aliens Land Holding Licence. This application is usually made by a lawyer and involves a police clearance from the purchasers country, a bankers reference and a character reference. Upon granting the Licence, the purchaser pays an Alien Land Holding Tax which is currently 10% of the purchase price

Grenada Property and Land Investment
The information shown below is a guide only and while we have endeavored to show accurate information we do not guarantee its accuracy

Average Costs
Buyers Legal Fees - Approximately 2% of the Purchase Price.
Stamp Duty - Approximately 1% of the Purchase Price.
Mortgage Down Payment - Usually a minimum of 10%, but can be as low as 5%.
Mortgage Repayment Time - Up to 30 Years or until the borrower reaches 65 years of age.
Mortgage Interest Rate - Range from 7.75% to 9%
Life Insurance - This is required if you need a mortgage.

Sellers Legal Fees - Approximately 1% of the purchase price
Property Transfer Tax - 5% of the purchase price for nationals and 15% for non nationals.
Real Estate Commission - Normally 5% of the Purchase Price .
Early mortgage termination fee - There is normally a fee when a mortgage is terminated before the agreed time period.

Tenure and Registration Section
The majority of land in Grenada is owned in fee simple. A purchaser will normally acquire absolute title which is registered in the Grenada Government Land Registry. Registered titles relate to a detailed cadastral survey which defines legal boundaries. No transfer of land can take place unless the boundaries of the property have been determined to the satisfaction of the Registrar of Lands.
Property in Grenada may also be held on long lease from private individuals. The lease term is normally 99 years or the unexpired term in the case of an assignment of a lease. For practical purposes a purchaser of such a leasehold interest will enjoy all the benefits of an absolute title for the duration of the lease.

Legal Issues
Property is passed by conveyance of title, which is evidenced by the recording of title deeds and certified survey plans at the registry of title.
Once the purchaser has agreed to buy, and the vendor have agreed to sell, a legal contract has to be drawn up by a lawyer in Grenada, which provides for a deposit to be made to secure the property. The vendors attorney holds this deposit in escrow until completion of the sale when the balance of the purchase price is paid and the title passes to the purchaser by way of the conveyance.
The purchaser will require a registered Grenadian attorney to search the register and establish title to the property prior to the completion of sale to ensure that there are no encumbrances, charges, encroachments or other impediments to the sale.
It will normally take 2-3 months for all the legal issues to be resolved.

Planning
Development in the Grenada is controlled by Planning Guidelines which determine general policy. Development work must be approved by the Authorities who are concerned with planning matters and by the Building Authority who are responsible for ensuring that building conforms with the building code guidelines.

It is preferred if working drawings submitted to these Authorities are prepared by architects based in the Grenada.