Buying and Selling Property in St. Lucia:
The information shown below is a guide only and while we have endeavored to show accurate information we do not guarantee its accuracy.

If you are Buying a Property
Buyers Legal Fees - Approximately 3-5% of the Purchase Price.
Stamp Duty - Approximately 2% of the Purchace Price.
Mortgage Down Payment - Usually 10%, but can be as low as 0%.
Mortgage Repayment Time - Up to 30 Years or until the borrower reaches 65 years of age.
Mortgage Interest Rate - Negotiable
Life Insurance - This is required if you need a mortgage.

If you are Selling a Property
Vendorsr Tax as follows:
On the first EC $50,000 - No tax.
On the next EC $25,000 - 2.5% tax.
On the next EC $75,000 - 3.5% tax.
On the balance - 5% tax.
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.

For Non Nationals of St. Lucia
For non nationals wishing to purchase property in St. Lucia, 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 purchaser’s country, a banker’s reference and a character reference. There is a non-refundable fee of EC $200 for applying for the Licence. Upon granting the Licence, the purchaser pays an Alien Land Holding Tax which is currently EC$5,000 if the land area is less than 1 acre. If the land area is greter than 1 acre, then the tax is more. This procedure generally takes a minimum of 3 months to complete.

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 St. Lucia, which provides for a deposit to be made to secure the property. The vendor's 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.

*Conveyance - A written document, which transfers property from one person to another.
**Escrow - The money is held in the attorney's bank account until the completion of the sale.