Buying costs are moderate in Montserrat
January 11, 2017
How high are realtors’ and lawyers’ fees in Montserrat? What about other property purchase costs?
|Alien Land Holding License||5.00%||buyer|
|Legal Fees||2.00% - 2.50%||buyer|
|Costs paid by buyer||9.60% - 10.10%|
|Costs paid by seller||nil|
|ROUNDTRIP TRANSACTION COSTS||9.60% - 10.10%|
| See Footnotes
Source: Global Property Guide
How difficult is the property purchase process in Montserrat?
Foreigners can freely buy property without restrictions. Montserrat uses the East Caribbean Dollar at a fixed exchange rate of US$1=ECD2.7. However, US dollars are generally used in real estate transactions.
Purchasing a Montserrat property is a straightforward business. The first step in the process is to secure the services of a lawyer, who will draft the sales contract. An Alien Landholding License must be secured from government authorities. A sales contract is always conditional upon the application and approval of this License. Approval can take between four to eight weeks. Upon signature of contract, 10% of the agreed price as down payment must be paid. The balance of the purchase price is payable usually within 30 days upon approval of the License. The seller then signs a memorandum of transfer in your favor. Your lawyer, in turn, will have the title transferred to your name.
Footnotes to Transaction Costs Table
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.