Purchase of Land
Procedures for Purchasing Property in Dominica
In order to safeguard against the many potential downside, buyers are advised to take on the services of reputable Real Estate Companies even when seeking to purchase directly from a private owner.
- Following are some simple steps that will guide you:
- The buyer must first provide the agent with a written offer for the property that you are interested in purchasing.
- This offer is presented to the Seller/Owner.
- Once the owner accepts, the agent presents you with a ‘letter of acceptance’ and a ‘Statement of transaction’ – to include purchase price, transfer, legal & survey/valuation fees.
- If you have accepted this ‘Statement of transaction’ a Lawyer is then employed to write up a corresponding Purchase & Sale Agreement.
- A Valuation is made on the property by a license Surveyor. (Transfer & Legal fees must either be calculated on this Valuation or on the property’s Purchase price –whichever is higher).
- You need also have a Surveyor (usually same) prepare new Survey Plans when applying for the changeover of Title.
- In most cases, you may be required to pay a 10% deposit on the purchase price in order to secure the property. This amount could be required upon signing the Purchase & Sale Agreement –which would also indicate the date for paying the balance of the purchase price
- This 10% deposit may either be made out to the owner where there is no hindrance against the title or to the agent or the Lawyer who would hold such deposit in escrow. With this, a refund could be made to you if the owner is not able to pass good title.
- To complete the sale you need to pay the balance of the purchase price and all fees to the Lawyer as per the Purchase & Sale Agreement.
- The Lawyer prepares a Memorandum of Transfer (MOT) which is executed by the owner and after payment of the pre-requisite transfer fees at the Treasury, presents the MOT along with other relevant documents (title forms, survey plans, valuation and the original duplicate title obtained from the owner) to the Land Registry for the processing of a title in your name as the new owner.
- Starting a Business
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- Banking & Insurance
- Purchase of Land
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