Reduction on transfer fees for one year
For a period of one year, that is from September 1, 2020, to August 31, 2021, the fees related to transferring or purchase of land is as follows:
Stamp Duty 2 percent
Judicial Fee 1 percent
Assurance Fund 1 percent
Solicitor’s fee – a maximum of 1 ½ percent.
A total of 5 ½ percent on the value of the property will be paid by the buyer instead of the 10 ½ percent which is currently payable.
According to Prime Minister Roosevelt Skerrit, this will result in a 48 percent reduction in fees associated with land transfer for the buyer or receiver. The fee payable by the vendors/sellers of properties will remain at 2 ½ percent.
This will certainly put relief on the pockets of the purchasers who found it difficult to pay for the land in addition to the 10.5% government transfer fees which is calculated between the purchase price and the valuation. In other words, the higher of the two prices. Thankfully there is now some leeway.
FEES BEFORE 10.5%
FEES NOW 5.5%
Now is a pretty good opportunity for buyers to take advantage. 👍💯