Reduction on transfer fees for one year

For a period of one year, that is from September 1, 2020, to end of , 2022, the fees related to transferring or purchase of land is as follows:

Stamp Duty 2 percent
Judicial Fee 1 percent
Assurance Fund 2 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.



Now is a pretty good opportunity for buyers to take advantage. 👍💯

The is no special fee on gifts. Gifts between parents and children only 2% stamp duty, 2.5% judicial fee, 2% assurance fund and no vendors fee.

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