Lawyer prepares and executes deed of sale
Ideally, the lawyer can prepare and execute the deed in one day. However, this is dependent upon receiving the “Radiation” document of discharge of the seller’s mortgage from the bank. If there are no mortgages attached to the property, execution of the deed can be done in one or two days at the most. The purchaser pays stamp duty to the Inland Revenue Authority, in addition to EC$ 20, which represents stamp duty on two additional copies at EC$ 10 per copy.
The scale of lawyers’ fees is set by the Bar Association of St. Lucia, and is used as a basis for the fees. A minimum flat fee of EC$ 100 is charged in addition to a percentage of property value.
At the same time, the buyer will pay 2% for the stamp duty.
1-2 days (simultaneous with procedures 1, 2, 3, 4, 6, and 7)
Lawyer’s fees + Vendor’s tax + Buyer's tax + EC$ 20
Lawyer’s fees: flat fee of EC$ 100 + % of property value, according to the following scale:
|Up to 50,000||2.5%|
|Up to 100,000||1.5%|
|Up to 850,000||1%|
|Over 1 million||0.5%|
|Vendor’s tax: Seller pays vendor’s tax according to the following sliding scale (for a St. Lucian national):|
|Property value:||Vendor’s tax:|
|Up to 50,000||no charge|
|Between 50,000 and 75,000||2.5%|
|Between 75,000 and 150,000||3.5%|
|Buyer's tax: stamp duty of 2% of the property value.|