For Sellers

 

Real Estate Selling Procedure in Grenada

 

Selling a house can be stressful. This is a huge financial transaction with many emotional aspects. But you can get it done; and it may even be easier than you anticipate.

One thing to keep in mind is that you're not alone. An experienced, RE/MAX Grenada real estate agent can guide you through the process, help resolve any issues that may arise, and ensure that your home sells for the optimal price in a timely manner.

We shall be pleased to list and market your property for sale.

 

Step 1: Market Appraisal

RE/MAX Grenada will inspect your property with you (where possible) and compare its features (land size, bedrooms, condition etc.) with properties in the area that have recently sold, and their sale prices. This will give RE/MAX Grenada an estimate on what your property would sell for in the current real estate market. With you, RE/MAX Grenada will discuss and recommend a suitable listing price.

 

Step 2: Listing the Property

Documents will need to be completed and signed by yourself (the legal owners) and RE/MAX Grenada. This form will grant RE/MAX Grenada the permission to sell your home on your behalf. Should you agree to work with us, you will need to provide a copy of the title deeds of the subject property. RE/MAX Grenada will then organize photos to be taken, and the advertising will be arranged.

 

Step 3: Marketing your Property

RE/MAX Grenada has the most experience marketing and selling real estate in the country of Grenada. With a network of over 117,000 agents, there are a number of options to consider when looking at the methods of advertising your property. RE/MAX Grenada will examine each option in relation to the sale of your property and work with you to help you decide the best way to market your property using a combination of major websites, professional photography, signage, newspaper advertising, brochures, and social media. Furthermore we are able to expose your property on the International RE/MAX Global Websites which boast maximum reach.

 

Step 4: Buyer Inspections

The marketing of your property will generate enquiries which will go directly to your agent. After qualifying the buyers, RE/MAX Grenada can organize with them to do an inspection of your property (at a time that suits both yourself and the buyer or if the property is tenanted, liaise with the tenant and give the required period of notice). Alternatively, if an Open House has been organized, arrange for them to attend this inspection. Most buyers are advised to attend Opens and tend to scan newspapers and websites to work out in advance which properties they wish to review.

  

Step 5: Offers and Signing the Contract

RE/MAX Grenada will present all written offers to you for your consideration. Your agent will give you a full brief on each buyer and their situation and make recommendations as required. If you are content with the purchase price and conditions of the contract, the chosen buyer will be advised of their success and your agent will complete the formal contract with them, most often within hours. You will also be asked to co-sign this document. The buyer then has a cooling off period of 5 business days where they can terminate the contract for any reason. Their deposit is due on the day after cooling off expires.

 

Should the sale go to completion, your anticipated outgoings shall be as follows:

Vendor's Transfer tax: nationals 5% in excess of EC $20,000.00.

Non-nationals are charged 15%.

The commission chargeable by RE/MAX Grenada. shall be 5%. This includes general advertising and other handling costs.

 

Step 6: Under Contract

Any building inspections that the buyer requires will be conducted in this ‘cooling off period’, therefore will not be written as a condition of the contract. If for any reason, they do not wish to proceed due to a poor report, the buyers will then ‘cool-off’. The buyer pays for this building inspection and RE/MAX Grenada will attend on the day and report back to you all relevant information. You will know immediately upon completion whether your home has ‘passed’ satisfactorily with the buyer. Most contracts are conditional upon the buyers securing finance and RE/MAX Grenada will normally give between 7-10 business days for this to be completed. Conditional approval is firstly given on the buyers themselves (they meet all banks’ lending criteria) and most buyers are already at this stage when they make their offer to you. Unconditional approval however, if still required. This will involve a bank valuation being done on your home (a quick 15-minute visit) where the Bank satisfies itself that your home is up to market value.

 

Step 7: Unconditional

The buyers will have a Building & Pest inspection and bank valuation done at your property so they are able to fulfil the Building & Pest and Finance conditions on the contract. When all the conditions of the contract have been met or “satisfied”, the property becomes “unconditional” and has been SOLD. RE/MAX Grenada will then put a SOLD sticker on your sign. Your solicitors will continue to liaise with the buyer’s solicitors and also prepare documentation for settlement.

 

Step 8: Pre-Settlement Inspection

The buyer is allowed to do what is called a “Pre-Settlement Inspection” prior to the settlement of the property. It is usually only a ten-minute inspection to see if everything is the same as it was when they inspected the property initially. All light-fittings, window dressings, air-conditioners, dishwashers and any fixtures are required to be left in the property unless they have been excluded on the contract. The inspection is often done on the morning of settlement and is usually done, where possible, after all your furniture has been removed.

 

Step 9: Settlement

Standard settlement timeframes are 30 days, 45 days or 60 days with 30 days from date of contract the most common in Grenada. Before settlement takes place, your solicitors will liaise with the buyer’s solicitors, organize the change of title and set a settlement time when they will meet the buyer’s solicitors and receive the buyer’s money for your property.

 

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