saint lucia real estate
A Breakdown of the Closing Costs when Purchasing St Lucia Real Estate (St Lucian Citizens)
When purchasing St. Lucia real estate, it is wise to keep in mind, from very early on, all the costs associated with the transaction. Do not get so caught up in the excitement of property hunting that you forget to take your closing fees into account! This is especially important as the price of the property you buy determines the legal and government fees you pay. When budgeting therefore, you must consider your closing costs, as this will affect how much you can spend on real estate in St. Lucia.
As a buyer of residential St. Lucia real estate, your closing costs are of two types: stamp duty and legal fees. The stamp duty is a purchase tax on St. Lucia real estate. This is a 2% stamp duty for the registration of the deed of sale as well as a 0.25% stamp duty for the registration of the mortgage.
In St. Lucia real estate transactions, the legal fees however, differ depending on the cost of the property you are buying. The fees are calculated on a sliding scale as follows:
- Up to the first *EC$50,000, 2.5% is charged
- For the next EC$100,000, 1.5% is charged
- For the next EC$850,000, 1.0% is charged
- For everything over EC$1,000,000, 0.5% is charged
If for example, you purchased St. Lucia real estate valued at EC$1,500,000, your legal fees would be EC$13,750. The calculation is illustrated in the table below.
|
Cost |
Rate |
Total Fee |
| $50,000 | 2.5% | $1250 |
| $100,000 | 1.5% | $1500 |
| $850,000 | 1% | $8500 |
| $500,000 | .5% | $2500 |
| TOTAL PRICE OF PROPERTY$1,500,000 | TOTAL LEGAL FEE$13,750 |
The stamp duty for this St. Lucia real estate transaction would be $33,750. The total closing costs are $47,500.
Consider the closing costs at the beginning of your search for St. Lucia real estate. This will ensure that you know how much you can spend on a property and that you stay within budget!
*$1 EC =$0.37 US
