The Selling Process

Paradise Properties is honoured to be homeowners’ first choice to sell real estate in St. Lucia. We take our role very seriously. It is important to us that we catalyse the sale process to make it as efficient as possible. The real estate market is always changing and the approach to selling each property depends on individual factors. Paradise Properties values the confidence homeowners place in us. We advise with integrity, and we base our advice on our experience dealing with customers in the market. 

What to Expect when Selling your Property

Initial Site Visit to Assess the Property

Paradise Properties' team of real estate agents visits each property in person before listing. The purpose of the site visit is to become familiar with the location, condition, uses and any other features that may affect the sale. Understanding the property prepares the agent to work with the vendor and potential buyers. Paradise Properties only lists a property when we are confident in the saleability of the property in the current market.  

Documents  

To sell a property in St. Lucia, the owner must provide up to date versions of the following documents:

• Land register (no older than 6 months)
• Deed of Sale 
• Survey plan 
• Map Sheet 

If owners need assistance sourcing their property documents, Paradise Properties arranges a collection service from the relevant public offices. Documents must be provided upfront to verify title ownership and ensure there are no encumbrances to selling. In some cases, additional documents are necessary. For instance, non-resident owners may need a Power of Attorney. Administrators or executors of estates need Letters of Administration. Property owners must discuss their document requirements with their real estate agent upfront to ensure a smooth transaction. 

Valuations, conducted by quantity surveyors, give pertinent information such as the square footage, description, and cost of reproducing the property. This helps determine the market value. The market value is how much buyers are willing to pay vs what the sellers are prepared to accept.

Sale Listing Agreement 

The relationship between the vendor and the real estate is established with a written agreement. This authorizes the agency to market the property. 

Market Research and Formation of a Marketing Strategy 

Every property in St. Lucia is unique. Marketing a home begins with understanding how a specific property fits into the overall real estate landscape. What else is for sale in the area? What has recently sold? How does the price compare to similar properties? Are there unique features that stand out? What is the ideal buyer profile? Is the property suitable for the international market? Is it an income property? Paradise Properties strategizes every listing before we begin to market. 

Implementation of Marketing plan 

Depending on the marketing plan, a variety of media types may be used to promote the property. These include high quality photography, videos, 3D tours, drone footage etc. We advertise locally, regionally and internationally. 

Viewings 

After the marketing has begun, Paradise Properties receives inquiries from potential buyers or customers. Our agents discuss the inquiry with each customer to determine which properties are suitable for them. We accompany customers to every property viewing. First impressions matter! We furnish the customer with as much information as possible to assist their decision process. 

Agreement for Sale 

The Agreement for Sale is a contract between the vendor and the intended purchaser. The agreement stipulates the terms of the sale. Important information in the Agreement for Sale includes:

• The total purchase price
• The deposit to be paid by the purchaser 
• The balance to be paid at closing 
• The period for which the property will be taken off the market 
• The closing date 
• The conditions for closing 

The property is taken off the market after an Agreement for Sale has been signed.  

Clearances 

To sell property in St. Lucia, the vendor must establish that their taxes are up to date. Every vendor must get clearance documents for property tax, income tax and NIC. If there are taxes outstanding, these sums are deducted by the closing attorney from the proceeds of the sale and paid to the Accountant General. 

Vendors’ Tax

The vendors’ taxes remain the same whether the property is registered to a person or a company. A vendor who is non-national pays a flat rate of 10% vendors’ tax. Vendors who are St. Lucian and CARICOM nationals pay vendors’ tax on a sliding scale according to the price of the property: 

Up to XCD$50,000 - no tax

Next $25,000 – 2.5%

Next $75,000 – 3.5%

Above $150,000 – 5%

Closing Services

Paradise Properties’ real estate agents monitor the transaction beyond the Agreement of Sale to the final closing. The real estate agent liaises between the vendors and purchasers. We facilitate follow up visits to the property. We coordinate, where necessary, the collection and signing of documents. Every real estate transaction is multi-faceted. The real estate agent plays an active role to ensure the various pieces are moving in tandem. 

Conveyancing 

The preparation of the new Deed of Sale is done by the PURCHASERS’ attorney. The vendor, therefore, does not have legal fees except if additional legal advice is necessary during the transaction. On the CLOSING DATE, the purchasers and vendors sign the new Deed of Sale. The purchasers’ attorney pays the vendor the sale price minus the deposit and deductions for taxes and commissions.

Congratulations! Your property is now sold!