Search root of title at the Land Registry
Agency: Land Registry
It is common practice for the lawyer or lawyer’s clerk to search the Index of Deeds at the Lands Registry for the root of title. This can take a long time if the title is not properly indexed- i.e. names of individuals not recorded accurately or omitted. If the indexing is not up-to-date, it may be necessary to search individual deeds for the relevant time frame. Also, the indexing is done by hand and the quality of paper is diminishing, making the durability of the records more susceptible to wear and tear. The search area is limited and there are several persons searching at the same time which causes a delay in the process. Once the search is complete, a copy of the deed is prepared and forwarded to the Valuation Office with a covering officially prepared form with details of the property being sold, the location of the property and the price agreed by the parties (Procedure 5). During this time period, the clerk also searches the Cause Books at the Registry for any judgments against the property.
Time and cost: 21 days, XCD 44.25 (EC$2 per day + EC$0.75 per page to be copied (on average, 3 pages))
Search for encumbrances and judgements at the Registry of the High Cour
Agency: Registry of the High Court
This search is necessary to verify whether or not there are any judgments against the seller and his/her property. Some encumbrances and judgments are recorded at the High Registry only and cannot be found at the Land Registry; therefore, a check at the High Court Registry must be made. Unless all judgments are settled, the transaction cannot proceed.
Time and cost: 2 days, XCD 6.25 (EC$2 per day + EC$0.75 per page to be copied (on average, 3 pages))
Conduct company search at the Commerce & Intellectual Property Organization
Agency: Commerce & Intellectual Property Organization
When companies are involved in the transaction, a search is done on their files for the respective registration numbers, the directors, secretary and the by-laws.
Time and cost: 1 day, XCD 5
Obtain tax clearance certificate from the Inland Revenue Authority
Agency: Inland Revenue Authority
In order for the execution of the deed to proceed, both the seller and purchaser must have paid all outstanding income taxes and property taxes. Therefore, clearance from the Inland Revenue Authority must be granted. This usually takes a few days because the Revenue Authority scans all documents and then must send the clearance certificate to the land registry. For non-nationals, the Vendor’s Tax is 10%. In addition to this Procedure, the buyer’s lawyer might also choose to make an inquiry with utility companies (water, electricity and phone/cable). Such inquiry could be conducted within 1-2 days.
Time and cost: 1 day, no charge
Preparation of deed by lawyer
Agency: Lawyer’s office
A lawyer, or lawyer’s clerk, witnesses the signature(s) of the vendor and purchaser and signs a declaration that he witnessed the signature of the vendor on the deed (the purchaser does not have to sign the deed of conveyance). The declaration is filed during registration.
Time and cost: 2 days, XCD 16,819.49
Schedule of lawyer’s fees as regulated by the St. Vincent and the Grenadines Bar Association (Property Value: Fees):
- $1,001 – $5,000: Charge as for $1,000 with addition of 5% of the excess ($1,000: $125)
- $5,001 – $10,000: Charge as for $5,000 with addition of 4% of the excess ($5,000: $325)
- $10,001 – $25,000: Charge as for $10,000 with addition of 3% of the excess ($10,000: $525)
- $25,001 – $49,999: Charge as for $25,000 with addition of 2.25% of the excess ($25,000: $975)
- Over $50,000: Charge as for $50,000 with addition of 1.5% of the excess ($50,000: $1,538)
Valuation of property by the Land Tax Office (Inland Revenue Department)
Agency: Land Tax Office of the Inland Revenue Department
A copy of the deed (quoting the root of the title) is attached to the valuation certificate and sent to the Valuation Office (Land Tax Office) for approval. Clerks at the Valuation Office usually conduct a search on the current owner of the property and make sure that all taxes have been paid. Given that there are no outstanding taxes, the valuation is returned to the purchaser’s lawyers. It is not mandatory to inspect the property, but the Valuation Office may decide to inspect if they are not familiar with the property or if the property value is deemed too low. Inspection is conducted by a valuation officer and the Chief Surveyor.
Time and cost: 18 days, XCD 106,876.61 (Stamp Duty 10% (5% paid by purchaser; 5% paid by vendor))
Registration of the title deed
Agency: Land Registry
Once the receipt is issued for payment of stamp duty and registration fees, the time and date of receipt by the Registry should be recorded on the deed. The deed is then registered, a number is allocated to it, the original is retained in the records of the Registry (it becomes part of the documents for search), and a copy of the registered deed is handed back to the person registering the deed. Documentation required: Two copies of the deed with valuation certificate
Time and cost: 3 days, XCD 2,674.42 (Registration fee according to the following scale: EC$40 for the first 15,000 (of sale price) and EC$2.50 per $1000 thereafter)
