Completion Time Frame: 2 days (simultaneous with procedure 2)
Completion Costs: 3% of property value (lawyer fees) + 15% VAT on lawyer fees
Points to Note:
It is mandatory for companies in such a transaction to be represented by a lawyer. The lawyer’s fee is regulated by law. For preparation of the Memorandum of Transfer, the vendor presents his proof of payment (receipts) of municipal taxes to the City Council and brings his duplicate original of the deed, including the copy of the survey plan. A 15% VAT on services was introduced in 2006. This adds 0.45% property value to the cost because it is payable on the 3%-property-value lawyer fees.

Step 2: Lawyer searches the title at the Land Registry

Completion Time Frame: 1 day (simultaneous with procedure 1)
Completion Costs: EC$5
Points to Note:
The records at the Land Registry are recorded by number in the computer system, while the original certificates are kept in paper form. The $5 stamp fee is for an adhesive stamp that can be obtained at a post office, but normally a lawyer would have a supply of these for this purpose.

Step 3: Payment of government fees and Stamp Duty at the Accountant General’s Office

Completion Time Frame: 1 day
Completion Costs: 1% of property value (assurance fund) + 4% property value (Purchaser’s Stamp Duty) + 2.5% property value (Vendor’s Stamp Duty) + 2.5% property value (judicial fee)
Points to Note:
The lawyer pays all fees on behalf of the clients. Fees are paid by the purchaser, except the Vendor’s Stamp Duty (2.5%). The fees are paid and the Memorandum of Transfer and the new copy of the Certificate of Title are embossed with proof of payment. The copy of the Certificate of Title is a blank copy obtained from the lawyer’s office.

Step 4: Obtain survey plan from certified surveyor

Completion Time Frame: 2 days
Completion Costs: EC$1,500
Points to Note:
The survey plan must be produced by a certified surveyor.When there are no changes in the property such as in the Doing Business case study, the surveyor just copies the previous survey plan without an actual visit to the site. This can take around 2 days depending on the availability of the surveyor. The surveyor fees are standardized.

Step 5: Memorandum of Transfer is lodged with Registry

Completion Time Frame: 14 – 60 days
Completion Costs: no additional cost
Points to Note:
The Registrar signs the Memorandum of Transfer and the copy of the Certificate of Title, which is given back to the lawyer. Documentation required: a) Memorandum of Transfer (embossed); b) 3 copies of the Survey Plan; c) 2 duplicate originals of the Certificate of Title