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Guide to Buying Property in Grenada- Contracting to Purchase Property

Items to consider in entering into an agreement to purchase land in Grenada:

  • Is the agreement you are entering into with the vendor a binding contract?
  • Have you sought legal advice from an attorney-at-law/lawyer who can act on your behalf without conflict of interest, or are you consenting to the acting for more than one party to the transaction?
  • Are you practical in deciding upon the completion date. Have you taken into account, for instance: (a) Do you need to obtain a loan? How long would it take to process your loan? (b) Are you depending on the happening of another event for the funds, for example, sale of another property? (c) Do you need to obtain an aliens’ landholding licence? (d) Do you want to be physically present in Grenada for the completion?
  • Should your contract be made expressly subject to any conditions, for example, obtaining an aliens’ landholding licence?
  • What happens if you cannot complete by the completion date?
  • Are there vendor’s obligations in the contract which must be performed after completion date? Does the contract stipulate this?
  • Who is holding the deposit, and on what terms?

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