The Purchase and Sale of Real Estate is considered to be one of the most important undertaking an individual takes in his or her lifetime.
The consideration of such a venture however comes with associated cost that the Purchaser and Seller need to know beforehand such as; Transfer Fees, Stamp Duty, Registration Fees, Attorney’s Fees and Real Estate Agent’s Commission. The following percentages are the current rates being applied, subject to changes according to Government guidelines.
When Real Estate is being transferred the Vendor is required to pay Transfer Tax on the full Sale Price of the Property. This cost is borne solely by the Vendor.
The purchase of Real Estate requires stamping of the Agreement of Sale within Thirty Days (30) days of the Agreement for Sale being signed and dated. The penalty for late stamping is an additional amount equivalent to the amount of the Stamp Duty.
The current taxes payable are as follows: