Have you ever wondered what it would cost to sell a house in Guyana?. Well, the short answer to that is yes. Selling property can be very expensive in Guyana. In this post, I will break down some of the major costs associated with selling local real estate.
Attorney at Law/ Justice of Peace (JP)
The first step you should take in selling is to consult an attorney or JP. The use of a lawyer or JP is a mandatory step in the sale of any property. The average rate that a local Lawyer or JP will charge is between 1% of the property sale price. So if you sell your home for $18,000,000 the amount you pay will be $180,000.
This is also a mandatory payment category. This agency enacts all laws affecting land, whether by way of transport or mortgages. This is also the body that will oversee the passage of title or transport from one person to the other. They charge 2.5% of the property sale price. This percentage is usually split 50/50 between buyer and seller.
There are two things certain in life; death & taxes – Benjamin Franklin. In Guyana, it is no different, in order to sell a property the tax man has to get his fair share. In this instance, the share comes as capital gains tax. Capital gains tax is a topic on its own but the basics are that you pay 20% on the profit you gain from selling a property.
Though the above-mentioned categories are mandatory, using an agent is not. Using an agent has its pros and cons, a seller will have to weigh those and decide what he/she needs. Real Estate Agents in Guyana charge 3% of the selling price as their commission.
As you can see there are many costs involved with selling property in Guyana. It is wise to get a lawyer first and follow the steps laid out by that person. This will save you in the eventuality of a step in the process going wrong. As a seller, you should not rush a transaction under any circumstances. A typical sale takes 3 months from Agreement of Sale to Passage of Title/Transport.