Terrific news for people interested in buying property in Montserrat.
That huge 10% fee for landholder's license (required for all non-Montserratians) has been cut in half.
I was informed by our lawyer Kharl Markham (in Lawyer Allen's office) that the landholder's license fee has been dropped to 5%.
The 5% is calculated on the purchase price LESS the value of furnishings. The furnishings in our home are currently insured at EC$71,800 or US$26,709. Since we just put in new appliances, I think we can safely up this amount to US$30,000.
This means that your 5% fee will be on the agreed-upon selling price LESS US$30,000.
If you wish to confirm this information, you can contact lawyer Kharl Markham at
e-mail: markhamkm@candw.ms
tel: 664-491-2498
fax: 664-491-2493
The final result? The costs for closing on the property are now down to about 10% rather than 15% --- great news indeed.
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