Posted by: realestatecaribbean | August 31, 2011

Additional Transfer Fees for Executors/Administrators

If you are an Administrator or Executor of a Will and are selling or Transferring Property forming part of the Deceased’s Estate  but your name is not on the Title you will have to pay what are called Transmission Fees.

What are Transmission Fees?

This is really a fiction whereby the taxman assumes a transfer from the Deceased to the Administrator/Executor before the property is sold on or transferred.

You will pay what are called Transmission Fees which are as follows:

  • Stamp Duty EC$7.50
  • 1% Assurance Fund
  • 1% Judicial Fees

These Fees are calculated on  the Valuation obtained for Probate /Letters of Administration and are in addition to the 2.5%  Transferor’s stamp duty which will be calculated on the market value of the property at the time of Sale or Transfer.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Categories