DEAR LEGAL WIZ,
In 2018, I placed my land on the market. It was valuated for JMD 6 million by a real estate company affiliated with my lawyer’s office.
My asking sale price was JMD 6.6 million and it was based the valuation conducted in 2018. The sale agreement was signed between the the potential purchaser and me in November 2020, but no final closing as yet.
Subsequently, I was recently made aware by my attorney that the property was recently assessed by the Stamp office for JMD 12 million. What are my legal standing? Would I be able to return to the potential purchaser and asked for more money based on the the recent valuation? Thank you for your valuable information.
Today’s response comes solely from Delroy Johnson, Attorney-at-law for over six years:
There should be a clause in the Agreement for Sale to take care of that and it should clearly state which party will pay for the excess Transfer Tax. No new agreement for sale cannot be drawn up at this point. Remember if the fees are not paid within 14 days it attracts a penalty of 100%. If there is no clause The agreed price should remain but they need to agree on how the excess tax will be paid.
The above does not constitute legal advice, and are done by inhouse senior journalists, chiefly Anthea McGibbon, after research and discussion with attorneys-at-law and other specialists, as necessary. EXCEPT where it is otherwise state. Please remember that names are changed at times by request of the person seeking information. Although articles and findings are researched, opinions offered on this site are for informational purposes only and are not intended to provide specific advice to any individual. This information is not intended to be a substitute for individualized tax, legal, or investment advice. Therefore please consider discussing your specific situation with a qualified tax, legal, or financial advisor.
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