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The limited resources of land and housing in Guernsey required legislation (first introduced in 1948) to protect the availability of affordable houses for Guernsey locals (i.e. born in Guernsey and having lived in the Island for a certain number of years).

A register of open market properties was created for occupation by new residents who do not possess the necessary local residential qualifications but who are EC residents. Approximately 1,800 of the 20,000 dwellings in Guernsey are inscribed on the register, and no additional open market development is permitted.

Contracts, Conveyancing and Costs
Having found a suitable property and successfully negotiated the price, completion date and other terms, a standard contract known as Conditions of Sale, been introduced by the Guernsey Bar council, is prepared. This can be signed and a deposit paid (normally 10% of the purchase price) following legal consultation.

Conveyancing in Guernsey is completed twice weekly during a sitting of the Royal Court. The procedure is typically a formality, but attendance is essential, either personally or by your attorney. The document which is presented before the court is registered later that day, and constitutes the Title Deed to your new property.

The basic cost of buying property in Guernsey is approximately 3.75% of an adjusted figure forming the greater part of the purchase price. This represents the tax payable to the States of Guernsey, comprising 3% document duty. The remainder is the legal fee (approximately 0.75%) and Court charges. There will be further legal charges if a loan is to be secured on Guernsey realty by way of a bond mortgage deed.

The information above is intended for general guidance only and does not purport to set out comprehensively the laws and procedures in depth and how they apply to your particular circumstances. It should therefore be read in conjunction with advice given to you by your Guernsey advocate and other professional advisers.