REAL ESTATE
TRANSACTIONS IN THE
U.S. VIRGIN ISLANDS
The main islands and surrounding cays of the U.S. Virgin Islands offer good opportunities for real estate investment. The Bornn Firm can assist you with this process, which is somewhat unique to the Territory-whether for residential, commercial, leasing, or industrial/manufacturing.
In general, the process should commence with an inspection of the property and preparation of an acceptable Contract of Sale or Agreement to Purchase. The Bornn Firm works with multiple Realtors in the Territory; if you do not have one, we can assist with referring you to one.
Once contracted, the process continues with the preparation of a Deed, Lease-Purchase Agreement or Lease. Before a Closing can be scheduled the Deed has to be “attested” by the office of Public Surveyor or Cadastral Division. This process confirms that the property being conveyed is the same as that enrolled in the records of the Government.
Title searches and title insurance are commonly generated by various title insurance companies in the Territory. Title insurance is mandatory if bank-financing is being used. The title insurance policy protects the interest of the Owner and the Mortgagee should the state of title not reveal some hidden defect or claim – a scenario that arose a few years ago affecting all real estate on the southeast end of St. Thomas.
Clients are also encouraged to obtain an as-built survey to confirm the boundaries of the parcel and to ensure that all improvements have been built within the confines of the parcel or that adjacent structures or driveways have not encroached onto the parcel to be purchased or sold.
The title company usually only performs the role of insurer at Closing. Parties are usually represented by separate legal counsel, who together work to complete the Closing. There is no custom of a third-party “Settlement Agent”.
Following Closing, documentation is recorded with the Office of the Recorder of Deeds which office returns the enrolled documentation some weeks after presentation for recording.
This is a thumb-nail sketch of the procedure in the U.S. Virgin Islands. It is hoped it is helpful in assisting you.
Other Links To Visit
www.threesaints.com www.usvieda.org www.trianglecorporateservices.com