Apr 29, 2022 | QA
Published on our April 2022 Newsletter
Question: How are closings handled?
Chris’s Answer: In the US Virgin Islands, the long standing practice is for Buyers and Sellers to each be represented by attorneys to close the sale. We always recommend hiring an attorney who specializes in real estate to represent you.
The Buyer’s attorney will review all the documents to make sure “clear and marketable title” to the property being purchased is delivered to the Buyer. The attorney’s work includes, but isn’t limited to, reviewing the title commitment, survey, tax clearance letters, closing statements, Buyers statements of expenses and making sure that all the documents are in order for closing.
Sometimes Buyers and/or Sellers are present for closing. If you are off island for the closing, this is not a problem. Your attorney can have you sign a Limited Power of Attorney for some documents, so that the attorney can sign them for you. If there is a mortgage, those loan documents do need to be physically signed by the Buyer (i.e. the Borrower) and those documents can be sent to the Buyer through the mail. The closing usually takes place in one of the attorney’s offices.
Once the documents are signed and funds paid to the Seller and any lien holders — CONGRATULATIONS — you now own a new home, condo or land on St. Croix! The Buyer’s attorney will make sure that any relevant documents are Recorded at the Lt. Governor’s Recorder of Deeds Office.
Apr 29, 2022 | QA
Published on our April 2022 Newsletter
Question: What is an inspection contingency, and how is it handled?
Christie’s Answer: Once an offer to purchase a property has been accepted and signed by all parties, the Inspection Contingency Period begins. Generally, this is a 2 week period, though 3 week periods are not unusual. It ensures that the Buyer receives vital information about the property from a Licensed Professional Home Inspector. It gives the Buyer the option to accept and sign off on the Inspection Contingency Period, OR potentially negotiate repairs, a reduction in the purchase price in lieu of repairs, or even walk away from the purchase with a full refund of their earnest money deposit.
Some people ask if they can waive the property inspection contingency. Our professional advice is to not do this. We feel it’s important that Buyers have as much information as possible about the property they are buying. It’s to the Buyers’ advantage to be present during the inspection so that they can ask questions of the Inspector on site, and learn more about their new home or condo.
After the inspection contingency period is complete and accepted by the Buyer, in Real Estate terms, their earnest money deposit has “gone hard” and is non-refundable. Then the purchase moves to the next phases of the process, which we will cover next month.
#stcroix #stcroixusvi #caribbean #realestate #realtor #coldwellbanker #buying #homeownership #homeinspection
Apr 28, 2022 | Island News
The Office of the Lieutenant Governor recently had banking board meetings held with local banks territory-wide which include Oriental Bank, Bank of St. Croix, FirstBank, Banco Popular, Merchants Commercial Bank and the Economic Development Bank. The banks reported that they have been approving more construction loans and increasing collaboration with the V.I. Housing Finance Authority which has programs aimed at aiding locals with homeownership. According to the VI Consortium, “the increase in approval of loans tied to home construction and homeownership in the territory follows complaints from lawmakers who argue that while local banks store hundreds of millions of government funds, they have not done enough to make funding accessible to locals looking to become first-time homeowners.” Read the full article here.
#stcroix #usvi #homes #homebuying #realestate #bank #loans #mortgage
Apr 19, 2022 | Island News
Starting today, the National Trust for Historic Preservation’s HOPE Crew (in partnership with the Nature’s Conservancy) will be having a two-week masonry training at Estate Little Princess St. Croix. The Estate Little Princess was established in 1749 and is a historically and culturally important site. The HOPE Crew program brings preservation and preservation trades to a younger audience. In partnership with CHANT’s (Crucian Heritage and Nature Tourism) Invisible Heritage pre-apprenticeship program, HOPE Crew will focus on training five local youth in masonry techniques. Read full article on the St. Croix Source here.
#stcroix #historicalbuildings #preservation #usvi #heritage #nature
Apr 12, 2022 | Island News
The St. Croix ground lizard is so rare. Since 1969, the indigenous lizard had not been found on St Croix, having been eliminated by mongoose, rats, and degraded habitats. Recently, the Department of Planning and Natural Resources has experimentally returned the namesake St. Croix Ground Lizard to St. Croix for the first time in 50 years. It is one of the world’s most endangered reptiles!
In an effort to help recover the species from being endangered, the Division of Fish and Wildlife has reintroduced two experimental populations to St. Croix. Since 2020, a big cooperative project with different partners have tried to create an environment more friendly to the indigenous lizard population.
Organizations involved in the project include: Division of Fish and Wildlife, the University of the Virgin Islands, U.S. Fish and Wildlife Service, U.S. National Park Service, DPNR Coastal Zone Management Division, St. Croix Environmental Association, California Academy of Sciences, and Texas A&M University.
Read the full article here.
Photo from St. Croix Source, credit to Department of Planning and Natural Resources.
#lizard #stcroix #usvi #caribbean #endangeredspecies #preservation #conservation #environment
