Virgin Islands Law Blog

Virgin Islands Law Blog

U.S. Virgin Islands law & politics

Category Archives: Real Estate

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What You Need to Know About Investing in Virgin Islands Residential Property

Posted in Real Estate
There are a number of benefits to investing in residential real estate in the U.S. Virgin Islands, including strong profits, ongoing supplemental income and the access to credit these properties provide. However, there are a few legal considerations you should understand before deciding to make your first investment in residential property in the islands. The … Continue Reading

Four Legal & Financial Issues to Consider Before Purchasing Commercial Property in the Virgin Islands

Posted in Real Estate
Purchasing a commercial property can be a great investment, with the potential to earn you a sustained income now and in the years ahead. However, there are some key legal and financial issues to consider before moving ahead with your purchase. The following are four of these issues: 1. Determining the property‚Äôs value First and … Continue Reading

Continuing Violations Doctrine Limits Legal Action

Posted in Litigation, Real Estate
James S. Carroll III, Judge of the Superior Court of the Virgin Islands was asked to settle a real estate dispute that originated in 2002. The Defendant Basil Bryan agreed to sell Parcel No. 17–5C, Estate St. Peter on St. Thomas, U.S. Virgin Islands, to the Plaintiff, Nancy Anderson. The parties also agreed that Ms. Anderson would receive an … Continue Reading

VI Attorney General Rules Against Family Trusts

Posted in Real Estate
Virgin Islands Attorney General Vincent Frazer issued an opinion to Lieutenant Govenor Greg Francis on May 17, 2003 relative to the status of tax exemptions on real property transfers in the Territory.  The specific question posed by Lt. Governor Francis was whetther a conveyance of real property to or from a trust for the benefit … Continue Reading

BoltNagi Facilitates $20M Transaction to Revitalize Hospital Ground Housing

Posted in Real Estate
The Virgin Islands Housing Management, Inc. (VIHM), together with Reliance Housing Foundation recently announced the long awaited onset of the demolition and new construction redevelopment phase of the Emergency Housing Hospital Ground Apartments on St. Thomas, U.S. Virgin Islands.  Ronald R. Pennington, Chair of the BoltNagi PC’s Real Estate & Financial Services Practice Group served as counsel … Continue Reading

1031 Exchange: Is It Right For You?

Posted in Real Estate
If you are currently considering selling and acquiring property of similar value, perhaps a 1031 exchange is right for you. A 1031 exchange differs a typical real estate sale because the property is considered to be exchanged instead of sold. Partial exchanges also qualify and receive partial tax-deferred treatment. One of the main advantages of … Continue Reading

Creative Ways to Finance Commercial Real Estate

Posted in Real Estate
Interest rates are at or near historical lows while at the same time only a limited number of Virgin Islands financial institutions are  providing financing for commercial real estate, even to long time creditworthy customers with long histories of investing in commercial real estate. At BoltNagi PC we have seen financial institutions of all sizes … Continue Reading

Territory Offers Foreclosure Prevention Programs

Posted in Real Estate
  In the current down economy, as government and private sector employees continue to lose their jobs, many are worried about losing their homes too.  To help, U.S. Virgin Islands Delegate to Congress Donna Christensen has aggregated multiple federal programs to help people stay in their homes. "Several homeowners have called or emailed my office asking about federal … Continue Reading

Get a Survey! Good Advice for Prospective VI Property Owners

Posted in Real Estate
One of the first recommendations that the BoltNagi Real Estate & Financial Services Group makes to a purchaser of real estate is to obtain a survey and “walk the land”.   For just about any real estate purchase, your real estate attorney’s standard advice will be to "get a survey, get a survey, and get … Continue Reading

Seller Financing: A Comeback Story?

Posted in Real Estate
  With the continuing tight credit markets and potential buyers still having difficulty obtaining financing, sellers of property in the Virgin Islands may consider providing financing to the buyer. This is typically achieved with either an installment sales contract or a traditional note and mortgage… Continue Reading

Sanctity of Contract

Posted in Real Estate
  Often time buyers and/or sellers enter into a contract for the purchase of real estate without fully considering the ramifications. Whether pushed by their own financial situation or other outside factors, a person hastily entering in to a contract without fully understanding their rights and obligations can lead to unforeseen consequences… Continue Reading

VI Landlords Face New Tax Responsibilites

Posted in Real Estate
Virgin Islands landlords receving $600 or more annually in rent from real estate will be required to file Form VI-1099 with the Virgin Islands Bureau of Internal Revenue (BIR) and with their tenants.  They will also have to send Form VI-1099′s to the BIR for all service providers such as plumbers, electricians, handymen, accountants, etc. for … Continue Reading

Ten Tips For Prospective Home Buyers

Posted in Real Estate
  Buying a home in the U.S. Virgin Islands can be a time-consuming process. However, home ownership can also be very rewarding. The purchase of a new home is often times the largest single purchase that an individual will make in their lifetime. Consequently, the right amount of planning and preparation can reduce your stress and make … Continue Reading

“White Knights” for Residential Mortgage Workouts

Posted in Litigation, Real Estate
  One of the areas of practice for BoltNagi PC is commercial and residential mortgage foreclosure law.  Although the substantive law governing commercial and residential mortgage foreclosures is virtually identical, commercial borrowers have an important advantage over residential borrowers:  If a commercial borrower is facing foreclosure, it can seek out new investors or a “white … Continue Reading

Timeshare Board Membership: A Key to a Successful Resort

Posted in Real Estate
Boards of directors of owners associations in the U.S. Virgin Islands and elsewhere play a critical role in managing timeshare resorts. This is especially true in mature resorts that are past the development stage and are being run by their owners. Boards frequently contract with management companies to handle the day to day operations of the resorts … Continue Reading

Costly Mistakes In Real Estate

Posted in Real Estate
Investors sometimes make investments in real estate that turn out badly.  There is an old saying in the Virgin Islands that "the man that makes a small amount of money in the Virgin Islands is one that started with a large amount of money!"  Many may blame their loss on the "real estate cycle" when … Continue Reading

Obama Administration Announces $20.2 M in Housing Funds for Virgin Islands

Posted in Real Estate
As part of the Obama Administration’s effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury today announced $20.2  million in American Recovery and Reinvestment Act (ARRA) funding to spur the development of affordable housing units in the U.S. Virgin Islands.     "Today’s announcement of housing funds demonstrates … Continue Reading

Governor Sets Dates for 2006 Property Tax Payments and Appeals

Posted in Real Estate
Governor John P. deJongh, Jr. has signed an Executive Order which sets the dates for payment, delinquency, and appeal of 2006 U.S. Virgin Islands real property taxes. Governor deJongh’s Executive Order states that the Tax Assessor has determined that all 2006 real property tax bills to both residential and commercial property owners have been issued and that new dates … Continue Reading