Virgin Islands Law Blog

Virgin Islands Law Blog

U.S. Virgin Islands law & politics

Category Archives: Real Estate

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Kennedy Funding Financial Pulls Out of US Virgin Islands Market

Posted in Real Estate
Due to frustrations with the foreclosure process, Kennedy Funding Financial, a prominent international lender with a sizable footprint in the Caribbean region, has decided to stop lending in the U.S. Virgin Islands for an undetermined amount of time. Considerable bureaucratic red tape has made it increasingly difficult to take action on properties with tenants who… Continue Reading

USVI Government to Guarantee Developer Leases

Posted in Corporate & Financial Services, Government Relations, Real Estate
A bill recently passed in the U.S. Virgin Islands Legislature would allow the Government of the Virgin Islands to guarantee up to $20 million of hotel developers’ leases for up to 25 years, a move that supporters cheered as a boon to the islands’ economic development. Under the legislation, the Public Finance Authority would have… Continue Reading

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’s value First and… Continue Reading

How Can More Than One Person Hold Real Estate in USVI?

Posted in Real Estate
For many business owners and investors, owning real estate is a key component of their operations. However, the specific requirements involved with owing property in the U.S. Virgin Islands can be complicated. For one, owning real estate isn’t like owning personal property, as the owner(s) must have title to the property. Furthermore, transferring the title… 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