Virgin Islands Law Blog

Virgin Islands Law Blog

U.S. Virgin Islands law & politics

Category Archives: Real Estate

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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

Economic Stimulus Offers New Tax Breaks for Homebuyers

Posted in Real Estate
The recently enacted economic-stimulus law contains a number of provisions but hidden within the legislation is an unusually attractive new tax break for many homebuyers — if they can only figure out how it works. The new law sweetens a provision known as the "first-time homebuyer credit." In essence, if you meet certain qualifications, such as buying… Continue Reading

Territorial Advocate Addresses National Homeless Commission

Posted in Real Estate
Tom Bolt, Chair of the Virgin Islands Continuum of Care on Homelessness, addressed the American Bar Association’s Commission on Homelessness and Poverty at its Midyear Meeting earlier today in Boston, Massachusetts. Bolt noted that the current economic situation would continue to put a strain on homeless services throughout the nation and would advance from the… Continue Reading

Controlling Delinquent Rents in Difficult Economy

Posted in Real Estate
In today’s difficult economy, a critical indicator of a property manager’s success is their effectiveness in controlling overdue rents.  A well-run property should not have chronically delinquent tenants.  However, when delinquencies occcur, immediate action must be taken.  A rent roll listing all delinquent rents should be prepared showing the rent and all other balances for all tenants.  In addition,… Continue Reading

Alliance Title & Trust Company Adds New Staff

Posted in Real Estate
Tom Bolt, Chairman of the Board of Alliance Title & Trust Company, LLC, one of the largest and most comprehensive title insurance agencies in the United States Virgin Islands, announced the appointment Tuesday of its new President, Christopher R. Johnson.  “Johnson, an attorney  who was recently working with the law firm of Morgan, Lewis, and… Continue Reading

President Bush Signs Virgin Islands Property Tax Bill

Posted in Real Estate
Governor John P. deJongh, Jr. announced Saturday at the Annual Meeting of the Virgin Islands Territorial Association of REALTORS at Caneel Bay on St. John that President Bush had signed a bill that had been stalled in the U.S. Congress that would allow the Legislature of the Virgin Islands to implement special assessment rates for… Continue Reading

Leading Expert Briefs Civic Leaders on Advantages of Public Private Partnerships

Posted in Real Estate
A.P. Carlton, a nationally renowned expert on Public Private Partnerships (PPPs) briefed civic and business leaders today about the advantages and benefits for the US Virgin Islands in utilizing PPP’s, their impact on the Territory’s economy and workforce, as well as the regulatory environment. Speaking to the Rotary Club of St. Thomas Sunrise, Mr. Carlton… Continue Reading

Real Estate Closings in the Virgin Islands

Posted in Real Estate
A closing in the Virgin Islands is not something to fear. You take title to the property you have contracted for in exchange for money. At the closing table with you will be the following parties: The seller, the seller’s attorney, the realtors (you should recognize one of them but in the Virgin Islands both are considered… Continue Reading