Virgin Islands Law Blog

Virgin Islands Law Blog

U.S. Virgin Islands law & politics

Category Archives: Real Estate

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How to Find a Sensible Acquisition Target

Posted in Business, Real Estate
One of the many ways to efficiently grow your business is to acquire other companies, taking over their intellectual properties and customer bases. Of course, there is a lot of planning and hard work that goes into an acquisition, and the process of actually finding a company worth acquiring isn’t always easy. Every merger or… Continue Reading

An Overview of the Short Sale Process

Posted in Banking and Finance, Real Estate
A short sale is when a lender agrees to a person or entity selling property at fair market value even if the outstanding mortgage against the property is more than that value. In such a case, the lender generally forgives the balance due on the loan after the sale occurs, and the borrower is not… Continue Reading

What is Title Insurance and Why Do I Need It?

Posted in Real Estate
Title insurance is an important type of insurance policy for anyone who owns property. But before one can understand why title insurance is so important, it is necessary to understand what a title is. Whenever you buy a piece of land, you receive title to that land. This signifies your right, as the owner, to… Continue Reading

Are HOA’s Required to File Tax Returns?

Posted in Real Estate, Tax & Estate Planning
Homeowners, condominium and timeshare associations (“Associations”) often make the mistake of not filing tax returns based on the belief that they are exempt from having to do so.  However, Associations are required to file tax returns like any other corporation, even if they’re not-for-profit. Fortunately, most Associations don’t have much, if any, tax liability.  This… Continue Reading

The Requirements for Recording a Deed Executed in a Foreign Country

Posted in Real Estate, Tax & Estate Planning
Grantors of U.S. Virgin Islands real property executing a deed in a foreign country may face additional legal hurdles in conveying property. Although the basic steps remain the same as for a deed executed within the Territory, there are important differences that should be noted.  These include: (i) the formalities that must be present during… Continue Reading

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