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
Does Your Commercial Lease Allow for Improvements and Renovations?
Moving your business into a new space can be an exciting prospect. Whether you’re starting a new company or upgrading to a larger or better-located commercial property, you’re likely thinking of all the ways you might modify the space to meet your evolving needs.
If you’re renting the space, however, you will need to be
Kennedy Funding Financial Pulls Out of US Virgin Islands Market
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
Issues to Consider Before Signing a Contract to Purchase a Home
The process of buying a home in the U.S. Virgin Islands often comes with uncertainty and emotional ups-and-downs, as well as numerous questions and concerns related to mechanics of a closing in “America’s Paradise” and the financial aspects of the transaction. So when it’s finally time to close the deal, it might be tempting to
USVI Government to Guarantee Developer Leases
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
Partition of Real Estate: What if One Owner Wants to Sell, But the Other Doesn’t?
Partitioning real property (as opposed to personal, financial or intellectual property) is a fairly common process that occurs when a piece of real estate, such as a building, an estate or a parcel of land, has multiple owners who no longer wish to have co-ownership. The property then has to be divided.
Often, not all
What You Need to Know About Investing in Virgin Islands Residential Property
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
Four Legal & Financial Issues to Consider Before Purchasing Commercial Property in the Virgin Islands
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
Real Estate Agent Accused of Fleeing U.S. Virgin Islands Arrested in San Diego
In January, the FBI arrested Rosemary Sauter-Frett, also known as Rosemary Sauter, a realtor accused of fleeing the U.S. Virgin Islands to escape prosecution for embezzlement. She had been on the run for nearly four years.
Now 62 years old, Sauter allegedly fled the Virgin Islands in February 2010 after checks began to bounce in
How Can More Than One Person Hold Real Estate in USVI?
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