Buying real estate in St lucia
for retirement is safe investment as you get title and a recorded deed of sale. We do not have licensed real estate agents in St Lucia, however any real estate agent who is a member of the Realtors Association of St Lucia can show you any property that is listed in the St Lucia MLS. We generally know about “FSBOS” (for sale by owners) as well, and can show you those that fit the bill for you.
Buying a home in Saint Lucia is a MAJOR undertaking. The vast majority of agents in St lucia are “sub-agents” – which means that they actually work for the seller.
Realty St. Lucia agents have a passion for helping others find a home or piece of land here on St lucia, so if you are seeking a property here, I would invite you to request that we serve as a buyer’s agent for you. Realty St Lucia professionals will do everything to find the perfect match for you – regardless of who’s listing it or what the commission is. When you find something you like, and want to make an offer, we will negotiate to get you the best price! Our job is to see that you find what you’re looking for, and help bring you and the seller a place where you both are happy with the outcome!
St. Lucia Real Estate paperwork
Your lawyer or attorney would prepare a contract for your review and signature, and present that to the seller.
One thing that you need to know is that there is a security deposit which serious buyer have to make to secure the property. Here, the security money deposit is 10% of the purchase price. Of course, we put contingencies in to protect that deposit in the event something goes wrong (i.e., mortgage contingency, inspection contingency, other contingencies), but that’s kind of the norm here. For that reason, it’s important that your agent (hopefully Realty St. Lucia) manages the process very closely to make sure all timelines are followed and you don’t default on the contract provisions.
How are the transactions closed? Do I need to be there?
You must have a lawyer to close the deal for you, and you don’t have to be here for the closing. Lawyer fees range from around $900 to $1500 per transaction – depending on which attorney you select and how complicated the legal work is. For example, if you are buying a property that has many owners, there may be issues that cloud the title, and work needs to be done to clear it. It’s usually not a big deal – it just takes time. Both parties pay for their own attorneys.
Real estate fees in St. lucia. Who pays !
The seller owner or administrator pays the commission to the agent, and the transfer stamp duty (2 – 3.5%).
The buyer will typically pay for
- Survey (optional, unless you’re getting a mortgage, but highly recommended in any case)
- recording fees
- mortgage fees
- a home inspection (it’s optional, but a good idea)
Realty St. Lucia strongly recommend you have your property inspected; and your offer will be contingent upon that. Inspections range from XCD $500 – $1500 depending on the size of the home, and surveys range from $2500 – $3500 for a half to 1 acre plot – depending on the difficulty of the job and other factors. Of course, no survey is needed for condos!
If you are getting a mortgage in St Lucia and you must use a local bank, you will most likely be required to have the property appraised (generally $450 – $1000) and of course you will have some fees associated with getting the mortgage.
You will have to do a title search – which is $150.
Can You Represent Yourself as Buyer or Seller?
Hopefully the information above has given you the background you need to understand that you will want a professional Realtor representing you in real estate transactions in the caribbean island of St Lucia. We’ve worked with many families “long-distance” who purchased a 2nd home and know they could not have protected themselves under the contract without our help.
Contact Realty St Lucia for a more thorough explanation of the real estate purchase or sale here in St. lucia, and a market analysis of current real estate conditions.