BUYING PROPERTY ON ST. CROIX

Thank you for the opportunity to show you how we can assist you with your purchase. Team San Martin represents YOU when working with buyers. We want YOU to benefit from our three decades of experience in a market which may be new to you.

Click here to see what our clients and customers say about us. You will receive the best quality service from Team San Martin. We have put together a state-of-the-art real estate practice with a team of top quality professionals who are available to service your real estate needs in every capacity needed.  We will go over, in person, all the following information when you let us help you find the property of your dreams on St. Croix.

The Basics

What you get:

Buying in the United States Virgin Islands is very different from buying on a foreign island.  You actually get full title, fee simple, just like in the United States.  You wont need a license or a local partner to own property here.  Your Deed is recorded, and you can insure it.  In other words, we have Title Insurance just like in the USA.  You will get a plot plan showing the layout and dimensions. In most cases the property will have boundposts (small concrete monuments) located at the corners of the plan.  You can ask the Seller to have the boundposts flagged (located and marked)  prior to closing, for your acceptance.

What you need to do:

To keep your property all you have to do is pay your yearly property taxes, and subdivision homeowners fees, if any.  In the case of land the Government will not require you to build on your property within a certain amount of time, nor will the Government require that the home you build be of a certain minimum value.  There are such requirements on some of the foreign islands.

What you really should do:

When you find a property that you like you should retain a local attorney to represent you at closing.  This will, among other things, insure that you get a proper, unencumbered title. Your Attorney will also properly record your deed.  How hard can that be? Trust us, you need an Attorney. 

 There are a number of Mortgage Lenders and Banks in the USVI. Your lender must be licensed to operate in the U.S. Virgin Islands. Some are based in the States, but licensed to do business here. Your favorite Bank at home probably is not.  If  you are getting a Mortgage, please keep it in mind that the Bank’s Attorney does not represent you.  Banks, and Mortgage Lenders require an “as-built survey” of the property. You will pay for it, but it is worthwhile since it will reveal setback violations and encroachments, if any.

 Buy Title Insurance.  It’s a one time fee and will protect you against title defects of record, even if they are discovered years later, for example when you go to sell. It works the same way in the USA.

 For a condo or home, you should hire a Home Inspector.  We have them here, and most are certified as they are in the States.

 If you are buying raw land, you should visit the property after the boundposts have been flagged and before closing  to make sure that the property is as you thought. 

 What you need to know:

Team San Martin knows that you are looking for the right place with the right stuff and at the right price.

Team San Martin always works as a Buyer’s Agent, unless you are buying one of our own listings. In any case we will endeavor to be fair to all parties.

We won’t just show you our listings, but all and any that may be of interest to you.

We will work with you to get an understanding of what you expect from your new home/condo/land and then we will develop a list for your consideration.  If you come with your own list that’s okay too.  We may suggest additions to it.

When you pick out something of interest, we will provide you with a comparable market analysis (a report of recent sales of similar properties).

Seller Financing is unusual here, but not unheard of.  Typically the down payment is around 20-30%, the interest rate is the prevailing rate in the USVI, and the term is around 3 years.

If you are doing Seller financing you should consult your Attorney as to the risks involve, and possible alternate ways to transfer title.

1031 Exchanges have been done here.

In the end, we will work hard to give you all the information you need to make an informed decision on what to buy and what to offer.

The Starting Line

 After you have searched the net  please email us for a package prior to coming down and email us about any property that you find interesting.  St. Croix and St. Thomas enjoy a modern Multiple Listing System (MLS) that allows you to log in and search for your preferred properties, and to get automatic updates.

 Pick an Island

There are 3 U.S. Virgin Islands: St. Croix (the largest), St. Thomas (the busiest), and St. John (the quietest). They are all beautiful.  We will work directly with you on St. Croix, but for our sister islands we will recommend a top producing agent to assist you.  You can view St. Thomas properties easiest via our website at www.teamsanmartin.com.

Pick a lifestyle

The more we know about what you expect the better we will be able to serve you.  For example, if you love scuba diving you may want to consider our North Shore or the Frederiksted area.  If you love boating you may consider our East End with it’s protective reefs and anchorages.  If you want to get away, you might consider our mountains; and so on.  Team San Martin knows the island well and we can help you find what you are looking for.

The U.S. Virgin Islands has a zoning Code, and in addition most subdivisions (developments) have covenants and restrictions that limit the uses of your property.  For example you may be zoned for a guest house operation, but your Covenants may not allow for such a use.  Our zoning laws and even our neighborhood Covenants are not onerous as they may be in some places in the USA.  We’ll go over this when you select a property and your Attorney should get a current copy of the Covenants for your acceptance prior to closing.

Pick an Agent

Team San Martin has two very experienced Brokers ready to work with you.  If you let us know when you will be on island and available to look for properties, we will arrange to have a professional agent at your service.  Some cautions: most of our homes and condos are occupied and the tenants don’t like to be disturbed on Sundays, so we try to avoid that.  Also, we need 24 hours notice to occupied listings, so allow us a day at least to set up a condo or home.  Finally, unlike the States and Canada few agents here work on the weekends so we have to contact them by Friday at least to see their listings.

Off and Running

The Offer to Purchase

Now that you have found the right place, it’s time to make an offer.  Team San Martin will go over the RE/MAX St. Croix Offer to Purchase contract with you step by step.  We can email you a blank copy ahead of time so you can familiarize yourself with the terms.

All offers must be in writing, signed and dated, and they must be accompanied by an earnest money deposit. A check is often acceptable. This deposit is refundable if the Seller turns down your offer, or if the sale fails to close through no fault of the Buyer ( a good reason for a Buyer to have an Attorney).  If the Seller counters your offer, it is a new game.  You can accept in writing, counter-counter in writing, or walk away with your deposit. Earnest money deposits are kept in a non-interest bearing escrow account with your Broker, or with your Attorney. 

If you have a mortgage contingency clause in your offer to purchase, please keep in mind that you must apply for your mortgage before the deadline if you want to get your deposit back in the event you are turned down.

 If both parties come to a meeting of the minds and accept the offer in writing then we proceed to closing.

This is the time for inspectors, lenders, and surveyors to get involved.  At this time, the Seller will now incur expenses too.  In theory, a Seller could write a Deed (Title), but your Attorney, or your lender’s Attorney will probably not find it acceptable.  So Sellers usually hire an Attorney to prepare the Deed and to represent them at closing.

Closing

We recommend that you don’t travel to the island to make the closing date unless you are planning to be here anyway.  Closings in the USVI most often don’t happen on the day they are scheduled.  There is usually some very last moment delay.  So unless you are going to wrap it into a vacation it will save you time and money to stay at home and let your Attorney handle it.

Closings in the USVI typically take 60 to 90 days.  Record processing is slow, especially around Christmas time when Government staff is on holiday, or catching up after a holiday.

 Attorneys, Lenders, Inspectors, Surveyors

We will provide you with a list of professionals with whom we have experience.  We have no business connection with any of them, and recommend that you shop around for the best service at the best price.

The Home Stretch

Moving in

Electricity is available in all but the most remote areas of our island.  You probably didn’t buy anywhere where you couldn’t get electricity or phone service.  Most neighborhoods have overhead utilities on power poles.  Underground utilities are in some of our more expensive neighborhoods.  Our power company is the Virgin Islands Water and Power Authority, commonly referred to as Wapa.  Wapa also provides water service to our towns (Christiansted and Frederiksted) and to the more densely populated neighborhoods, primarily in the mid-island area.  In most cases your water will come from rainfall captured on your roof and lead to a built-in tank (cistern) under your home.  Even our condos have cisterns and some may meter and charge you for the treatment and supply of domestic water.  

 It is important to have a smooth transition of your electrical account from the Seller to you.  If the power is shut off it may take weeks to get someone from Wapa to connect you back. Team San Martin will do it’s best to avoid this inconvenience to you. It doesn’t happen often, but you should be aware.

 We have an adequate supply of furniture stores, movers, hardware stores, appliance stores, painters, contractors, gardeners, pool service, etc.etc.etc.  Team San Martin does not make recommendations in these fields, but you can start with the phone book at www.viphonebook.com .  Just make sure the company you are dealing with is located on St. Croix, not on the other islands.

Now that you’re here

 Team San Martin views it as our job to continue to support you with your Real Estate needs and to answer your questions as best we can.  Email us at joe@stcroixagents.com or call us at RE/MAX St. Croix 800 511 6361 ext 305/306, or call Joe (our Fearless leader) at 340 690 2934.  Thanks, and please, if you have a friend who is interested in the U.S. Virgin Islands please tell him/her about us.