BUYING PROPERTY IN ST LUCIA GUIDE​

Deciding To Buy

Preparing to Buy

Choosing AN Estate Agent

Time To Go Shopping

Moving In

Buying Property in St Lucia : Getting Started

Buying property in St Lucia  is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully

Why Do You Want To Buy A Home in St Lucia?

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.

Has Your Income Grown?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

Here's The Process Buying Property In St Lucia

Non-nationals (USA, CANADA, UK etc) wanting to purchase property in Saint Lucia must obtain an Aliens Landholding License.

Residents of Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, St. Christopher and Nevis, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago are exempted from applying for Aliens Land Holding Licenses for land development in St. Lucia

The license is obtained from the Ministry of Physical Development, Housing and Urban Renewal and must be registered by a local solicitor. The Alien’s Landholding License is permanent, and does not require renewal.

Buying Property in St Lucia Process:

The local solicitor/lawyer writes to the Permanent Secretary of the Ministry of Physical Development, Housing and Urban Renewal to request an Alien’s Landholding License. The application is forwarded to the Survey Department (Chief Surveyor) of the Ministry, which prepares a memorandum to the Cabinet of Ministers for approval.

Upon approval from Cabinet, the solicitor/lawyer submits a sworn declaration, and the draft license to the Attorney General’s Office for vetting. Once vetted for discrepancies or amendments, the draft license is returned to the lawyer.
The license is printed on approved paper and re-submits, along with the sworn declaration and other relevant information, to the Attorney General’s Office, which then forwards it to the Prime Minister’s Office for final approval and signature.
The official license is submitted to the Survey Department, where it is collected by the lawyer for onward submission to the Applicant.

NON REFUNDABLE APPLICATION FEE – EC$ 5400

License to purchase or to hold land:

  • Up to 1 acre – $5,000
  • Over 1 acre and up to 10 acres – $10,000
  • Over 10 acres and up to 20 acres – $ 20,000
  • Over 20 acres and up to 50 acres – $ 30,000
  • Over 50 acres and up to 100 acres – $ 40,000
  • Over 100 acres – $ 50,000

License to hold land in trust is 5% of the value of the trust property.

Stamp Duty – 2% on the property cost.

Lawyers charges are applicable and is based on a tarrif.

The first step in buying a house in St Lucia is to choose the right real estate agent. Do not choose an agent merely on a referral by someone or because that agent “looks nice”. Do your investigations and ensure that the agent specializes in the sales area that you are looking, just like doctors and lawyers.

At Realty St. Lucia, our agents are very knowledgeable with the communities in St Lucia and offer just that. We continue to educate and train ourselves because we believe this will contribute to all of our success.

These days it is very easy to locate properties through simple online queries such as “St Lucia Homes”. It may not be in your best interests to be searching hundreds of websites to locate a house for sale in St Lucia.

Realty St. Lucia trained and experienced agents can help find you the right community, finance institution, reliable attorneys and explain the home ownership buying process in St. Lucia. Tell us your budget and liking and we will filter out inappropriate properties and even find you off-market opportunities. If you can’t find the property you desire on our website, please fill in our “Buyer Inquiry Form

Generally clients have an idea of the community that appeals them most. It may be that you’re looking for a holiday home; you’re a returning resident and would like to be close to family or you want to buy a property in st Lucia for investment. Whatever it is, you need to determine a good match for you.

Arrange a viewing with us and Realty St. Lucia agents will personally take you to your desired community and show you homes within your criteria. Our agents will ensure that you see enough properties and have a fair idea of the neighborhood including local schools, parks, shopping, churches, beaches and restaurants before making that critical decision.

When you have decided that it’s time to purchase a property in St Lucia, one of the first things you need to do is get pre-approved by your bank or Credit Union.  Our agents can tell you the best mortgage lenders in Saint Lucia that offer the lowest interest rates, no deposit and up to 35 years to repay (up to retirement age). Knowing the availability of you loan amount will determine your budget and community to consider.

After you have located the property that fits your budget, our agents will provide you with the things you should know and be aware of when buying property in St Lucia.

Property Valuation Report
A property valuation report is a MUST and pre requisite by all mortgage lenders in St Lucia. Every bank of St Lucia or Credit Union have a list of the Approved Valuators. The valuation report is generally the valuator’s opinion on the market value of the property based on the home’s plumbing, electrical systems, foundation, roof, and overall condition. The property valuator does not provide the cost estimates to repair any faults. The buyer is generally responsible for any faults and repairs after closing.

Title Of Property & Using The Services Of An Attorney
After you have received your valuation report, it would have attached a land register which would show title, and any liens that may prevent a smooth conveyance. The land register would not show High Court liens on the property, hence the reason you MUST hire an attorney to do the necessary searches for you. Our agents can assist you with finding the best attorney to for your transaction.

Home Owners Association (HOA) Dues
Condominium and gated communities does have HOA fees. The developers would disclose the terms and conditions upon interest in purchasing. Always ensure that you are comfortable with the disclosures before considering making an offer.

Our agent will draft an offer letter on your behalf which will be presented to the vendor. Upon acceptance by the vendor, we will then prepare a contracts ie  (Agreement for Sale), which you can take to your bank or Credit Union if you are not a cash buyer. Our agent will also appraise you on whether the vendor has multiple interests in the property. If the property is “HOTT”, multiple interests can also determine how low of an offer the vendor would accept.

Taking a Loan from a Bank or Credit Union?

If you are taking a loan, you would need to bring in the required documents to the loans officer at the bank to support the application for the loan.

Documents Required For Loans In St Lucia
Sale Agreement from the vendor
Property Valuation ( should also contain a copy of the Survey plan/ Map sheet & Land Register)
Copy of Deed of Sale from vendor
2 forms of ID
12 months statements to show salary deposits
Tax Clearances for applicant & vendor
NIC Clearances for applicant & vendor
Job Letter and Salary Slips
Banks Of St Lucia Role
If/when the loan is granted, the bank writes a letter to the purchaser’s lawyer indicating the terms and conditions which must be fulfilled before the loan is disbursed. The bank will write the check to the lawyer for the amount of the property.

Lawyers In St Lucia Role
The lawyer checks all registries to ensure that there are no outstanding liens/claims against the property or the vendor.

Prepares the Deed of Sale.
Prepares the Hypothecary Obligation (if the property is to be used as security for the loan).
Ensures that there are no outstanding taxes, dues and unregistered liens which could nullify the sale.
Pays all required stamp duties and charges on the sale of property. (Paid by Buyer)
Deduct vendors tax to be payed to Inland Revenue Department. (Paid by Vendor)
Coordinates the sale transaction – ensuring that the vendor, on receipt of the money, signs the Deed of Sale.
Submits the Hypothecary Obligation to the Bankers for signature (if the property is to be used as security for the loan).
Registers the signed Deed of Sale and (if necessary), the Hypothecary Obligation (signed).
Delivers copies of the registered Deed of Sale to the purchaser and the Hypothecary Obligation to the Bank.

On the day of closing, both parties signs the Deed of Sale. The vendor is given his cheque less Vendors tax, real estate agents commission and any other encumbrance that may or may not be on the property. The Deed is then sent for registration by the attorney which takes about two weeks.

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