Whether you are a St. Lucian citizen or a visitor who wishes to spend more time on the island, we can guide you through the legalities of the robust real estate market and business climate.
While all investors are welcome in St. Lucia, the legal process to purchase property or a business requires a few extra steps for foreign nationals. One of these is the need for a transactional contract. If you are considering acquiring residential or commercial property, a St. Lucia purchase and sale agreement lawyer could memorialize the terms for you.
What is a Purchase and Sale Agreement?
Purchase and sale agreements are legal contracts containing the terms a seller and buyer negotiate and agree upon before the property changes hands. Once signed, the parties are bound to perform their obligations under this agreement.
Purchase and sale agreements are also used when one business is acquiring another. These are customized and can limit a purchase to tangible assets if a seller wishes to retain legal ownership of the entity. Usually, the seller also retains its long-term debt. The buyer acquires customer lists, accounts receivable, goodwill, specific equipment, licences, and inventory.
Investors can also acquire the legal entity by engaging in a stock purchase. A purchase and sale agreement of this type would detail the number of shares the buyer is acquiring along with the negotiated price, making the buyer the new owner of the entity, including its assets and liabilities. Consult with a knowledgeable purchase and sales agreement attorney to discuss an interest in acquiring real estate or a business in St. Lucia.
Terms Included in a Real Estate Purchase and Sale Agreement
The purchase of residential or commercial real estate begins when a buyer finds a desirable land parcel, home, or business and wishes to negotiate additional terms. A written agreement is then formed that is comprised of those terms. Some things that are addressed in a purchase and sale agreement include:
- Purchase price, what portion of this price is due as a deposit, how the deposit will be made, and how the remaining balance will be paid
- Purchaser's due diligence period with terms permitting the purchaser to terminate the agreement if due diligence is unsatisfactory
- Covenants concerning risk mitigation and asset protection, including insurance requirements through the closing, warranties associated with the property, and certification that the seller has the right to sell
- Where applicable a protocol for remedying different levels of damage to the property before closing
All agreements are unique to the transaction. Real estate contracts may also discuss the fate of existing tenants. A seasoned St. Lucia purchase and sale agreement attorney from Athena Law could help formulate a document suitable to a buyer or seller's needs.
A St. Lucia Purchase and Sale Agreement Attorney Could Help with Your Real Estate Needs
Deciding to purchase residential or commercial property or a business in St. Lucia should prove to be an exciting adventure and, hopefully, a profitable one. The island is business-friendly, with a strong banking system and moderate taxes.
Legal requirements differ depending on your status as a citizen or foreign investor. One thing both have in common is the need to document any residential or commercial sale to protect buyers and sellers. Our Principal Attorney is skilled at memorializing this document to reflect the exact negotiated terms. Additionally, we could provide other legal services associated with your transaction, such as legacy planning and help to secure financing. Consider contacting Athena Law to speak with a St. Lucia purchase and sale agreement lawyer to learn more.