If you plan to reside in St. Lucia, you have chosen a gorgeous setting, with its sugar sand beaches, rainforests, and lush mountains, and of course, the world-renowned Pitons, a trusted real estate attorney can accommodate your leasing needs. You want someone working for you who will ensure the lease you sign or create protects your best interests.
An airtight lease benefits both landlords and tenants. Negotiating allows both parties to make their wishes known and understand their rights and responsibilities. Let a St. Lucia residential lease negotiation lawyer set you up for success.
Taxes and Stamp Duty Apply to Rental Property in St. Lucia
St. Lucia enjoys a robust residential rental and sales market for citizens and non-citizens who own property here. All income earned from property rentals on the island is required to be declared for tax purposes. Some rentals may be subject to value-added tax depending on the business and tax status of the landlord. Leases in excess of two years are required to be registered and will attract stamp duty.
Residential property owners also pay a property tax calculated at a rate of 0.25% of the property value.
A knowledgeable residential lease attorney in St. Lucia will factor in fixed costs when negotiating a lease that is fair to tenants and landlords.
Information Contained in a Residential Lease
A residential lease is a contract, which means both parties give up something of value to gain something else of value and are bound to these terms by law. Under these circumstances, a landlord gives up a home in exchange for money, and a tenant gives up money for a home. Generally, a residential lease will describe:
- The parties to the lease – landlord and tenant
- Information about the property – location, condition, size, type
- The lease term – how long it runs and how it is terminated or renewed
- Rent payment amount – how and when rent will be paid, if there is a security deposit and conditions for the return of a security deposit
- Rights and obligations of both parties
- Disclosures required under St. Lucia law
The parties must also agree on whether a tenant can have roommates or long-term guests and if children or pets are welcome. A tenant will want to know if utilities are included if there are condominium association fees, who is responsible for gardening and what repairs are landlord's repairs or tenant's repairs. If furniture and appliances are included, they should be itemized and recorded in the lease. The termination and eviction process should also be clearly outlined.
A St. Lucia Residential Lease Negotiation Attorney Saves You from Litigation
When a residential lease is drafted by negotiations between the landlord and the tenant, both parties can determine with clarity which terms are important to them and which they are willing to compromise on to get more value. Ambiguity in a contract can result in unpleasant and costly litigation.
Athena Law can help you avoid litigation by listening to your expectations and desires for your St. Lucia rental home and then putting them in writing so both parties understand their rights and obligations. If you have a home for rent or are looking for a home to rent on the island, make a St. Lucia residential lease negotiation lawyer part of your winning strategy.