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Purchasing Property in the USVI

Author: Garland Choate Author Ranking Bronze | Posted: 31-07-2007 | Comments: 0 | Views: 14 | Rating:  (51) Article Popularity - Blue (?) Got a Question? Ask.
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The United States Virgin Islands' has a weather that is so beautiful every part of the year. The beaches are powdery and made up of white sand. The sun shines continually and most days are in the 80's and most nights in the 70's. The summer is only slightly warmer. Humidity is very low in this part of the world, thanks to the easterly trade winds that are a continual part of island life. Nearly any piece of USVI real estate you choose will be at a very low elevation. The highest spot on any island is Mountain Top, which soars only slightly to 1550 feet.

As with just about any area of the world, the island real estate is available in several categories. You might want to buy your own house or condo, invest in homes as income rental property, buying commercial or retail property, or purchase raw land.

No matter what you are thinking and why and whether it's St. Thomas real estate or real estate on other parts of the islands, there are some important points to consider. You take to realize for instance, that when you own Virgin Islands' real estate, even though the area is an unincorporated U.S. territory, your title has the same constitutional protection and guarantees as if you bought real estate in downtown St. Louis, along the strand on Myrtle Beach or wherever else in the U.S. You will own your piece of islands realty fee simple and your deed will be filed at the USVI Recorder of Deeds. You couldn't pick a more gorgeous and enjoyable area of the country, or perhaps the world when you choose to invest in USVI real estate.

When you make the conclusion to buy St. Thomas real estate, or elsewhere in the Virgin Island, you have your choice of several banks or other financial institutions. First Liberty Mortgage Company, Merrill Lynch, First Bank, Banco Popular and the Bank of Nova Scotia all do business in USVI. What is required of the buyer by the banks is payment for the cost of a title search, the purchase of title insurance, payment for property appraisals, a written certificate by a surveyor, an as-built survey, inspections of structure and pest issues, the fees for the bank attorney and the buyer's attorney, and any fees that comes with the recording and securing of the loan for the mortgage.

Standard hazard insurance, to protect your USVI real estate from damage caused by earthquakes and windstorms, is approximately two to three percent of the property's replacement value. If the frame of the property is wood rather than stone or masonry, this can be higher.

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Article Tags: Property, Virgin Islands, USVI

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About the Author:

Garland Choate (GR) is a retired Airline Captain who now publishes articles from the USVI. Find many great articles about Caribbean Living and great luxury homes in paradise at http://www.StThomasLuxuryHomes.com

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Frequently Asked Questions

Property between spouses
By: dani | 21-08-2008
Is a "secret" cell phone bought by one spouse also the other spouses property? in the state of Californic.

I have a house which is rented and i bought ...
By: jsb | 20-08-2008
I have a house which is rented and i bought another house which i have problems making payment. If i go to forecloure can the bank go after my other house.

late ...
By: angel ramorino | 20-08-2008
                              late on rent for 4 months   I have a tenant who is late on the rent for 4 month ,He is a contractor who rent from me for his workers and He paid for them the rent , my question is , can I put a lien in the house is under contraction?

What does
By: NurseATM | 20-08-2008
What does "foreclosure redeemed "on your credit report mean ?

Landlord rights to a clean property
By: Nicole | 19-08-2008
Does The Landlord Have the right to ask a tennant to clean the filth caused by the tenant on the premises where the tenant resides?  I have a tennant that is so filthey that the carpets are moldy and covered in cat feces.

Get pictures of my property from a satellite imate ...
By: Laura | 19-08-2008
get pictures of my property from a satellite imate? were would I go to get this? Kaluah053@aol.com

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