Harbour House Villa - Buyer Information

	Real Estate Ownership
The U.S. Virgin Islands - St. Thomas, St. John, St. Croix and Water Island - is an unincorporated territory of the United States. When you purchase property in our beautiful islands, you take and hold title in the same way and with the same guarantees and Constitutional protections that you would have in any locality within the United States. Real estate is owned fee simple and the deed is recorded and filed at the Recorder of Deeds.
Buyer Information
You'll find the following financial institutions doing business in the U.S. Virgin Islands: First Bank, First Liberty Mortgage Company, Bank of Nova Scotia, Banco Popular, and Merrill Lynch. Banks require the buyer to pay for title search, title insurance, property appraisal, written surveyor's certificate, an as-built survey, structural and pest inspections, any fees associated with securing and recording a mortgage loan and related documents, bank attorney fees as well as the Buyer's own attorney fees. Second home buyers can qualify for up to 80% loan to value mortgages.
Insurance / Taxes
Property taxes are levied at 1.25% / $1,000.00 of 60% assessed value of property. All real property transactions require a 2% to 3.5% government transfer tax (stamp tax) customarily split by the buyer and seller; all property transactions over $350,000 require a 2.5% government transfer tax. Recording fees are approximately $1.00/$1,000.00 of the transaction value and paid for by the Buyer. Hazard Insurance, which includes windstorm, general liability flood, and earthquake coverage, is about 1.5% to 2% of replacement value for masonry/stone construction (wood frame will be higher).
Page 1	Previous / Next Page (click arrow)