Lawyer Monthly - October 2021 Edition

OCT 2021 | WWW.LAWYER-MONTHLY.COM paid without a written agreement or proper title searches being made, or for agreements which have not been appropriately vetted to be signed. In addition, appropriate inspections of buildings may not be carried out prior to completion of purchases or boundaries clearly demarcated and identified. It also goes without saying that the source of funding for any purchase must be confirmed before the acquisition process advances too far. How can these mistakes best be avoided? Whether a buyer has found a property In brief, could you describe the current state of the property market in Saint Lucia? The property market on the island is currently more active than it has been for some years for a combination of reasons: - A number of persons who have the flexibility to work from home now realise that “home’ in many cases could be the Caribbean. They could work from 7:00 AM to 3:00 PM and then be by the pool or on the beach with their family; and of course, travel back to the UK, wider Europe, Canada and the USA only periodically. - The COVID-19 pandemic has of course forced many, especially in the 45 to 60 age range, to realise that there is a need to improve quality of life. Many are therefore looking for second homes so they can take more family vacations. - For UK buyers the pound has strengthened in the last 12 to 18 months, making properties cheaper. - Many sellers have dropped their prices to make their properties more competitive and attractive. - A number of real estate agents report movement on properties which have MY LEGAL LIFE - MICHELLE ANTHONY-DESIR Challenges for First-Time Property Buyers in Saint Lucia A myriad of factors, including its natural Caribbean beauty and a global shift towards remote working, have combined to make Saint Lucia an attractive prospect for both first-time property buyers and second homeowners. Below, Michelle Anthony-Desir describes the island’s unique draws and the regulations that should be considered for foreign buyers. “ A number of persons who have the flexibility to work from home now realise that “home’ in many cases could be the Caribbean. ” been on the open market for a number of years. What makes property in Saint Lucia attractive to investors and first-time home buyers? Saint Lucia has been and continues to be an attractive destination for second homeowners and property developers. Not only is it an English-speaking island, but it also enjoys good airlift from major hubs throughout the United States, Canada and the United Kingdom. Of course, the island’s rich cultural heritage and the welcoming and friendly personality of its people are a major draw to the island, coupled with its natural beauty and topography. The real estate offerings on the island are varied from unbuilt lots to standalone homes, villas and condominiums. Depending on individual taste, lifestyle and budget, there are suitable options for everyone. What common legal pitfalls are encountered by first-time buyers in your jurisdiction? First-time buyers are often caught up in the excitement of owning property. It is not uncommon for deposits to be 19