THE INDUSTRY AT A GLANCE
After a devastating hit from Category 5 Hurricanes Irma and Maria, the U.S. Virgin Islands is in recovery, and the real estate market has been in rebound. The U.S. Virgin Islands was purchased by the US from Denmark in 1917 and has adopted traditional American-style common law; however, the old Danish measuring system, and many of the Danish names remain, which adds a unique element to this practice area. Buying real property in the U.S. Virgin Islands is a significant investment for any person or organization. To ensure that real estate transactions on St. Croix, St. Thomas, St. John, and Water Island are correctly administered, we advise and represent our clients from start to closing. Our team is responsible for helping clients navigate the complex system of regulations and requirements. You’ll have an experienced team by your side that is well-versed in the world of real estate transactions. However, it’s also essential that you understand as much of this law area’s intricacies as to remain in the know regarding what you’re signing off on in a real estate transaction.
REAL ESTATE IN THE USVI
Our law firm offers comprehensive real estate services and support in a few key transactions:
- Title: Real estate lawyers will oversee any transaction that involves the title of a property. This includes examining the title of a real estate, evaluating the title exceptions, and negotiating title insurance policies.
- Sales and Acquisitions: Perhaps the most apparent type of real estate transaction is the buying and selling property. Real estate attorneys represent buyers and sellers in acquiring and disposing of different real estate types, including industrial properties, office buildings, residential properties, hotels, retail centers, and housing communities.
- Development: Anyone looking to develop and construct a property needs a real estate lawyer. Under real estate law, the attorney will negotiate and prepare development and construction agreements and other documents necessary for building new developments, such as office buildings, industrial sites, shopping centers, residential, hotels and resorts, and free-standing units.
- Leasing: Lawyers are heavily involved in negotiating and preparing office, retail, industrial, and long-term ground leases for their clients.
- Joint Ventures: Capital sources and developers will often work together on real estate transactions in joint ventures. Real estate attorneys are essential in structuring and negotiating their partnership agreements, shareholder agreements, and other aspects of the joint venture.
- Finance: As real estate is a significant investment, buyers and developers usually need loans. Attorneys will represent lenders and borrowers to secure loan originations, loan sales, purchases, and other debt arrangements.
- Litigation: Real estate transactions can involve disputes between parties over elements such as contracts, construction, titles, loans, foreclosure issues, and bankruptcy. Real estate lawyers will represent the parties involved during litigation to resolve the dispute.
REAL ESTATE legal support
Contact Mcchain, Hamm and St. Jean, LLP today to schedule a consultation about your legal needs.
LEGAL COUNSEL THAT YOU CAN COUNT ON.
Over 75 Years Of Combined Law Experience