An essential part of purchasing commercial or residential real estate in St. Lucia is searching public records for evidence of any liens against the property. An unexpected lien could hold up the transaction and cause other issues you might not expect.
If you are considering purchasing real estate on the island, you could benefit from the guidance of an attorney who understands this process’s complexities. Athena Law could help you address any issues you might have and ensure you make an informed decision that reflects your best interests. Consider working with a St. Lucia real estate liens lawyer for more information.
Every piece of property in St. Lucia has a title registered with the Land Registry. This document provides public notice of the property’s owner and is required for any sale.
Liens may be corded at both the Land Registry and the Registry of Deeds and Mortgage depending on the nature of and the date of the lien.
Liens may be established against property by creditors or legal judgments. For example, liens can be established by governments for unpaid taxes, financial institutions, and small businesses to guarantee the repayment of a loan or mortgage or by an individual who has obtained a judgment against the property owner. The terms of these claims give a lender the legal right to take steps to seize and sell an asset if the liability remains unpaid.
A real estate lien encumbers a title, meaning that it is attached to the property and should be dealt with prior to or at the time of a sale. Any time a person seeks to buy property in St. Lucia, it is vital that they or their real estate attorney research whether any liens are present.
Finding a lien on a property does not mean a sale is impossible. Instead, it is necessary to clear the lien and ensure the title to the real estate is clean. Sometimes, this requires working with the seller to ensure they have addressed the underlying issue. For example, liens are usually related to some type of debt owed by the property owner. To have them cleared, it is generally necessary for the property owner to pay those debts.
In some cases, real estate liens are cleared before the sale. In other situations, it might be possible to take care of this at the same time the transaction is finalized by utilizing some of the funds from the purchase towards paying off the lien.
This process may be possible on your own, but it is much easier with the help of dedicated legal counsel. The failure to locate or clear a lien could delay a sale or even prevent it from going through entirely. Given how important these transactions can be, it is always a good idea to consult with legal professionals throughout the process. A St. Lucia real estate liens attorney could provide you with the guidance you need to ensure a smooth transaction.
Whether you are seeking a family home or a business investment, purchasing property can be an exciting time. However, there are many details to consider in these transactions. It is important to have a clear understanding of the process as well as your legal rights and obligations to limit stress and make informed decisions for your future.
Thankfully, a St. Lucia real estate liens lawyer from Athena Law could provide you with this assistance and more. With extensive experience in real estate and commercial law, our Principal Attorney can oversee every aspect of your purchase or sale.