, St Lucia Real Estate Terms
St Lucia Real Estate has its own jargon just like every other industry.
Deed of Sale to Land register, survey plan and mortgages and especially Hypothec can all be confusing sometimes.
- Appraisal - In order to get a loan from a bank in St Lucia to buy a home for sale, land or property, you first need to get a valuation so the bank can be sure they are lending the correct amount of money. The valuator / appraiser will determine the value of the property based on an examination of the property itself, as well as the sale price of comparable homes and land in the area.
- Hypothec - A hypothec is a real right on movable or immovable property made liable for the performance of an obligation.
- Pre-approval Letter - Before buying a home, a buyer can obtain a pre-approval letter from a bank, which provides an estimate on how much the bank will lend that person. This letter will help determine what the buyer can afford.
- Escrow - Escrow is an account that the lender sets up that receives monthly payments from the buyer.
- Deed Of Sale
- Land Register
- Association - means The Realtors’ Association (Saint Lucia) Inc. a not for profit company duly incorporated under the Companies Act, Cap. 13.01.
- Association Board - means the Real Estate Board established under section ;
- CARICOM” means the Caribbean Community established under section 2 of the Revised Treaty of Chaguaramas Establishing the Caribbean Community Including the Caricom Single Market and Economy, signed at Nassau, The Bahamas on July 5, 2001;
- CARICOM national” means a national of a State that is a Member State of CARICOM;
- Clients’ money” means any money received by a real estate broker or a real estate agent which is paid to him or her in his or her capacity as such, being money paid, in whole or in part, as consideration for the disposition of any interest in hand or as earnest money paid on the part of any person as evidence of his or her intention to acquire such interest or as consideration for services rendered in respect of the rental of land;
- Code of Ethics and Standards of Practice” means the code of ethics and standards of practice contained in Schedule 2;
- Consideration” means money or other thing of value;
- Developer” means a person who has subdivided land of which he or she is an owner for the purpose of selling the lots;
- Individual” means a natural person;
- Land” includes – (a) any property registered under the Land Registration Act or the Condominium Act; (any house, building and any part of a building; and (c) in relation to any transaction relating to land that also relates to any goods, chattels or other property, those goods, chattels or other property;
- Licensed financial institution” has the meaning assigned in the Banking Act Cap. 12.01;
- Minister” means the Minister responsible for [commerce];
- Prescribed” means prescribed by this Act or in regulations or orders made under this Act;
- Association Register” means the Register of Real Estate Brokers and Agents referred to in section 7;
- Association Registrar” means the Registrar appointed by the Real Estate Board under section 7;
- The practice of real estate business” has the meaning ascribed to that expression in section 3;
- Real estate agent” means an individual who engages in the practice of real estate business in whole or in part, as an agent of, or subject to the direction, control or management of, a real estate broker;
- Real estate broker” means an individual who, for another or others, for compensation, gain or reward or hope or promise thereof, either alone or through one or more officials or agents, trades in real estate, or an individual who holds himself or herself out as such.