by Khareem Cabey 
If you are thinking about buying a house in St Kitts or Nevis, there are a few things that you will need to know about the process of buy real estate in St Kitts and the ins and outs of what is involved. Buying a house in St Kitts is not a complicated process, but it is always best to know and understand what will be required by you as the buyer and the seller of the property, and what options you have available to you. Please note that these steps do not apply to you if you already have the funds to purchase a property.
Ownership Documents: Land Deed & Land Title
In St Kitts, there are two types of land ownership documents. The first is a deed, which is an ownership certificate used for land that is unregistered. It is not a full title for the land, but it can be advanced to a registered title, the second type of land title, which is both official and legal.
1. Visit a Bank & Apply for Agreement in Principle
One of the first things you should do when thinking about buying a house for the first time find out how much you could borrow based on your income, outgoings and other financial commitments. Many persons tend to start housing without first knowing how much they can afford. This step makes it very easy new home buyers to know their budget. You can visit any local bank in St Kitts and there is no charge for this and no obligation to take out a mortgage.
2. Find Realtor and start viewing properties
In St Kitts & Nevis, there are numerous realtors to choose from. Realtors in St Kitts are responsible for submitting offers and negotiating price. It is important that you view properties within your budget based on the amount of money you would be allowed to borrow. You can also search for income generating properties that will help you repay your mortgage when rented either unfurnished or furnished.
3. Agreement for Sale
Once you have found the right property for you, its time to seal the deal. An Agreement for Sale would have to be prepared and signed by both the seller and the buyer in the presence of either the real estate agent or a lawyer. After you have both signed the agreement, the sale becomes binding and official. Some owners will require you to pay a deposit, which is usually around 10% of the purchase price.
4. Complete your Mortgage application and make full payment
Now that you have an agreement for sale in order, it is time to finalize your loan with the bank. After paying all your bank fees to the bank, the bank would then make the payment to the owner of the property or his/her realtor on your behalf. At this point the seller would hand over the ownership document, whether it’s a Land Deed or a Certificate of Title upon receiving full payment. The bank will then instruct it’s lawyers to prepare the necessary security documents (Transfer on Sale, Mortgage, Memorandum of Mortgage, Caveat or which every security document they see fit.
List of banks to consider: St. Kitts-Nevis-Anguilla National Bank, Development Bank of St. Kitts and Nevis, Bank of Nevis, Scotia Bank St Kitts or any other local bank of your choice.
If you are looking to buy a home in St Kitts and Nevis, SKN Real Estate is prepared to assist you with all of your St Kitts Real Estate or Nevis Real Estate needs. We can help you find properties in St Kitts & Nevis that are perfect for you budget. Contact us today to begin your property search.
