Buying Real Estate in Montserrat
Montserrat is a Caribbean island of the Lesser Antilles chain. It is a British overseas territory, and is an easy place for foreigners to acquire real estate.
Attorneys and Real Estate Agents
It is necessary to hire a real estate attorney in Montserrat, because this is the person who drafts the sales contract and transfers the property title into the buyer’s name.
Real estate agents can be helpful when buying real estate in Montserrat, but are not necessary.
Rules, Regulations and Restrictions
Foreign investors must obtain an Alien Landholder’s License from authorities, but this is merely a formality. Other than that, there are no restrictions against the foreign ownership of property in Montserrat. The License takes four to eight weeks to be approved. Most real estate transactions in Montserrat are done in US Dollars.
General Process
First, the buyer must settle on a property, and make an offer to its seller, and have this approved. Then the buyer’s attorney should draft a sales contract, which should be signed by both parties. The buyer should then put down a deposit, which is usually 10% of the final purchase price.
The buyer should then apply for the Alien Landholder’s License from authorities. Once this License is granted, it is custom for the buyer to pay the remainder of the balance of money to the seller within the next 30 days.
After the seller receives the money, a memorandum can be signed to transfer the ownership of the property into the buyer’s name. The buyer’s attorney will then have the title officially transferred and registered.