This form is an option to purchase real estate. The buyer assumes all liability for damages to the property and/or persons caused by activities by the buyer or its agents under and this obligation shall survive any termination or rescinding of the agreement.
Virgin Islands Option to Purchase Real Estate - Long Form
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US Virgin Islands taxes are low Property: Property taxes are imposed at 1.25% of the property's assessed value. The assessed value of the property is generally 60% property's fair market value.
With the option-to-purchase route, the buyer pays the seller money for the exclusive right to purchase the property within a specified term (often six months to a year). The buyer and seller might agree to a purchase price at that time, or the buyer can agree to pay market value at the time their option is exercised.
The Deal Took 50 Years. During World War I, Denmark finally sold Saint Thomas, Saint John and Saint Croix to the U.S. for $25 million in gold coin.
Buying Process, Fees & TaxesYes, foreigners can buy property in the US Virgin Islands and the Government of the US Virgin Islands welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in the US Virgin Islands.
The basics: What is an option contract in real estate? In the simplest terms, a real-estate option contract is a uniquely designed agreement that's strictly between the seller and the buyer. In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame.
The average home in St. Croix sells for between $250,000 and $700,000, but there are some that are much more expensive and feel like luxury resorts. Condominiums are a popular real estate option in the US Virgin Islands for the ease of maintenance especially for retirees or those seeking a vacation home.
The cost of living in the U.S. Virgin Islands is higher than on the U.S. mainland. On average, apartments cost $2,000 per month. A two-bedroom house costs at least $285,000. Not everyone can afford health care on the U.S. Virgin Islands.
ASSOCIATION. OF REALTORS® SELLER LICENSE TO REMAIN IN. POSSESSION ADDENDUM. (C.A.R. Form SIP, Revised 12/17)
An option to purchase is an agreement that gives a potential buyer (optionee) the right, but not the obligation, to buy property in the future. The optionee must decide by a certain time whether to exercise the option and thereafter by bound under the contract to purchase.