Finance, Lawyers, Escrow

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Taking a Loan from a Bank or Credit Union?

If you are taking a loan, you would need to bring in the required documents to the loans officer at the bank to support the application for the loan.

Documents Required For Loans In St Lucia

• Sale Agreement from the vendor
• Property Valuation ( should also contain a copy of the Survey plan/ Map sheet & Land Register)
• Copy of Deed of Sale from vendor
• 2 forms of ID
• 12 months statements to show salary deposits
• Tax Clearances for applicant & vendor
• NIC Clearances for applicant & vendor
• Job Letter and Salary Slips

Banks Of St Lucia Role

If/when the loan is granted, the bank writes a letter to the purchaser’s lawyer indicating the terms and conditions which must be fulfilled before the loan is disbursed. The bank will write the check to the lawyer for the amount of the property.

Lawyers In St Lucia Role

The lawyer checks all registries to ensure that there are no outstanding liens/claims against the property or the vendor.

• Prepares the Deed of Sale.
• Prepares the Hypothecary Obligation (if the property is to be used as security for the loan).
• Ensures that there are no outstanding taxes, dues and unregistered liens which could nullify the sale.
• Pays all required stamp duties and charges on the sale of property. (Paid by Buyer)
• Deduct vendors tax to be payed to Inland Revenue Department. (Paid by Vendor)
• Coordinates the sale transaction – ensuring that the vendor, on receipt of the money, signs the Deed of Sale.
• Submits the Hypothecary Obligation to the Bankers for signature (if the property is to be used as security for the loan).
• Registers the signed Deed of Sale and (if necessary), the Hypothecary Obligation (signed).
• Delivers copies of the registered Deed of Sale to the purchaser and the Hypothecary Obligation to the Bank.