Guide To St Lucia Foreclures
The Judicial Sale Process in St. Lucia
- Preparation and Advertisement:
- Properties for Judicial Sale are listed in the Gazette. Potential buyers can locate their preferred properties by consulting the Registry of Lands for maps and further details.
- Qualification to Bid:
- Bidders must attend the sale with a valid photo ID and a certified bank cheque for the deposit (usually 10% of the outstanding debt). There must be at least three bidders for the auction to proceed.
- The Auction:
- The auction starts at 10:00 AM at the designated court location. Bidders signal their intention to bid, stating their bid amount. If bidding through a proxy, a Power of Attorney is required. The highest bidder wins the property.
- Payment and Confirmation:
- The successful bidder submits the deposit immediately. The remainder of the purchase price is due within six months, with interest. If the balance isn’t paid, the deposit is forfeited, and the sale may proceed with the previous highest bid.
- Completion of Sale:
- Upon full payment, the property is transferred to the buyer. If any issues arise (e.g., outstanding liens or taxes), these must be resolved to finalize the ownership transfer
Frequently Asked Questions on St. Lucia Foreclosures
A Judicial Sale in St. Lucia is a public auction where foreclosed properties are sold to the highest bidder. The sale is conducted by the Sheriff’s Office at the Registry of the Supreme Court
Properties available in Judicial Sales are advertised in the Gazette. The listing includes the property’s location, size, deposit requirement, and sale date
To participate, bidders must bring valid ID and a manager’s or certified banker’s cheque for the deposit amount, which is typically 10% of the outstanding debt.
Yes, each property has an “Upset Price,” which is the minimum amount it can be sold for. Bidding starts from this price
The sale is held at the parking area of the old High Court building on Peynier Street in Castries
Yes, a proxy can bid on your behalf. However, they must present a Power of Attorney or proof of authorization to do so
After winning, the buyer pays a 10% deposit immediately. The remaining balance is due within six months, with 6% interest per annum on any outstanding amount
Please refer to the link for detailed information on all St. Lucia Real Estate Laws.
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