How do I purchase a mortgaged property that is listed for sale?
You can purchase either by attending a scheduled Public Auction which is held at Cardinal Law Firm
By Private Treaty, where you submit an offer in writing to Cardinal Law Firm
How do I know when an auction is taking place?
Public Auctions are advertised in two newspapers in St. Vincent and the Grenadines for 3 consecutive weeks before the auction date.
It is good to confirm all auction details, even on the day of the auction, since auctions are sometimes postponed or even canceled.
Where do your auctions take place?
The Auction of a property available for sale is normally held at the Cardinal Law Firm which is located on the Ground Floor of the Baynes Bros. Building (opposite the Old Public Library), Kingstown.
The time of the Auction is advertised in the newspaper with the Notice of sale.
Can I see the property before I make an offer?
Conduct a site visit, if possible. This will let you see the home’s condition—from the outside. Homes are usually occupied by the owner or a renter. Do not trespass or disturb the occupant.
Photos and Survey Plans of the properties are normally displayed at https://www.cardinallawfirm.com/auction
What happens if my bid at the auction is successful?
If your bid is successful, a deposit payment of 10% of the accepted bid amount is due immediately or at the close of the business day on which the auction was held. The balance is payable within 28 days of the auction. You’ll also have to execute a memorandum of sale and initial the conditions of sale immediately after the auction.
What are the next steps in completing my property purchase?
Go to a lawyer as soon as you can to begin work on the title document for the property. This will include a title search to ensure that there are no other encumbrances present. Your lawyer will need copies of the documents given to you at the end of the auction.
What if I don't have the balance of the purchase price immediately after the auction?
If you do not have the balance of the purchase amount at hand, you must go to your financial lender of choice immediately. The lender will require copies of the documents provided at the end of the auction. Some lenders will also require a valuation of the property. The selling bank/ auctioneer will not provide you with their valuation.
If I am not able to come up with balance of the purhase monies in the time stipulated, what do I do?
If you are unable to come up with the balance of the purchase price within the time stipulated (without requesting an extension based on reasonable circumstances) you will forfeit the deposit or a part thereof.
Request an extension of time to close the sale if you are experiencing financial difficulty.
How do I make an offer for a sale by private treaty?
Submit offer in writing to Cardinal Law Firm, outlining:
-The description of the property i.e. location (include lot # and size if known)
The letter must include your full name and contact details
If my offer is accepted, what do I do next?
If your offer is accepted, you will be contacted by the bank or its legal representative indicating that it has been accepted.
You will be required to sign a sale agreement outlining sale terms and conditions and be required to pay a 10% deposit at the time of signing. The balance is usually payable within 60-90 days.