How to purchase Real Estate on our sunny and friendly island of St Maarten St Martin.
Typically when you arrive in St Maarten St Martin for the first time
you fall in love, just like the rest of us.
This is such a common story, you come here as a tourist and then after a week vacation you
want to own a piece of this paradise.
The first thing to do is to find a location that you like and you feel this could be your home.
In most cases, the location where you stayed for the first time becomes your location.
Like your first love…..
In most cases the most requested locations on the island are amongst Simpson Bay
all the way to the French side Nettle Bay.
Some people like to be in Grand Case, Orient Beach, Oyster Pond , Dawn Beach.
Simpson Bay is without a doubt one of the busiest and most
central location on the island of Sint Maarten Dutch side.
In any case, once you know where you want to be find a “REAL” Realtor
experienced and knowledgable that can help you.
A good realtor that to begin with has an office
sometimes one on each side of the island.
Like us for example SMI has an office in
Simpson Bay Dutch side and one in Marigot French side.
SMI is also Licensed on both side of the island.
However while on the Dutch side a Real Estate licensed is not required ( only the company NV or BV)
on the French side you have a Real Estate License ( like in the USA) as well as a company.
Like in Europe you have to have certain requirements for the French
and also need training 14 hours a year in order to maintain your
license active.
You would have to tell your realtor what you are looking for, explain your needs and requirements.
Are you a cash buyer or are you seeking financing ?
In most cases buyers from USA or Canada choose to a Home Equity Line secured by the properties already owned back
home.
It is possible to obtain Financing on the Dutch side, the bank for a non resident will require at least 30% the current interest
rate is about 5% – 6%.
Once the money part is out of the way you will go with your realtor to see properties.
Condominium for example, you have several options, if you are a beach person you will probably choose a location like
Simpson Bay Beach, Beacon Hill, Maho, Pelican Key.
The above are the areas that have condos, not all residential locations allow condos, some residential area only allow Free
standing home, French Lowlands for example (Terres Basses).
Once you have made your choice, your Real Estate Agent will prepare an Offer to Purchase.
There is not money required, this is a written offer, typically 1 or 2 pages with your name as the buyer the name of the seller
the info on the property .
This offer has typically a validity of a week, if your offer to purchase is accepted and sign by seller then you move to the
Sale and Purchase Agreement.
Once the Sale and Purchase Agreement is signed then the deposit has to be wire to the escrow account of the notary.
Usually 30 days later you will wire the balance plus closing costs and you close.
You can be present at closing or give power to somebody to sign for you.
Seller can do the same, either be present or send a power of attorney.