Buying off-plan property in the Caribbean

Ask an independent local attorney to identify the legal interest described in the contract: a completed dwelling, a unit to be registered later, a share in a company, a lease or another arrangement. Obtain the documents that define the land, unit, common areas and any exclusive-use spaces.

Read the specification alongside the plans. Record floor area, its measurement basis, parking, storage, finishes, fittings and included equipment. Ask how the contract deals with changes in size, layout, materials or facilities.

If the purchase is linked to an immigration or investment programme, have the relevant authority and authorised professional confirm the project's status and the qualifying interest. Saint Lucia's Citizenship by Investment Unit publishes its legislation and application process. Check the current documents before committing funds. ^{[1] [2]}

Ask your attorney to investigate the developer's identity, authority to sell, interest in the land and the charges or financing affecting it. Request the approvals required for the work and a clear statement of outstanding conditions.

Obtain details of the contractor, professional team, construction programme and completed comparable projects. Ask which evidence supports the proposed delivery date and what work remains before construction can proceed.

Have the relevant professionals identify the approvals needed for occupation, unit registration, utilities and the shared facilities. Put responsibility for each item beside its contractual deadline.

Establish who receives each payment and the legal arrangements governing that money. Ask your attorney to explain any escrow, trust, guarantee or other protection, including its limits and the procedure for making a claim.

For payments tied to construction progress, identify who certifies the milestone, what evidence the buyer receives and whether an independent inspection can be obtained before payment. Clarify the treatment of disputed work and variations.

Ask what happens to your payments if the developer, contractor or financing party fails. Obtain the attorney's explanation of your contractual rights, priority and practical recovery options in that jurisdiction.

Record the target completion date, any permitted extensions and the final date that triggers a contractual remedy. Ask which events allow extensions, what notice must be provided and what evidence must support the claim.

Have the attorney explain any cancellation right, refund provision, interest or compensation clause. Check the governing law, dispute process and place where a claim would need to be pursued.

For a financed purchase, ask the lender whether its approval will remain valid through the proposed delivery period. Calculate the cash implications of a later completion, a different valuation or an increased borrowing cost.

Request the management agreement before assessing projected returns. Establish the operator, term, fees, owner-use restrictions, maintenance obligations, reserve contributions and termination provisions. Ask who controls prices and accepts bookings.

For a stated rental guarantee, identify the legal entity promising payment, the exact amount or formula, the duration, exclusions and security supporting the obligation. Have the attorney explain how it could be enforced. Model the property's finances after the guarantee period as well.

Use the rental-income guide to separate revenue, operating expenses, debt payments and capital expenditure. Keep projected figures labelled with their assumptions.

Agree the process for inspecting the finished property, documenting defects, completing outstanding work and obtaining the required certificates. Ask whether any payment is retained until identified work is completed and how the contract treats defects discovered after handover.

Request the final plans, warranties, equipment instructions, utility records, management contacts and the documents establishing ownership. Check the shared-building budget, insurance arrangements and the point at which charges become payable.

Review the due-diligence checklist and insurance guide before accepting the handover timetable.