St Lucia Foreclosure Laws

stlucia foreclosure laws

St Lucia Foreclosure Laws – Judicial Sales Process In Saint Lucia

The (St Lucia Foreclosure Laws) judicial sale is an auction where a property is sold to a highest bidder who is referred to as the purchaser.

Bank Repossessed Properties For Sale

  • The properties scheduled for judicial sales are advertised three times in the gazette
  • The advertisement contains the deposit amount, location, size of property with surrounding roads, date and time of sale that may interest the bidder.
  • Interested bidders can identify the property by obtaining the map sheet from the land registry.

Things You Should Know And Require On The Day Of The Auction Sale.

  • The sale date and time are fixed and are strictly followed.
  • You must produce your ID before you are allowed to bid.
  • In order to qualify, a bidder must present a deposit in the form of a managers cheque/ Certified Bankers’ cheque. The deposit amount is calculated at 10% of the debt owing. (This amount is normally stated on the advertisement)
  • In order for the sale to take place there must be a quorum. A quorum is a minimum of three (3) bidders.

NB: If only 2 persons from the quorum bids within that hour, the auction becomes void. example

-if the bid starts at $100,000.00. All 3 bidders present their $10,000 cheque to the sheriff. Lets assume the property value is 300K. Bidder one bids $110,000 and bidder 2 bids $500,000.00 however bidder 3 fails to bid because bidder 2 bidded over the value of the property. The auction becomes void and everyone cheque is returned. The property owner generally does that to buy time to settle with their bank.

Failure To Pay The Deposit

  • If the bidder fails to deposit forthwith the amount required (10% of the debt owing), his bid will be disregarded and the proceedings shall resume upon the previous bid.

Day Of The Judicial Sale

  • On the day of the Judicial Sale, the sale is conducted by the Sheriff’s Officer. It commences promptly at 10:00 A.M in the parking area of the registry of the High Court on Peynier street Castries.
  • The auction has a duration time of one hour (1hr).
  • Each bidders cheque would need to be presented to the Sheriff’s Officer prior to the commencement of the sale. Thereafter the notice of the proceedings will be read out to the bidders.

How Do I Bid?

  • The bidder will indicate that he wished to bid. Once called upon the bidder will give his name and indicate what his bid is.

Bidding By Proxy

  • Verbal bids can be made by a proxy. Where a person purchases as a proxy for another, he MUST furnish the Sheriff’s Officer with the name and residence of his principle and his Power Of Attorney or a ratification of his bid and purchase. Failure to furnish the information, the proxy is held to have purchase in his own name.
  • If the person for whom he acted is not known, cannot be found, or is insolvent, or is not capable of being a purchaser, he is held to have purchase in his own name.

Persons Who Cannot Take Part In A Judicial Sale

  • The party who’s property is being sold, if that party is personally liable for the debt, the Sheriff or other officers conducting the sale.

After The Judicial Sale

  • After the auction is concluded the deposit cheques are immediately returned to every bidder except the purchaser. The deposit received by the purchaser is retained as part of the purchase price. The purchaser will receive a receipt as proof of the deposit.
  • Adjudication is not perfected until the full price is paid.

Paying The Balance Of The Purchase Price

  • The purchaser must pay to the Sheriff via Sheriffs Office the purchase price less the deposit within six (6) months of the date of the sale with interest at the rate of 6% per annum.
  • If this is not paid the deposit paid by the purchase is forfeited.

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