Nail Bay lots are part of a larger property which has a lease agreement with the Crown, extending to year 2164. When properties are purchased, a sublease will be issued to the purchaser for the duration of the Crown lease.
Once an agreement has been reached between the buyer and seller, a legally binding purchase and sale agreement drawn by the seller's attorney is signed by the parties. This will normally contain a condition that completion of purchase is contingent upon the buyer obtaining a Land Holding License from the BVI government. For more information on this process, click here: http://bviguides.com/Domains/bvipropertyguide/editorial/land_holding_license.html.