Properties for Sale in Jamaica…
If you are looking at buying property in Jamaica head to the North Coast of Jamaica, where properties are in great demand from small cottages to huge Villas with swimming pool.
The popular areas for properties are the more well-established ones such as Negril, St. James and St. Ann, Westmoreland on the western end of the island, Runaway Bay, Discovery Bay and of course Duncans Bay. Why? In these areas several golf courses, resorts and beaches with golden sands are located.
With major towns such as Falmouth and Ocho Rios where they have a Ports for many Cruise Lines you can see why the North Coast of Jamaica is so popular.
Are you buying property in Jamaica?
If you are from aboard you are eligible to buy property in Jamaica without any restrictions what so ever. The process begins when the buyer makes an offer. Once the seller accepts it, a land survey is carried out. As with all properties around the world a title search is also done to check if any other claims exist or if there are conflicting interests involved in the property being sold.
I must say at this point, make sure you have a good lawyer working on your behalf from the first stage of the process. Once clearing this step, the buyer can lodge a caveat that restricts the registration of any other interest against the particular property, until after the transfer process has been completed.
Land titles in Jamaica fall under two categories.
Unregistered lands are given a common law title, which can also be upgraded to a registered title. Registered titles are legal and official. Buyers are required to obtain the original title document of the property from the Office of Land and Titles. This can be done with the assistance of your lawyer, so you see here how important to have your lawyer involved, both buyer and seller.
A sale agreement is then prepared, usually by the seller’s lawyer, and is signed by buyer and seller in the presence of a lawyer. The signed agreement makes the transaction official and binding. The buyer must also pay a deposit, equivalent to 10 – 20 percent of the selling price, and pay a share of the stamp duty.
The payment is usually made in instalments. If a buyer wishes to use foreign currency remittance for purchasing a property, prior approval from the Bank of Jamaica is necessary, here again your lawyer will do that for you. The Exchange Control Department of the Bank of Jamaica must give consent before any purchase agreements can be conducted.
Upon signing the sale agreement, an application must be made at the Office of the Registrar of Titles. Government duties must also be paid at this stage. It is important to get documents on conveyance of land stamped within a month after signing, as otherwise penalties may be imposed so please stay ahead of the process to keep your cost down, especially if you are a seller as the seller always pays more than the buyer, always!.
The sale is deemed completed once the transfer of the deed takes place. The entire process of registering a property can take up to 41 days and with a good lawyer on your side you will be surprise just how quick a sale can go through.
Buying costs can be are very high in Jamaica.
Below is a guide I put together some years ago so check with your lawyer first.
|Buying or Selling – Your Fees||The Precentage Cost||–|
|Legal Fees||1.50% – 3.00% (+ 16.5% GCT)||Buyer|
|Legal Fees||1.50% – 3.00% (+ 16.5% GCT)||Seller|
|Agreement for Sale||0.20% (+ 16.5% GCT)||Buyer|
|Agreement for Sale||0.20% (+ 16.5% GCT)||Seller|
|Real Estate Agent’s Fee||3% – 5% (+ 16.5% GCT)||Seller|
|Costs paid by buyer||3.73% – 5.478%|
|Costs paid by seller||11.2255% – 15.303%|
Costs of buying or selling your property in Jamaica.
In Jamaica, lawyers are involved in every aspect of a property sale and they generally charge legal fees amounting to 1.5 to 3 percent of the purchase price. Add to this 16.5 percent General Consumption Tax or GCT. In cases where stamp duty has to be paid, the buyer and seller share the cost. Stamp duty is approximately 4 percent of the purchase price.
The registration fee, which can be paid at the National Land Agency, is around 0.50 percent of the market value of the property. The seller undertakes the transfer tax and this amounts to 5 percent of the property value. If a real estate agent is involved in the process, their fees can amount to 5 percent of the purchase price, along with 16.5 GCT so finding the buyer and selling your property, with the help of a good lawyer can save you loads.
So what can we do to help you!
[wp_cart_button name=”Property Cost” price=”34.95″]
Be amazed how ease it is to sell your Property!
We will make sure you only receive genuine inquires.