All about: Real estate in Jamaica

Are looking to buy property? Do you want to move abroad? Is Jamaica on your list? This article will provide you with a brief guide on how to find and buy property in Jamaica. Buying a home for the first time will be one of the hardest choices of your life. You need to ensure that what you do it right.

Jamaica

All about Jamaica Jamaica is an extremely cultural country filled with music, dance and art. Their ancestors are from Africa, Europe and Asia and have helped to shape Jamaica, and to make it the multifaceted mosaic of international customs and traditions it is. Tourism in Jamaica is always growing with around one million visitors every year.

Buyers' guide

Jamaica homes and Jamaica real estate
The legal process of buying real estate has two aspects - signing the Agreement for Sale and signing the Instrument of Transfer. The cost of preparing the agreement will normally be shared equally between vendor and purchaser. Agreement of Sale
The Agreement of Sale contains all the business aspects of this transaction, that is the terms and conditions agreed between the vendor and purchaser for example, who will bear the risk of the property pending completion. The Agreement of Sale will also cover the matter of taxes and fees involved. On one hand, the property taxes payable on the property being sold will usually be pro-rated as of the date of completion. However, most agreements will provide that the stamp duty (approximately 5.5.% of the purchase price) will be shared equally between the vendor and purchaser. The Transfer tax, which is the tax on the capital gain earned by the vendor on sale of the premises is payable exclusively by the vendor at a rate of 7.5% of the purchase price. The registration fee, that is the fee payable for the purchaser’s name to be endorsed on the Certificate of Title is normally shared equally between vendor and purchaser, and is normally 0.5% of the purchase price.
Instrument of transfer
As soon as all the business aspects are completed, the Instrument of Transfer is signed. This is the document that conveys and shows ownership of the land from the vendor to the purchaser, and is often witnessed by each party’s Attorney-at-Law. Your chosen solicitor will charge his or her fee for guiding your hand and protecting your interest at a rate of 3% to 5% of the purchase price of the transaction. This amount is payable on completion of the transaction.
To get the most from your Attorney, ensure that you understand the process so that you can pose relevant questions at each stage of the transaction.