These are only some of the common questions people ask when interested in buying or selling real estate in Jamaica. We have collected information which may be helpful when dealing with Jamaican real estate. Please note that all amounts or percentages are only approximations, using past experience and other references as a basis. Some percentages, rates and time involved will vary depending on the particular institution, attorneys, parties involved and other factors. However, our intention is to provide material to be used as an estimated guideline only.
What do I need to do?There are some factors to consider to help speed the process and ensure a smooth transaction: Verify ahead of time exactly where and in which institution the funds are located. Make sure funds to be used for the transaction are available AND accessible (e.g. not in a fixed deposit etc.). You should contact an attorney to arrange handling the legal aspects of the sale. When both seller and buyer are present in Jamaica, the progression is much more expeditious. The process of transferring all documents to and from countries abroad slows the total time for completion tremendously. Make sure that premises are vacated, if tenants occupy. Make sure monthly tenants are properly served at least 30 days notice (required) from the final date. The buyer's attorney must do a title search prior to deposits and signing the sale agreement. At times the Stamp Office will require a new valuation of the property. If so, this can sometimes slow the process down but has to be done if so directed. A deposit of 15% - 20% of the sale price is required for the transaction to begin
What do I need to do?There are some factors to consider to help speed the process and ensure a smooth transaction: Verify ahead of time exactly where and in which institution the funds are located. Make sure funds to be used for the transaction are available AND accessible (e.g. not in a fixed deposit etc.). You should contact an attorney to arrange handling the legal aspects of the sale. When both seller and buyer are present in Jamaica, the progression is much more expeditious. The process of transferring all documents to and from countries abroad slows the total time for completion tremendously. Make sure that premises are vacated, if tenants occupy. Make sure monthly tenants are properly served at least 30 days notice (required) from the final date. The buyer's attorney must do a title search prior to deposits and signing the sale agreement. At times the Stamp Office will require a new valuation of the property. If so, this can sometimes slow the process down but has to be done if so directed. A deposit of 15% - 20% of the sale price is required for the transaction to begin
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