| Many people visit Jamaica and are enamoured by the | | | | property with a loan from a financier. |
| beautiful landscape and fabulous real estate. For | | | | During the pre-contract stage the Purchaser should:o |
| many of them though the complex procedures | | | | view the property thoroughly. Home inspections as |
| involved in buying Jamaican real estate in Jamaica is a | | | | conducted in the United States are not usually a |
| deterrent. The process by which legal title in land in | | | | condition of the contract so buyers must be ready |
| Jamaica is transferred is called conveyancing and | | | | to decide whether they are willing to take this upon |
| there are many reputable attorneys who practise in | | | | themselves or bear the risk of buying real estate |
| this field. The Jamaican conveyancing law and | | | | with expensive obvious defects.o negotiate the price |
| procedures are based on the old English common law | | | | either directly with the vendor or through a realtor or |
| and the torrens title system. While the property laws | | | | the vendor's attorney.o search the title to make sure |
| in England have changed over the years, the | | | | the Vendor is indeed the owner, the property on the |
| Jamaican laws have not been updated and so many | | | | ground corresponds to the address you visited and |
| foreigners who are accustomed to a quicker course | | | | to determine if there are any caveats on the title.o |
| of action believe that in Jamaica it is too long and | | | | arrange the deposit (this is usually 15%)o if getting |
| expensive and some believe unnecessarily | | | | mortgage loan visit a reputable financial institution to |
| bureaucratic. It is for this reason that it is | | | | see if you pre-qualify. |
| recommended that anyone buying or selling real | | | | During the contract stage, you must discuss the |
| estate in Jamaica employ the services of an attorney | | | | terms of contract with your attorney, determine all |
| who specializes in conveyancing. | | | | your closing costs, obtain any amendments if |
| Most but not all properties in Jamaica are registered | | | | necessary, sign the contract and pay the deposit. It |
| at the National Land Agency commonly referred to | | | | is strongly recommended that you employ your own |
| as the Titles Office. Some owners have common law | | | | attorney instead of having joint representation with |
| title to their properties but it is recommended that a | | | | the Vendor's attorney. |
| buyer purchase from a landowner with registered | | | | During the post contract stage the Purchaser should:o |
| title or request him to apply for a registered title. It is | | | | obtain his signed duplicate contract and his stamped |
| easier to validate a registered title. In addition it has | | | | receipt for the deposit,o comply with the |
| several other advantages including but not limited to | | | | requirements of the mortgage institutiono obtain |
| the fact that it is a fairly simple document which | | | | mortgage commitmento sign Instrument of transfer |
| provides proof of ownership of property which is | | | | and mortgage deed and,o pay closing costs and any |
| clearly described. Furthermore if a buyer will need to | | | | cash balance purchase price |
| use the title as security for mortgage financing then | | | | On completion the purchaser should get his title, |
| a registered title is typically better received by the | | | | keys, letters of possession, letters to the utility |
| financial institutions. | | | | companies and proof of payment of water rates, |
| The typical conveyancing transaction in Jamaica takes | | | | property taxes and other outgoings. If he had |
| about 12 weeks or 90 days after the contract is duly | | | | financed the purchase through a mortgage institution |
| executed to completion. This is standard but it can | | | | the title will be forwarded to said institution but he |
| take longer especially if the Purchaser is buying the | | | | should ask to obtain a copy for his records. |