| Buying property in Jamaica can prove to be a | | | | transfer is completed. |
| sound investment however like most housing | | | | |
| markets it all depends on location and your | | | | A registered title is the legal and official |
| future buyers or renters. Overseas buyers | | | | title, though much of the land has common law |
| returning to Jamaica will have money in their | | | | title. This is a certificate of ownership |
| pockets gained from owning a home in Europe. | | | | used for unregistered lands and should be |
| Many people return to Jamaica for example | | | | upgraded to a registered title before that |
| from the UK and have made substantial profits | | | | land is bought. The original registered title |
| on their homes. A returnee will want the best | | | | is kept at the Office of Land and Titles and |
| they can afford in Jamaica and experience | | | | a copy provided to the owner, so all |
| shows that they will want to live in an area | | | | registered titles should be easily found. |
| that has all the comforts of home. Buying a | | | | |
| home that a returnee will desire will be a | | | | If everything checks out, then an agreement |
| good investment. | | | | for sale is prepared by the vendor or his |
| | | | lawyer. This is signed by both parties at the |
| Increasingly overseas buyers see Jamaica as a | | | | real estate office or lawyer's office and the |
| place to buy property, with all year round | | | | buyer places a deposit, from 10-20% of the |
| sunshine and relatively low prices you can | | | | selling price. Stamp duty is paid by both |
| see the attraction. There are no restrictions | | | | parties in Jamaica. After signing the sale |
| on buying property in Jamaica, so foreigners | | | | agreement the buyer must submit an |
| may purchase the property that they like. | | | | application to the Office of Registrar of |
| Jamaica has a well-developed real estate | | | | Titles and have it stamped within 30 days of |
| market and agents are commonly used when | | | | the transfer of property or there will be |
| purchasing homes and property. | | | | substantial penalties. |
| | | | |
| Once a buyer has found a property, an offer | | | | Final payment and transfer of deed completes |
| is made. If the vendor accepts the offer, | | | | the sale. When this happens depends on how |
| then land survey and title searches are | | | | the payment is made, in cash or mortgage, and |
| conducted. It is important to make sure there | | | | how long it takes to register the property in |
| are no other claims against the property | | | | the new owner's name, which can be as long as |
| before proceeding. After conducting the | | | | three months. Once the deed is transferred |
| search, then it is recommended that the buyer | | | | the property is now your's, and you can enjoy |
| lodge a caveat on the property to prohibit | | | | your home in Jamaica. |
| any other claims against it until the | | | | |