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