Discover Jamaica


Property in Jamaica

Buying property in Jamaica can prove toother claims against it until the
be a sound investment however like mosttransfer is completed.
housing markets it all depends onA registered title is the legal and
location and your future buyers orofficial title, though much of the land
renters. Overseas buyers returning tohas common law title. This is a
Jamaica will have money in their pocketscertificate of ownership used for
gained from owning a home in Europe.unregistered lands and should be
Many people return to Jamaica forupgraded to a registered title before
example from the UK and have madethat land is bought. The original
substantial profits on their homes. Aregistered title is kept at the Office
returnee will want the best they canof Land and Titles and a copy provided
afford in Jamaica and experience showsto the owner, so all registered titles
that they will want to live in an areashould be easily found.
that has all the comforts of home.If everything checks out, then an
Buying a home that a returnee willagreement for sale is prepared by the
desire will be a good investment.vendor or his lawyer. This is signed by
Increasingly overseas buyers see Jamaicaboth parties at the real estate office
as a place to buy property, with allor lawyer's office and the buyer places
year round sunshine and relatively lowa deposit, from 10-20% of the selling
prices you can see the attraction. Thereprice. Stamp duty is paid by both
are no restrictions on buying propertyparties in Jamaica. After signing the
in Jamaica, so foreigners may purchasesale agreement the buyer must submit an
the property that they like. Jamaica hasapplication to the Office of Registrar
a well-developed real estate market andof Titles and have it stamped within 30
agents are commonly used when purchasingdays of the transfer of property or
homes and property.there will be substantial penalties.
Once a buyer has found a property, anFinal payment and transfer of deed
offer is made. If the vendor accepts thecompletes the sale. When this happens
offer, then land survey and titledepends on how the payment is made, in
searches are conducted. It is importantcash or mortgage, and how long it takes
to make sure there are no other claimsto register the property in the new
against the property before proceeding.owner's name, which can be as long as
After conducting the search, then it isthree months. Once the deed is
recommended that the buyer lodge atransferred the property is now your's,
caveat on the property to prohibit anyand you can enjoy your home in Jamaica.



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