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