Property in Jamaica
Property in Jamaica is as attractive to those returing home and foriegn buyers looking for a place in the Caribbean. This article gives an insight into the buying process and is aimed at overseas buyers considering buying real estate 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.
Article Tags: Registered Title
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ABOUT THE AUTHOR
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 web site at http://www.homesgofast.com