Buying Real Estate In Jamaica - Guide
has captured the attention of many persons with the gorgeous terrain and
wonderful asset real estate. Due to this many persons seek to acquire
land in Jamaica without knowing the legalities that needs to be
considered in the process.
In West Indies, Jamaica, there are procedures and the conveyance law
that should be followed that is all based on the Torren Title System.
Unlike England, property laws have not changed much in Jamaica so
although there are things to be considered they are not long and
expensive as some may believe.
Due to this, it is always advised for individual who are trying to
acquire or get rid of land may it be commercial or residential, employ
the expertise of an attorney. It is also always advised to buy land from
an owner with a registered title to prevent future problems. If they do
not possess one they can always apply for one. This also helps in
validating the property. A plus in having this also is that I clearly
outline the land that you are buying, i.e., its size.
It also holds another advantage as it can be used as a collateral for
receiving loans from commercial banks, etc. It typically takes as much
as 90 days or about 12 weeks to complete a transaction on a property.
But this standard time may be longer.
Here are some things that must be done during the pre-contract time
• The price of the property should be negotiated directly with the
seller or through your agents.
• Ensure that you visit and inspect the property completely beforehand.
• Make certain that the seller is the one really selling the property by
checking name(s) on the title.
• If you like the property and is very sure you want it try to agree to
a deposit amount.
You should ensure that you attorney is up to speed with everything and
is involved during the contract stage. Discuss the contract with your
attorney so that you fully understand what is needed or expected of you
and also your real estate agents.
In finalizing the contract, one should ensure that they also follow
• Pay the remaining balance for the property.
• Collect receipts and your own replica of the contract.
• Sign up for a mortgage commitment
• Ensure that you comply with the mortgage institution’s requests.
• And also ensure that you sign the instrument of transfer including the
When this is done you will own a new home in Jamaica, West Indies and be
given the keys, and title and any other required letters to get started.
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