Does any member have experience in selling residential property in Jamaica. In particular looking for a reputable reliable estate agent to market and price a property to sell ? all guidance would be very welcome
I live and practice is Jamaica and one of my area of practice is land conveyance. I sometimes list property for sale with a realtor who can be contacted at m.gabriel@century21jm.com.Jamaica operates under the Torren System of land registration and also under the unregistered land system. First thing to do is to ascertain under which system the land falls, get it valued and listed.
the cost to transfer property for valuable consideration is as follows:
Vendor’s costs:
5% transfer tax of market value of property
2% stamp duty of market value of property
.25% registration fee of market value of property
Attorneys legal fee to draft Agreements and conduct sale
The taxes are paid to the government and are not included in the purchase price
Purchaser is required to pay a deposit of 10% of the value of the property and this amount is normally used to stamp the documents, hence the vendor does not contribute out of pocket for the initial costs to sell the property.
In addition to the purchase money the purchaser’s is:
2% stamp duty of market value of property
.25% registration fee of market value of property
Attorney legal fee in sale
A cash sale in Jamaica can be completed in 60 to 90 days
However a mortgage sale is normally completed in 120 days.