What is the Real Estate Process in Jamaica?
- Instructions are given by the Vendor.
- Offer to purchase details are received from the Purchasers.
- A copy of the Certificate of Title is obtained.
- A caveat search is done
- Purchaser makes offer through realtor who then presents offer to vendor. On instruction from vendor, vendor’s attorney prepares agreement for Sale and submits same to the Purchasers Attorney Both parties sign sales agreement and contracts are delivered to the parties involved.
- Application for mortgage is expedited if applicable.
- Send the Agreement to the Stamp Office and obtain a tax certificate and current water rates receipt.
- Check with the mortgage company to obtain a mortgage commitment.
- Request Certificate of Title and Discharge of Mortgage.
- Prepare statement of account for the Vendor and Purchaser.
- Prepare instrument of transfer.
- Cross-stamp the transfer.
- Obtain a letter of undertaking from the firm responsible for registering the mortgage.
- Send documents to the Mortgagor’s Attorney.
- Prepare, stamp and register the mortgage with the transfer.
- Submit the documents to the Titles’ Office.
- Collect the relevant Certificate of Title.
- Submit same for payment.
- Pay off the mortgage, utilities if any and remit balance of sale price to the Vendor’s Attorney.
- Prepare the final accounts.
Information for Buyers