June 14, 2008

Jamaica Land For Sale

Jamaica Property Tax

Selling your real estate property whether it be land or house, there are transactions costs that are attached to the vendors. These costs include transfer tax, stamp duty, attorney’s fee, registration fee and possible commission fee.

Transfer Taxes are paid on a range of legal and commercial documents and in respect of transactions involving the transfer of real property and shares. Currently charged at 6%

Stamp duty is equally shared between the buyer and the seller and is a percentage of 4.5%. Documents are stamped as proof and to make them legal and binding under the law.Registration fee is payable at the National Land Agency. The buyer and the seller each pay 0.25% of the purchase price.

Attorneys fee the seller pays 3% to 3.5% of the purchase price plus 16.5% GCT.

Sale commission is fee is only applicable if the vendor acquires the services of Licensed Real Estate Agent to help find suitable and qualified buyers. Usually 5% but could more or less based on the type of property and whatever the agreement between both parties.

These costs may not be mandatory because, some vendors may enter into some form of an agreement with the purchaser and shared transaction costs may take place.

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