April 1, 2010

Jamaica Property Purchase

As soon as an individual makes the very important commitment to make a Jamaica property purchase, it is highly recommended that they contact one of the professional realtors to discuss the requirements.

In the course of this meeting the sales agent may ask a few questions in order to evaluate your options and priorities. Let’s say, you have plans to develop a beachfront lot in Negril, they would try to ascertain if the amount you planning to spend would be sufficient to purchase based on the market value for the vacant land in that area.

It would not make sense to be searching in areas which will not fit into your spending budget, so it is important that you know exactly what to expect in advance. If the plan involves building a small boutique hotel, you could easily settle for beachfront property in Discovery Bay or Runaway Bay and build a villa which good still generate good returns.

Whenever the realtor discovers a suitable property for your development, you should prepare to make an offer, as it could easily be bought by someone else if you wait too long. The properties which are suitable for tourism development and real estate in Jamaica are usually in higher demand, especially areas like West End in Negril or Rose Hall in Montego Bay.

If the vendor accepts the offer, then you should acquire an attorney who specializes in Jamaica real estate transactions. Your attorney will review the actual sales agreement that would be prepared by the vendor’s attorney. However, before any decision is made regarding the sales agreement, your attorney should discuss the details with you beforehand. This is necessary to ascertain the closing costs, make any kind of amendments if required, sign the agreement, as well as pay the down payment.

When the process for the sales agreement is complete, the course of action in order to transfer this property title would start.
All Jamaica property purchase requires the payment of government taxes which include registration fee and stamp duty. However, this cost is shared equally between the vendor and purchaser.

The period for a real estate transaction will be different for loans and cash purchases. When you are getting a loan from one of the Jamaican mortgage company, typically the period to complete this sale will be about three months after the signing of the sales agreement. While the time for the cash purchase will vary, but could take as little as 30 days.

Now, with the launch of Title Insurance in 2008, a Jamaica real estate transaction could take considerably less time for both cash and mortgage purchases. Most persons are yet to take advantage of this service, but it will undoubtedly offer more benefits to buyers.

This means that if opt to use the title insurance for this purchase in order to start this beachfront development a month after the offer was accepted, it is highly likely that you will get the chance to do just that.

When the real estate sale is complete, the purchaser must obtain his / her keys, title, letters of possession, letter for the utility providers and also proof that payment is made in full for property taxes, water and electricity. However, if it is mortgage sale, the property title would be sent to financial institution. The possibilities to invest in the Jamaican real estate have a lot of potential, so it would be best to explore all the available options. If you cannot afford the beachfront lot near to the Palmyra Resort development in Rose Hall, then by all means look towards the town of Falmouth, as this area is expanding with a new shipping pier and more.

11 comments:

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Julienne said...

This is an outstanding resource. Thanks so much for sharing. This is one of the best summaries I've seen. When Searching For Property in Jamaica, It Is Worth Making Use of Real Estate Agents. One can find a wide range of property for sale in Jamaica. Depending on the kind of activity to be done in the property, you should choose either residential or commercial property. Different rent is charged for different types of property with a higher rent being charged from those opting for commercial property. Dealing with the wrong kind of real estate agent will make it very difficult for you to cheap property for sale in Jamaica.

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lency said...

In Jamaica, real estate prices have remained static over the past two years, so the real estate market in Jamaica is a buyers market, that is great news for investors who are liquid and in a good financial situation. They can make market conditions work for them and negotiate the best prices of products for sale.

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Chrystlle said...

We work hard to be able to pay the rent, provide for the family, send the kids to school, and to have something left come retirement age. That is why it is very important that we get what we pay for. This is especially true when it comes to purchasing (house and) lots. After all, these houses are where we will be leaving a legacy to the next generations. Anyway, thank you for your article, it is an interesting and informative read.

Also, you might be interested to read about certain laws when it comes to land boundaries. The article I stumbled upon talks about whether or not you can claim a piece of land that was accidentally placed under your neighbor's fence.

Read the original article here

freelanceronfly84 said...

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.

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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..
Thanks for sharing with us..
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