The Buying Process In Jamaica, W.I....
Confidential/ Complimentary/ Consultation REAL ESTATE ADVICE AVAILABLE
The first thing about buying any property anywhere is that you have to like it. Once you've identified the property of interest it's important to secure the property by paying a 5 - 10% deposit. Anything involving cash, and large amounts of it require an attorney. It will save you a lot of future headaches.
- You'll need a signed agreement. The vendor's attorney drafts an 'Agreement of Sale'.
- Once the vendor's attorney send the agreement, get your attorney to respond. Three copies of the agreement are sent to the buyer's attorney.
- The agreement is to be signed and returned to the vendor's attorney along with the deposit.
- You'll need to submit 1/2 the cost of the 'Agreement for Sale'.
- The agreement is then signed by the vendor and sent to the attorney and bank. Make sure to collect:
- receipt water bill (updated)
- property tax certificate
- provisional statement of account to close
- PART TWO
- It takes approximately one week for the bank to process the documents.
- It takes approximately forty-five (45) days to produce a 'Letter of Agreement' from the bank.
- The bank has a list of surveyors from which they recommend one for the buyer.
- A Valuation Report is also required.
- The seller should apply for a 'Surveyor's Identification Report'. The title is changed to suit the sale.
- Once the agreement is signed, the bank issues a 'Letter of Commitment' and a 'Letter of Under-taking. This is done within 45-60 days of the signed agreement.
- The Vendor produces:
- Title (Agreement for Sale)
- Instrument of Transfer (This goes to the titles office to facilitate the name transfer)
- PART THREE
- Submit the Mortgage Loan Application
- The Title Office takes approximately five (5) working days to complete the procedure.
- The money is then released to the vendor's attorney account.
- The vendor's attorney sends the letter to the buyer's attorney for the buyer with letters of ownership to the utility
- Property Tax Office
- Board of apartment (STRATA unit/Corp) gets letter for maintenance fees.
- Within a month following the date of closure the buyer will start paying the mortgage.