<![CDATA[Pilgrim Express Logistics - BLOG]]>Mon, 24 Feb 2025 14:18:51 -0800Weebly<![CDATA[Steps & Procedures in the Real Estate Sales Process]]>Tue, 12 Jun 2018 23:45:03 GMThttp://www.pilgrim-express.com/blog/steps-procedures-in-the-real-estate-sales-processHaving decided to buy/sell property in Jamaica, it is important to acquaint one's self with the procedures, fees and practices associated with land transactions in Jamaica. Once an offer to purchase has been accepted by the vendor, an Agreement of Sale is prepared by the vendor or his Attorney according to the terms and conditions agreed between the parties.
The Agreement is forwarded to the purchaser's Attorney to be executed by the purchaser. Upon receipt of the executed sale agreement along with the agreed deposit (usually between 10% - 15% of the purchase price), the vendor's Attorney sends the Agreement to the Taxpayer Audit and Assessment Department (TAAD) for assessment of duties (Stamp Duty and Transfer Tax). These duties are paid from the purchaser's deposit.
After payment of these duties, the Agreement for Sale will be stamped as evidence of payment. This Agreement will be forwarded to the purchaser's Attorney. The executed Instrument of Transfer (where no mortgage is included) or the transferred title is forwarded to the purchaser's Attorney, upon payment of the balance of the purchase price. Should the purchaser need a mortgage or loan, the transaction will take more time and will involve additional legal fees associated with the completion of mortgage documents.
Upon the issuance of a letter of undertaking, the mortgagee then pays over to the vendor's Attorney the outstanding balance of purchase money as agreed. When all closing costs and balances have been paid, the purchaser should receive title, keys, letters of possession, letters to the utility companies and proof of payment of water bills, property taxes (and other outgoings). Where a mortgage institution is involved, the title will be forwarded to the lending institution and the purchaser should request a copy for his own records.
 
 
Reproduced from the REAL ESTATE BOARD of JAMAICA BUYERS/SELLERS GUIDE
]]><![CDATA[MAJOR COSTS WHEN DOING LAND TRANSACTIONS IN JAMAICA]]>Tue, 12 Jun 2018 17:12:58 GMThttp://www.pilgrim-express.com/blog/major-costs-when-doing-land-transactions-in-jamaica1.            Agent's Commission
2.            Legal Fees
3.            Agreement
4.            Stamp Duty
5.            Transfer Tax
6.            Registration Fee

Summary of fees payable by vendor/purchaser 

Legal Fees                                           1.5 - 3.0% (+ GCT)            purchaser
                                                               1.5 - 3.0% (+ GCT)            vendor

Agreement for Sale                          0.20% (+ 16.5% GCT)       purchaser
                                                               0.20% (+ 16.5% GCT)       vendor

Real Estate Agent's Fee                   3% - 5% (+ 16.5% GCT)    vendor

Transfer Tax                                       5%                                       vendor

Stamp Duty                                        2.00%                                  purchaser
                                                              2.00%                                   vendor

Registration Fee                               0.25%                                   purchaser
                                                              0.25%                                   vendor

Total fees paid by buyer               4.23% - 5.98%

Total fees paid by seller               12.25% - 16.30%

TOTAL FEES PER TRANSACTION                          14.95% - 20.78%

sale_costs_calculator.xlsx
File Size: 14 kb
File Type: xlsx
Download File
]]>