Real Estate Transaction Tips
- Ensure that the Real Estate dealer or salesman is licensed to do Real Estate business.
- Before purchasing real estate, do a Title search on the property involved at the Registrar of Titles office. This is to ensure that there are no mortgages or caveats registered that would prevent transfer of property by the vendor to the purchaser.
- Before entering into a pre-payment contract for a lot/unit in a development scheme under construction, ensure that the developer/vendor is registered with the Board.
- Get legal advice. To avoid conflict of interest you should employ your own attorney to whom you should refer the Sale Agreement, which is usually prepared by the vendor's attorney.
- Ensure that you have full knowledge of all costs involved in the transfer of property, namely, Stamp Duty, Transfer Tax (payable by the vendor), Registration Fee payable to the Registrar of Titles (shared equally by the purchaser and vendor).
- Ensure that all receipts, copy of Sale Agreement and duplicate Registered Title (where appropriate) are kept secured.
For further information you may contact:
Real Estate Board 8 Dominica Drive, Kingston 5
Tel: (876) 926-9748/9, 960-9287, 920-2950
Fax: (876) 926-0010
log on to the website at www.reb.gov.jm for information regarding:
Licensed real estate dealers Licensed real estate salesmen Registered development schemes