To purchase a home in Montego Bay, make an offer, obtain a caveat on the property, sign a sale agreement and pay a deposit. It is important to include a lawyer in all aspects of the property transaction.Continue Reading
Once you have identified real estate in Montego Bay, make an offer on the property. The next step is to conduct a title search and land survey once the seller accepts your offer. This is to ensure that there are no conflicting interests or other claims on the property.
Next, obtain a caveat on the property to ensure no other interests are registered on the property until the transfer is complete. Sign the Agreement for Sale, which the vendor's lawyer typically prepares. Ensure that your lawyer is present during the signing of the document. Pay the deposit on the property and the stamp duty for the transaction. The deposit may be up to 20 percent of the selling price, depending on the agreement with the seller.
In Jamaica, buyers often make property payments in a number of installments. Jamaican law stipulates that you must get approval from the Bank of Jamaica before remitting foreign currency to purchase real estate in the country.
Finally, ensure that land conveyance documents are stamped within 30 days and submit an application to the Office of the Registrar of Titles. A deed transfer means that the property transaction is complete.Learn more about Real Estate