- April 2, 2018
- Posted by: Admin
- Category: Legal
From The Perspective of Real Estate Attorneys in Jamaica How to Sell Your Property
As real estate attorneys in Jamaica, we have seen several avoidable mistakes vendors make in trying to sell their properties. This article is not intended to be exhaustive nor should any discussion or opinion be construed as legal advice. We will outline the steps involved in the selling of real estate in Jamaica.
Make sure you have the Right to Sell
So, you have decided to sell your real estate and you do not know where to start. The first thing that you will need to do is to ensure that you have the right to sell. Real estate attorneys in Jamaica will tell you this. Too many people are unaware that they are not able to dispose of a property. If, for instance, you own the property jointly, the other joint owner will need to sign the all the documents. The same applies if you hold the property with someone else as tenants in common. If one of the joint owners of the property is dead, then you automatically become the sole owner of the property. This takes place through the doctrine of survivorship. However, you would have to make an application to note the death of the deceased joint tenant. Most real estate attorneys in Jamaica will do this for you.
If a property is held with another as tenants in common and one of the party dies, then you would have to wait for probate to be granted by the court or letters of administration before you can sell your property.
Are you using the Assistance of A Realtor
The next step is to determine whether you will be selling on your own or using a realtor. The advantage of hiring a realtor is that he knows the real estate market in all areas of Jamaica. The realtor also has access to data about recent sales in your area and can assist in pricing your property. He will also have access to the Multiple Listing Services (MLS). The MLS is a database of current properties for sale. By hiring a real realtor, information about your property will be instantly available to agents across the islands and prospective buyers. The realtor will also provide you with additional guidance on the sales transaction process. Realtors and real estate attorneys in Jamaica sometimes work closely together, making your sale smooth and fast, a team player realtor is what you need.
Realtors in Jamaica usually charges 5% plus GCT as their commission.
Selling your Property on Your Own
If you decide to sell the property on your own, a valuation report will help you to determine its market value. The market value will help you to price your property. Once you have completed your valuation you should ensure that all the property taxes have been paid on the property. The reason for this is that the purchaser will it if he intends on obtaining a mortgage. You also need to ensure that the water bills are paid for the same reason.
Advertise
After completing these tasks, you can go ahead and advertise your property. There are several websites that allow you to advertise your property in Jamaica for free. Property adsJamaica(https://www.propertyadsja.com/index.asp) allows you to post several pictures of your real estate and a description of the property. The greatest advantage is that you can post for free. It is widely used by Realtors and prospective buyers so this will increase your chances of securing a prospective buyer.
Jamaica classified (https://jamaicaclassifiedonline.com/real-estate/)is also a good website to use. Once you upload pictures of your real estate on Jamaica classifies, they will post that same ad on Facebook. Jamaica Classifies has thousands of followers on Facebook so your real estate ad will come into the news feed of those following Jamaica classified.
What the Ad Should Contain
In your advertisement, make sure that you include the basic information about the property, including the price, the number of bedrooms, if it is a house, numbers of bathrooms, lot size, location and of course the specific details that make the property special. You can look at other listings on these websites to get a feel for the details you should include in your description.
What about potential buyers who may not be checking the internet for dream properties. If you want to reach these people you can always advertise with The Sunday Gleaner Classifies. Hundreds, if not thousands of people in Jamaica buy the Sunday Gleaner you can also reach a wide audience this way. However, this will come at a price. Contact the Jamaica Gleaner for more information.
Secure A Real Estate Lawyer
Once you secure a buyer, your next step is to find a real estate lawyer. I say this because while you may already have a lawyer, not all attorneys in Jamaica are real estate attorneys. You will need to find a real estate lawyer, and while real estate attorneys in Jamaica are not difficult to find, a one suitable for you may be.
There are different types of real estate attorneys in Jamaica. For instance, there are real estate attorneys in Jamaica that specialize in residential real estate, some specialize in commercial real estate, agricultural real estate, contentious and non-contentious real estate matters.
The old fashion way to search for a real estate lawyer in Jamaica would be to use the directory. However, while the directory will show you a list of attorneys in Jamaica and their area of expertise it will not provide you with sufficient information to help you to select the right lawyer for yourself. This is where the web comes in. Start by searching for “Real Estate Attorneys in Jamaica”. Visit the different law firm websites and familiarize yourself with the different attorneys.
If you are using the service of a Realtor he will be able to provide you with a list of real estate attorneys in Jamaica. The real estate agent will also be able to recommend a good real estate lawyer to you because they know the industry and they will know the efficient and very detailed attorneys; qualities that are most important in a real estate lawyer. You should note that it is your real estate lawyer who will be drafting the sales agreement. The process moving smoothly and quickly will be heavily dependent on him or her. Thus, the importance of finding a competent and reliable real estate lawyer.
Final Selection of Lawyer
Once you have narrowed down your search try calling the attorneys and ask for a free telephone consultation. Not all attorneys in Jamaica provide this service so this is a good way to separate the attorneys who are dedicated to their work and attorneys who only want to collect your money. It’s always best to have a free five minutes consultation so that you can have a feel of what the lawyer is like and find out what his or her fees are before the actual meeting.
In a lot of big law firms, you will find that attorneys are way too busy to meet with the actual client and since the secretary or the paralegal drafts the paperwork you may find yourself in a situation where you only meet with the secretary or the paralegal who draft the paperwork. When you call the law firm, ensure that you ask whether you will get a chance to meet the real estate lawyer who will be handling your matter. You should make every effort to meet with the lawyer at least once to review the transaction. A breakdown in the lawyer-client relationship in real estate transaction is very common, so you want to find a lawyer who will update you every step of the way.
You should bear in mind that whichever real estate lawyer you select, you must do a final check with the General Legal Council, to ensure that the lawyer you select is in good standing with them. Practicing attorneys in Jamaica are those who having been issued a practicing certificate by the General Legal Council for the current calendar year are legally entitled to carry on a private practice in Jamaica see link below. https://www.generallegalcouncil.org/attorneys/practising-attorneys/
Cost and Charges
Real Estate Attorneys in Jamaica handle most, if not everything from this point. He or she will inform you of things like the duties you will be expected to pay such as stamp duty, transfer tax, and registration fee.
Stamp duty $5,000 vendor pays ½
Registration Fee: 0.5% vendor pays ½
Transfer tax 2% vendor pays full.
Most real estate attorneys in Jamaica will charge between 2% and 5% plus GCT. The cost of the sales agreement is another $50,000.00 plus GCT.
Real Estate Lawyer Responsibilities
Please see below the responsibilities of your real estate lawyer in the processes in the sale of a property.
Stage 1
- Taking instructions from the Vendor.
- Taking details from the Purchasers.
- Obtaining a copy of the Certificate of Title.
- Doing a caveat search.
- Preparing the Agreement for Sale and submitting same to the Purchasers Attorney and in some instances, the Vendor, before submitting same to the Purchasers Attorney.
- Settling differences before the finalization of the Agreement.
- Finalization of the Agreement and providing copies to the parties of the Agreement.
Stage 2
- Sending the Agreement to the Stamp Office and obtaining a tax certificate and up to date water rates receipt.
- Checking with the mortgage company to obtain a mortgage commitment.
- Writing to the company holding the security to obtain the Certificate of Title and Discharge of Mortgage.
- Preparation of statements of account for the Vendor and Purchaser.
- Preparation of the transfer.
- Cross-stamping the transfer.
- Obtaining a letter of undertaking from the firm responsible for registering the mortgage.
- Sending documents to the mortgagee’s attorney.
- Preparing, stamping and registering the mortgage with the transfer
Stage 3
- Submitting documents to the Titles Office.
- Collecting the relevant Certificate of Title.
- Submitting the same for payment.
- Preparation of final accounts.
- Paying off the mortgage, utilities if any and balance of sale price the Vendors Attorney
Article by Shantel West
Real Estate Attorney-at-Law
Francis Thomas Campbell &Whonder
Telephone 665-3942/301-9408
Email: francis@ftcwlaw.com
Website: ftcwlaw.com