Steps to Selling Your Property in Jamaica

Are you planning to sell your property in Jamaica? Follow these simple steps to get your property listed with your trusted realtor:

1. Get an Appraisal Done: Ideally, you should appraise your property to determine the fair market value. This can be costly, but it may be in your best interest to get it done. If you choose not to get it done, your realtor is trained to offer an opinion of value, which is NOT an appraisal. 
2. Prepare a Seller’s Disclosure: This is uncommon in Jamaica but required in the United States. It should be something to consider since it details the property’s condition that could negatively impact its value. One of the most significant benefits of this disclosure is that it allows buyers to make more educated decisions on whether to purchase the home, defects, and all. Also, your agent will be better positioned to negotiate specific contractual terms and top dollar for your property. You must also present an original copy of the property title to prove ownership.
3. List the Property for Sale: When listing your property for sale, your realtor will present the following forms for you to sign:
   1. Multiple Listing Service (MLS) Contract: This is a standardized contract used by all realtors who are the Real Estate Association of Jamaica (RAJ) members. An MLS listing exposes your property worldwide, allowing more potential buyers to see it.  
   1. Customer Information Form (CIF): The CIF is a legal requirement and must be completed by all owners who list their property with a realtor. You will need to give a copy of your government-issued ID (e.g., driver’s license, passport, or National ID), Taxpayer Registration Number (TRN), and proof of address (e.g., light, water, or Internet bill). Using your driver’s license for ID purposes, you will not be required to show your TRN card. 
4. Negotiate the Agent’s Commission: Before signing the listing contract, you should have a frank discussion about all applicable fees to prevent future misunderstandings when payments are to be made. There’s no standard industry commission rate; however, many sellers have become comfortable paying at least a 5% commission to realtors over the years. Typically, this amount is split, most times evenly, among other realtors who bring a buyer to the negotiation take. 
5. Retain a Competent Attorney: Although not required by law, it is highly recommended that you retain a competent lawyer to prepare the Agreement for Sale and other legal documents to ensure a smooth transaction. Additionally, a competent lawyer could save you thousands of dollars if your property has specific legal issues that could prevent or stall its sale. 

Following these steps, you can quickly sell your property and get top dollar. If you have any questions, please contact me at 876-815-0961.