Buying Real Estate in Jamaica?

I am happy you’ve decided to consider Jamaica, the land of wood and water, as part of your real estate portfolio or your home. Let me be the first to say welcome!

As you make the necessary preparations to invest in real estate in Jamaica, here are a few things you’ll need to consider. 

1. You’ll need to have a Tax Registration Number (TRN) to conduct any transaction associated with the government. If you do not have one, you may visit the Tax Administration of Jamaica (TAJ) and apply for one there. There’s no cost for the TRN. 
2. Retain the services of an attorney. While our laws do not mandate you have a lawyer to buy or sell real estate in Jamaica, it is highly recommended that you retain one to protect your financial interest in the proposed property. You may check with the General Legal Council for a list of attorneys who you can choose from.
3. Work with an experienced real estate agent. Again, our laws do not mandate that you work with a real estate agent, but it is always in your best interest to work with one. A local real estate agent who is knowledgeable about our real estate practices and properties can save you time and money.
4. If you are using a mortgage for the transaction, you will need to retain the services of a commissioned surveyor as well as a property valuer. A key thing to note is that your local financial institution may have a list of approved surveyors and valuers who they prefer to work with. So, it is highly recommended that you check with your preferred mortgage institution before you contract with a surveyor and valuer.
5. Time to close may be a little longer than what you may be accustomed to. This can take between 30 days and 6 months or even longer. Your attorney will let you know when closing will take place.

If you need further information on buying real estate in Jamaica, please contact me by clicking here or call/text 876-815-0961.