A Tax Of 1.00 Per Residential Phone Number Is Collected Houses For Sale in Jamaica – Transfer Tax and Stamp Duty

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Houses For Sale in Jamaica – Transfer Tax and Stamp Duty

Transfer tax and stamp duty are fees that are added to your price when you are involved in the transaction for houses for sale in Jamaica and are usually a percentage of the value of the land. Usually the value corresponds to the selling price.

The Transfer Act states that the transfer tax is 7.5%. There is a relief amount of $10,000.00 where the land value is $150,000.00 or less. The type of house does not matter. It is a common misconception that Jamaica beachfront houses for sale attract a lot of transfer. This is simply not true. However there are some exceptions to these Jamaican property taxes.

Exceptions

1. Transfers of Property by the Jamaican Government and Local Authorities.

2. Transfers to Government or local authorities of Jamaican land for purposes such as roadways and other reservations in sub-divisions.

3. Transfers by gifts to approved institutions of property to be used exclusively for charitable purposes.

4. Principal residence of spouses (joint tenancy or tenancy in common) only in case of death.

Stamp Duty – Payment of stamp duty is governed by the Stamp Duty Act. The stamp duty payable on land is around 5.5% of the full value of the land/residence.

Title Certification:

After registration the property is identified by volume and folio numbers in the Register Book of Titles. The original title is kept in the Titles Office and registered whenever a matter affecting any interest in land is brought to the attention of the Registrar of Titles. For example, transfer, mortgage, death of a part owner, grant of easement and so on. This is standard for all homes for sale in Jamaica.

The land owner gets a duplicate certificate of title on registration. A duplicate certificate of title must be submitted to the Registrar for approval of all transactions affecting land.

Conveyance or transfer of houses in Jamaica for sale exercise

It usually starts between a seller (seller) and a buyer (buyer) or between one of the parties mentioned above and a Jamaican real estate dealer or Jamaican property agent. The buyer or lawyer should check the duplicate certificate of title. This is important as some houses in Jamaica come without contracts for sale and therefore no transfer has taken place. The title definitely proves who the owner of the land is.

A general form of contract of sale and purchase includes among other things:-

(1) Legal names, registered address and gainful occupation of the contracting parties.

(2) Full description of house for sale in Jamaica – In the case of both registered Jamaican buildings and land, the quantity or actual measurements, including the identification folio and volume numbers of the registered location and certificate of title. In the case of land with common law title, extent, description, boundaries and other relevant particulars.

(3) Purchase price – In words and figures to avoid mistakes and misunderstandings.

(4) complete – Effective date when the final payment for the transaction is collected and the complete sale is completed, i.e., when the transfer takes effect, the check and the titles are changed.

(5) Transfer cost – Unless otherwise agreed, it generally stipulates that each party shall bear half the cost of stamp duty, registration fee and attorneys’ fees.

Payment of Jamaica Real Estate Agents Commission – Paid upon completion of title transfer and transaction close.

Fees on sale and purchase of land

1. Transfer Tax – 7.5% of market value (Seller only)

2. Stamp duty – about 5.5% of market value

3. Registration Fee – Approximately 2% of market value (or $2.00 per 1,000)

4. Attorney’s Costs – According to Scale – Jamaican Bar Association (Effective June 1, 1991)

5. Surveyors Identification Fees:

(i) Values ​​up to $500,000.00 = $1,500.00, thereafter, 0.1% up to 1 million, thereafter, $1,000 per million. Plus research and title fee/charge of $400.00.

(ii) Travel fee shall be added for properties exceeding 1 acre or irregular boundaries. The fee depends on the length of the journey.

(iii) $6.00 per mile if the land is outside the corporate area.

6. Valuation Fee:

Kingston Jamaica Corporate Area

Corporate area: $3.00 per 1000 of market value and $150.00 for travel and incidental expenses. The minimum fee is $1,000.00 and travel and incidentals is $1,150.00

Outside the corporate area – (Beyond 15 miles from Kingston Jamaica) 3.50 per 1,000 of market value and travel @ $3.50 minimum fee per mile $1,500.00 and travel.

7. Mortgage costs: (Building Societies)

(1) 1% Application Fee (Saver)

(2) 2% application fee (non-savings)

(3) Life Insurance – Amount varies according to age.

NB. No longer will the compulsory society surrender the existing policy.

(4) Mortgage Indemnity: 7% of sum insured is applicable when mortgaging more than standard two-thirds – 90% mortgage.

(5) Stamp duty on mortgage

(6) Registration fee on mortgage

(7) Costs of attorneys

(8) Valuation fee

(9) Identification of surveyors

(10) First month’s mortgage payment

Mortgage: – $1.00 for 200 x 25% or 0.65%

These detail all the costs associated with buying homes for sale in Jamaica. It is important that both the seller and the buyer understand the fees involved in this Jamaican real estate transaction.

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