About authorSydney Davis is the Managing Director of Sydney Davis and Associates. He is a member of the Realtors Association of Jamaica and holds a license from the Real Estate Board of Jamaica as a trader and property manager. For nearly two decades, Sydney Davis-Associates has been providing real estate sales and management services for residential real estate, vacations and shift work in Jamaica. Our company specializes in creating real estate assets for our clients. Through our blogs, e-books and personal consultations, we competently advise you on what you need to know about real estate in Jamaica. Our office is located at 80 Constant Spring Road, Kingston 10, Jamaica. If the purchase is made in cash, the time to close the transaction depends largely on the contract participants/agreement/transaction. If a mortgage is involved, completion may take three months or more, in some cases from the date of signing. This document contains terms of sale such as:- Special Conditions: Here are some items you should look for under “Special Conditions.” The fees that counsel collect for the preparation of the AFS can range from $60,000 to $100,000. You have to pay half. If you receive a mortgage, make sure the AFS says so. If you are the seller, consult your lawyer to find out if a “time is essential” clause should be included in this section. Such a clause, along with a timetable for completion, encourages all parties to complete the sale on time.

The seller`s lawyer will submit to the Tax Control and Evaluation Division (TAAD) the stamp duty and transfer duty payable agreement, under which transfer tax and stamp duty are paid from the down payment collected by the buyer because of the buyer`s price. The seller`s lawyer gives the buyer`s lawyer a letter of ownership (and other letters to the utility company) and the buyer`s property. (In the case of a mortgage-financed sale, the security is retained by the mortgage company.) Once the transfer tax and stamp duty payment is mentioned in the sales agreement, the seller`s lawyer (in the event of a cash sale) will forward the transfer instrument and an account deposit indicating the balance of the purchase price and the costs to be assessed by the buyer, so that the sale can be concluded.

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