The Property Banks Buyers Guide to Jamaica
STANDARDIZED PROPERTY
Property value: 10,682,249
City: Kingston
Registration Requirements:
Procedure 1*.
Title search at the National Land Registry
Time to complete: 1 day
Cost to complete: JMD 1,000
Comment: Perform a caveat search and title search at the National
land Registry.
Procedure 2*.
Obtain a certificate of good standing from the Registrar of
Companies
Time to complete: 7 days
Cost to complete: JMD 1,000
Comment: The buyer must obtain a certificate of good standing from
The Registrar of Companies.
Procedure 3.
Assessment of tax and duties at the National Tax Authority
Time to complete: 14 days
Cost to complete: No cost
Comment: A signed sale purchase agreement is sent for assessment of
duties at the Tax Payer Audit & Assessment Department of the
National Tax Authority.
Procedure 4.
ax and duties are paid at the National Tax authority and the
transfer deed is sent for cross-stamping
Time to complete: 3 days
Cost to complete: 7.5% of property price (Transfer Tax) + 5.5% of
property price (Stamp Duty)
Comment: The transfer deed, signed by both parties, is sent for
cross-stamping at the Taxpayer Audit and Assessment Department.
Once the Agreement For Sale is stamped (stamp duty has been paid),
cross-stamping can be done at any time.
Procedure 5.
Apply for registration at the National Land Agency
Time to complete: 30 days
Cost to complete: 0.5% of property value (registration fee)
Comment: The buyer applies for registration of the title under his
name at the National Land Agency.
The registration fee is fixed by law at 0.5% of the property value
and it is paid at the National Land Agency.
Once the transfer is completed then the Utility companies must be
advised of the change in owners so that they can enter into new
contractual arrangements with the new owner. All sale agreements
contain a special condition which state that both parties agree that
the vendor's Attorney will prepare letters to the National Water
Commission (water), Jamaica Public Service Ltd (electricity), Letter
of possession and the Tax Registration form and that the parties
will share the cost equally. The purchaser at the end of the day is
given all these letters along with his Title to the property for him
to deliver these letters at his leisure.
The attorney's cost for the above letters will be about JMD 9,000.
If the valuation number to the property is added to the transfer
document then the tax roll is then amended automatically.
The documentation shall include:
Instrument of Transfer
Duplicate Certificate of Title