If you’re considering buying or selling property in Jamaica, understanding the costs, timeframes, and processes involved is crucial for a smooth and successful transaction. Below is a detailed guide to help you navigate through the complexities of real estate dealings in Jamaica:
Jamaican Real Estate Charges:
For Vendors:
Transfer Tax (Full): 2.00%
Stamp Duty (1/2): $2,500**
Registration (1/2): 0.25%
Cost of Agreement for Sale (1/2): *0.20%
G.C.T on Agreement for Sale: *0.033%
Commission: 5.00%
G.C.T on Commission: 0.83%
Attorney’s Fee: *3.00%
G.C.T Attorney’s Fees: *0.49%
Letter of Possession: $7,500***
Approximate Total Cost: 11.80%
For Purchasers:
Stamp Duty (1/2): $2,500**
Cost of Agreement for Sale: *0.20%
G.C.T on Charge for Agreement of Sale: 0.033%
Registration Fee: 0.25%
Surveyors Fee (See Below)
G.C.T on Charge for Surveyors Fee
Attorney’s Fee: *3.00%
G.C.T on Attorney’s Fee: *0.49%
Letter of Possession: $7,500***
Approximate Sub – Total Cost: *3.98%
If purchaser requires a mortgage: *6.00%
Approxima…
