In Jamaica, a private treaty is when a property, like a house, is sold through a direct agreement between the buyer and seller, instead of having a public auction. This usually happens when someone can’t pay their mortgage, and the bank or lender wants to sell the property to get back the money they loaned. The bank offers the property for sale at a price they agree on with the buyer. A real estate agent or the bank helps with this process. For buyers, a private treaty might mean getting a home for less than its usual price. For the seller, usually the bank, it helps them recover the money quickly and without a big public event. This makes it a simple and quick way to sell a property in difficult situations.
