What are the steps Involved in a Real Estate Transaction in Jamaica?

If Acting for the Vendor

1. Meet with the client

   • Discuss the details and objectives of the sale.

2. Obtain particulars for the property and the client

   • Gather relevant proof of ownership and other necessary documents.

3. Ascertain the selling price from the Vendor

   • Recommend a Valuation Report to guide the market value expectation.

4. List the property

   • Advertise the property on the open market for prospective purchasers.

5. Potential purchaser submission

   • The potential purchaser submits relevant documents for the vendor’s signature.

6. Offer acceptance

   • If the Vendor accepts the offer, the Vendor’s Attorney prepares the Agreement for Sale.

7. Agreement for Sale

   • Sent to the Purchaser’s Attorney for review and signature in triplicate.

8. Signing

   • The Purchaser signs and returns the Agreement for the vendor’s signature.

Post-Signing Steps

1. Document exchange

   • Vendor’s Attorney returns a copy of the Agreement for Sale (AFS), a Provisional Statement of Account, and receipt for the deposit to the Purchaser for loan processing.

2. Mortgage proce…