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My friend called last week to say her neighbor is selling a piece of property and she wanted to know if I'm interested. I am. The thing is, I know it's going to be one of those 'yardie' sale, you know, the one where you have no idea how many acres? knows not where the boundaries are? whether the owner has the title or not? I live in the States and in my city I can easily look up real property ownership on line or at the local Recorder's Office. So how do I do this? My sister can go and take a look, but how should I proceed. Do I need a Lawyer and are we talking years for such transacation? Any help is appreciated. Thanks.
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Re: How to Buy Land In JA
I can tell of my experience, which is not to say that others may have had different experiences. YES, you will need a Jamaican lawyer. Each piece of property has a lot and folio number on the title and survey. I would only recommend buying land with title and survey that displays this number.
If you do not have a Jamaican lawyer that you already know, you can always google for one. I used Bert Samuels from Kingston. Give the lot and folio number to him or your lawyer to search for any incumberances. Incumberances would be any legal reason the present owner could not sell the property. If the property does not have any incumberances and the survey is proper and current then you can proceed. You may want a current survey to be conducted. You will also want to know if anyone is living on the property illegally.
It is not uncommon to give the owner 1/2 the agreed upon price up front and take immediate possesion. BEFORE you do that, make sure of the folio and lot and that the land is clear of incumberances. Then, the lawyer will file for transfer of title. It takes up to six months for the title to be transfered to your name. At this time, the final payment is made to the former owner.
You will need a TRN, a tax payer identification number, for the transfer to occur. They are easy to get.
It is most important to know your neighbors. Jamaicans tend to be protective of Jamaican land.
Don't get me wrong, buying property in Jamaica can be done, but it takes time, patience and proper procedure.
Oh, land is sold in squares, not acres. I believe 10 squares makes an acre, but don't hold me to it. -
Re: How to Buy Land In JA
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: galpikney</div><div class="ubbcode-body">I can tell of my experience, which is not to say that others may have had different experiences. YES, you will need a Jamaican lawyer. Each piece of property has a lot and folio number on the title and survey. I would only recommend buying land with title and survey that displays this number.
If you do not have a Jamaican lawyer that you already know, you can always google for one. I used Bert Samuels from Kingston. Give the lot and folio number to him or your lawyer to search for any incumberances. Incumberances would be any legal reason the present owner could not sell the property. If the property does not have any incumberances and the survey is proper and current then you can proceed. You may want a current survey to be conducted. You will also want to know if anyone is living on the property illegally.
It is not uncommon to give the owner 1/2 the agreed upon price up front and take immediate possesion. BEFORE you do that, make sure of the folio and lot and that the land is clear of incumberances. Then, the lawyer will file for transfer of title. It takes up to six months for the title to be transfered to your name. At this time, the final payment is made to the former owner.
You will need a TRN, a tax payer identification number, for the transfer to occur. They are easy to get.
It is most important to know your neighbors. Jamaicans tend to be protective of Jamaican land.
Don't get me wrong, buying property in Jamaica can be done, but it takes time, patience and proper procedure.
Oh, land is sold in squares, not acres. I believe 10 squares makes an acre, but don't hold me to it.
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Land is sold by the acre in Jamaica.
A square is simply short of a square chain.
Of which 8 square chain makes on acre.
Land is sond by any convenient measurement depend on the size and the location.
In the city, urban areas and in new developements it is more often sold by the sq foot or sq yard.
yoy should get your own lawyer, becaus under Jamaican laws no alwyer can act on behalf of both parties,and although land can be sold without a lawyer. it is not recommended. Unless you are buying land in as new subdivision expect a longer than normal waiit time for completion.
the reasois that any deposits placed on th eproperty is put in and account hed by the sellers attorney,and the longer it sits ther the more intrest he recieves. No you dion't get the benefit of the ingtrest. So they hav e away to streatch out th eprodeeinngswhat you can do to speed things up is to put into contract a time for closure after which the contract will be null and void and all of your deposits with intrest be refunded. as a breach of contract.Comment
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Re: How to Buy Land In JA
Thanks Dr. Dudd, good idea about putting in writing the time limits, just wondered if they allow that anyway. But on a wierd note, what has happened to the price of land in our country???Comment
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Re: How to Buy Land In JA
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: nattielocks2</div><div class="ubbcode-body">Thanks Dr. Dudd, good idea about putting in writing the time limits, just wondered if they allow that anyway. But on a wierd note, what has happened to the price of land in our country??? </div></div>
Well of course it depends upon whether it is denominated in Jamaican Dollars or US dollars. In either case the prices are going up....in spite of Jamaica's difficult times right now, the Caribbean and Jamaica in particular will be more and more a desirable location for retirees, both returning residents and newbies from the US, UK and Canada.
My own experience was very frustrating at times but it was well worth the wait of nearly 2 years to close. I am a US citizen, my wife is Jamaican with dual citizenship now. We wanted a property in JA and we found much for sale back in 2004/2005. However, I was adamant about finding a parcel or lot on the seafront. And that is a lot more difficult to find. Our area of interest extended from Chukka Cove on the west to Oracabessa on the east which further narrowed it down. After a lot of sleuthing and many phone calls we found a virtually unadvertised 1 acre seafront parcel on the St. Mary coastline which had been for sale (through Victoria Mutual Bank)for over 3 years.
We researched it primarily via Google Earth and a brief visit to the property by my wife, contracted with the family attorney in St. Ann's Bay, and put down a deposit which was approximately 15% of the purchase price. Then we sat and waited....the seller held title in the name of a family corporation which had been out of registration for about 5 years (the property taxes had not been paid during this time either). So all in all, it took about 22 months from the time we wire transferred the deposit to our attorney until we received the title document and the supporting documents (letter to the NWC, the JPS, letter from the tax office, etc) last month.
It is very important to have an attorney....they play the combined roles of the title company and the escrow company as in California real estate transactions. Our transaction was totally cash so we did not have to go through a bank. But it was nerve wracking at times,my wife thought that there was collusion going on with the seller (also an attorney) to hold the deposit and earn interest on it. But I think it was simply the combination of the owner neglecting the corporation with the resultant bureaucratic delays.Comment
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Re: How to Buy Land In JA
Great information, thanks for sharing, bplamer!Comment
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Re: How to Buy Land In JA
absolutely great info. I bet you guys are feeling better now that all is closed. My grandmother told me about a place in St Mary once, I told her no, thank you lol. I may have to bring it back up to her, even though I know I do not want ocean front, just a view of the ocean is all. Thanks very much for the postComment
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Re: How to Buy Land In JA
One of my most frustrating experiences was buying land in Jamaica. Back in 1992 I bought some land in Montego Bay and the entire experience was one big mess. It was particularly hard doing it from the US with lots of back and forth communication.
I agree with others that a lawyer is essential. And be prepared for lots of telephone calls, emails, and FedEx packages going back and forth.
After 8 years of owning the property, I decided to sell it. I'm not at all sorry I got rid of it. The neighborhood it was in now looks awful with some of the ugliest most gaudy houses I've ever seen and I keep reading how much crime the neighborhood is experiencing.
Although the selling price of the property was more than twice what I paid for it, after taking the devaluation of the dollar into account, I barely broke even when I converted the $JA back to $US. The only people who made money on the deal were the sales agent, the developer (charging at times 65-85% interest on late payments, and significantly increasing the property escalation charges), and of course the lawyers - to the tune of many thousands of dollars.
It was a miserable experience and I would never do it again. I agree that not everyone will have a bad experience but be warned that it is very difficult to do business in Jamaica when you aren't there. It is still annoying that even though I've told them many many times that I sold the property, I'm still getting tax bills from St. James 7 years after I sold the property.Comment
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