Mortgages: If you have a mortgage on your property, until you pay the loan in full, the lender holds the certificate of title and you hold a copy. Chance are you have a duplicate copy.
If you decide to sell this property, you will have to submit an application to your lender to have your mortgage discharged. To discharge the mortgage has fees associated with it. So call your lender and let them give you some additional information on this
No caveats, liens & encumbrance: You may hear these words being tossed around, you might want the definitions, all the definitions are on this website. You should ensure that you will be able to transfer the property at the completion of this sale. You want to ensure there are no tax liens against your property, there are no caveats and there are no encumbrances. Ensure the property can be sold before the property is placed on the market.
Transfer tax: Jamaican law requires that it is the responsibility of the vendor to pay the 5% Transfer Tax if it is being sold.
Pay your property tax: Ensure that you pay your property tax. You will be required some point during your sale to produce a certificate of payment of taxes and this is generally done at the tax office.
Water bill and maintenance fees: At closing the purchaser’s attorney and/or lender’s attorney will require a copy of the most recent water bill…this must be fully paid with a 0 balance. You see how important this is? Remember we spoke about this from PT1-4. This is so important that they do not want the new purchaser should not have to accrue your debts!
If selling an apartment or townhouse all outstanding maintenance fees must be paid as well. Ensure that your utility bills are paid in full and up-to-date.
Need more information? Get all the details in our free eBook, How to Buy an Apartment or Condo in Jamaica.
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