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Buyer’s Closing Cost (PT7)

Are you looking to buy a home in Jamaica? Ever wondered what fees are included in your closing cost?

Here are the 6 fees that are included in your closing cost.

Stamp Duty: This is generally 4% of purchase price, but it is shared equally between the purchaser and the vendor. As the purchaser you’ll only pay 2% 

Registration Fee: Your registration fee is 0.5% of the purchase price. However, this is also shared equally between the vendor and the purchaser. So you’ll only pay 0.25%

Legal Fees: There are two parts to this

The vendor’s attorney prepares a Sale Agreement. Whatever the vendor’s attorney charges for the preparation of the sales agreement, you’ll pay a half of this fee plus 16.5% GCT.

Also, you’ll have legal fees for your attorney, which could be anywhere between 1% -3% of the purchase price plus GCT

Valuation Report and Surveyor Report: This is a part of your due diligence. You want to ensure that if you are buying a property that is worth the price. If it’s advertised at $10 million dollars, its actually worth $10 million dollars, because it could actually be worth more (or less)

If you decide to take out a mortgage, your lender will require both a valuation and surveyor’s report. Also, if the property is over 40 years old, you may be asked to provide Structural Engineer’s report.

Processing Fees For Your Loan: The bank is not going to give you money for free. There are fees associated with processing your loan. This varies from financial institution. Do your research to ensure you are getting the best rate.

Letters of Utilities and Letter Of Possession: And then there are your letters of utilities and possession which also attracts a fee.

Need more information? Get all the details in our free eBook, How to Buy an Apartment or Condo in Jamaica.

 

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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