It’s every man’s dream to own a home.
However, there are several steps that need to be taken before owning a home in Jamaica. At The Law Offices of Deanna McFarlane, our team is experienced in conveyancing transactions and believe in breaking down the steps for you ,our valuable clients.

The steps are as follows:
1. Drafting of Sale Agreements    The Vendor’s Attorney bears the responsibility of drafting the Agreement for Sale and sending same to the Purchaser’s Attorney. The terms are discussed between the parties and the Vendor’s Attorney finalizes the Agreement and sends the final draft to the Purchaser’s Attorney.

2. Execution of AgreementPurchaser signs agreement and pays a deposit, which is usually recommended to be 10% of the purchase price, but may vary depending on the terms agreed on by the parties. The Vendor signs agreement.

3. Payment of Transfer Tax and Stamp Duties    The executed Agreement is sent to the Stamp Office for the value of the transaction to be assessed. The Vendor's attorney pays assessed transfer tax( four per cent) and stamp duty (three per cent).   These amounts are usually paid from the deposit and usually set out in the terms of the Agreement. The Agreement is stamped and orange stamps are impressed on the document . The purpose of this is to show that stamp duty has been paid.

4. Mortgage Financing (Optional)In some instances, the purchaser needs to obtain a mortgage to finance the transaction. The purchaser completes the application and submits same to the mortgage company.The purchaser gets letter of commitment for loan. (This may take 45 days from the date the vendor signed the agreement, but will vary based on the terms of the agreement).The  mortgage institution or the mortgagee's attorney issues letter of undertaking to the vendor's attorney for loan proceeds to be paid.5. Instrument of Transfer and Statement of AccountThe Vendor's attorney prepares statement of account for the purchaser and instrument of transfer and sends them to purchaser's attorney. The Vendor's attorney receives letter of undertaking from purchaser's attorney for shortfall or sometimes the Purchaser’s attorney may simply send a cheque.  The transfer is sent back to the Vendor’s counsel and the Vendor’s sign. Subsequently, these documents are stamped at the Stamp Office

.6.  The Title Transfer and Mortgage Registration :The Vendor's attorney sends registrable documents (i.e. transfer endorsed by stamp commissioner and title) to mortgage company's attorney. The Mortgage company's attorney prepares mortgage documents for signing by the purchaser.Mortgage documents, transfer and title are sent to the Office of Titles for registration.(ii) Cash saleVendor's attorney sends registrable documents to Office of Titles.

7. The Title will have to be amended by The Registrar of Titles.The Registrar of Titles updates the title by noting the transfer to the new owner, purchase price and mortgage (if any).

8. The Purchaser's or mortgage company's attorney pays the balance of the purchase price and other fees to vendor's attorney

.9. It is at this point that the Vendor's attorney gives letter of possession (and other letters to utility companies) and title to purchaser's attorney. (In a mortgage-financed sale, title will be retained by the mortgage company.)

10. Vendor's attorney prepares final statement of account for the vendor, settles any outstanding bills and pays vendor the net proceeds of sale.The length of time for a cash sale may be 30 days and mortgage sale is 90 days under normal circumstances.