What are the costs involved in a real estate transaction?
When embarking on a real estate transaction, it's essential to understand the various costs involved to ensure full transparency and financial preparedness. At Jamaica Homes, we aim to provide our clients with comprehensive information to facilitate informed decision-making throughout the buying or selling process.
Breakdown of Costs for Purchasers:
Stamp Duty: Typically amounting to approximately Five Thousand Dollars ($5,000.00), stamp duty is a fee shared equally between the purchaser and the vendor.
Registration Fee: This fee, which is approximately 0.5% of the purchase price, is payable to the Registrar of Titles at 23 1/2 Charles Street, Kingston. Similar to stamp duty, the registration fee is also shared equally between the purchaser and the vendor.
Recording Fee: If the land is unregistered, a nominal recording fee may apply.
Legal Fees: Legal fees for representing a purchaser in the transfer of a title range from 2% to 3% of the purchase price. It's important to note that these fees are exclusive of General Consumption Tax (GCT) of 16.5%. Additionally, each party is responsible for paying their own attorney's fees for the transfer.
Additional Legal Fees: Depending on the specifics of the transaction, additional legal fees may be incurred. These may include expenses related to the preparation of the Agreement for Sale, preparation of TR 1 Forms for changing ownership on the tax roll, letters to utility companies, and letters of possession.
Transfer Tax Responsibility:
It's crucial to note that the Transfer Tax, amounting to 2% of the market value of the property, is borne by the vendor.
At Jamaica Homes, we understand that navigating the costs associated with real estate transactions can be daunting. That's why we offer personalized guidance and support to our clients, helping them navigate the financial aspects of buying or selling property with confidence.
For more information on the costs involved in real estate transactions or to speak with one of our experienced real estate professionals, please visit our website Jamaica Homes or contact us via email or through our contact page. We're here to help you every step of the way on your property journey.