Purchasing a House Advertised by a Real Estate Dealer: What You Need to Know

If you're considering buying a house advertised by a real estate dealer, it's crucial to navigate the process with caution and ensure that your interests are protected. Here's a comprehensive guide to help you through the steps:

1. Seek Legal Assistance:

• Consider engaging the services of an attorney-at-law to provide legal counsel and ensure that all aspects of the transaction are handled correctly.
• Your attorney will help verify that the vendor is capable of transferring Title to the property upon completion of the sale, offering you peace of mind regarding the legality of the transaction.

2. Agreement for Sale:

• Upon confirming the vendor's ability to transfer Title, you'll need to enter into an Agreement for Sale.
• Typically, the vendor's attorney prepares this agreement, which outlines the terms and conditions of the sale. Both the vendor and the purchaser sign the agreement.
• As part of the agreement, the purchaser is usually required to pay a deposit of 10% of the purchase price. Additionally, the agreement may stipulate an additional payment of at least 5% to cover Stamp Duty and Transfer Tax charges applicable to the transaction.
• The balance of the purchase price is typically payable upon completion of the sale.

3. Lodging a Caveat:

• After signing the contract, it's advisable to lodge a caveat against the title of the property. This precautionary measure helps protect your interest in the property until the transaction is finalized.

4. Property Insurance:

• Consider obtaining insurance for the property promptly. Once the Agreement for Sale is executed and stamped, the risk associated with the property typically passes to you as the purchaser, unless stated otherwise in the agreement.

Jamaica Homes Assistance:

• For expert guidance and support throughout the purchasing process, consider reaching out to Jamaica Homes. Our team can provide valuable insights, connect you with reputable attorneys and real estate professionals, and offer assistance tailored to your needs.
• Visit Jamaica Homes for more information, or contact us via email at [email protected]. We're dedicated to ensuring a smooth and secure real estate transaction experience for all our clients.