The Purchase and Sale of Real Estate is undoubtedly one of life's most significant endeavors. However, along with the excitement of acquiring or relinquishing property in Jamaica, it's crucial to be well-versed in the associated costs for both buyers and sellers.
Transfer Tax: When transferring real estate ownership in Jamaica, sellers are obligated to pay Transfer Tax based on the property's full sale price. This expense is solely the responsibility of the seller.
Stamp Duty: Stamp Duty is a requisite for purchasing real estate in Jamaica and involves stamping the Agreement of Sale within Thirty Days (30) of its signing and dating. Late stamping incurs a penalty equivalent to the Stamp Duty amount.
Current Taxes:
For Sellers:
- Transfer Fees: 2%
- Stamp Duty: JMD$5,000
- Registration Fees: 0.5%
- Attorney’s Fees: To Be Advised (TBA)
- Real Estate Agent’s Commission: 5% + 15% G.C.T. (Jamaica General Consumption Tax)
- Miscellaneous Charges: (Sales Agreement & Letter of Possession split)
For Buyers:
- Stamp Duty: JMD$2,500
- Registration Fees: 0.25%
- Attorney’s Fees: TBA
- Miscellaneous Charges: TBA
It's important to note that these rates are subject to change per government guidelines. Additionally, miscellaneous charges may vary and should be clarified. This is for illustrative purposes only. As the real estate landscape evolves, it's advisable to verify current rates with relevant authorities or consult legal and real estate professionals for the most up-to-date information.