Who Appoints the Valuator When Buying Property with a Mortgage in Jamaica?

In Jamaica:

When a buyer is obtaining a mortgage:

• The buyer typically appoints the valuator, not the bank directly.
• However, the valuator must be on the bank’s approved list—each lending institution has its own list of registered, qualified valuators.
• The valuation can be done before or after the signing of the sale agreement, but it’s generally part of the mortgage approval process, not directly tied to the contract terms.
• Some buyers order the valuation before signing to ensure the price is fair and that the bank will lend based on that value. Others wait until after the sale agreement is signed and the mortgage application is in motion.

Why Does This Happen?

Jamaican banks require an independent valuation to ensure the property is worth what the buyer is paying and to determine the Loan-to-Value (LTV) ratio. Since the buyer is the one applying for the loan, they are the one who arranges and pays for the valuation, but the bank dictates which professionals they may use.

This differs from the UK system, where the bank usually selects and arranges the valuation directly as part of the mortgage application.

Summary:

• Yes, it is common and expected in Jamaica for the buyer to appoint the valuator (from the bank’s approved list).
• The timing can vary—before or after the sales agreement is signed.
• The process is part of the mortgage approval, not necessarily the legal sales process.

Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Please note: Jamaica Homes is not authorized to offer financial advice. The information provided is not financial advice and should not be relied upon for financial decisions. Consult a regulated mortgage adviser for guidance.