The balance purchase price is what remains of the agreed price after the deposit, and any instalments already made, are deducted. Jamaican agreements for sale state it separately and say how and when it is to be paid, which is usually on completion in exchange for the signed transfer and duplicate certificate of title.
Most buyers fund the balance with a mortgage. The agreement will often state that the balance is payable from a named lender’s loan, with any shortfall from the buyer’s own funds, and it may make the sale conditional on a mortgage commitment being issued. Lenders commonly pay the loan amount to the vendor’s attorney against a professional undertaking to deliver the registered transfer and title, so the balance can be paid before registration is finished.
A buyer who cannot pay the balance by the completion date is in breach. After notice, the seller may be entitled to rescind and, depending on the agreement, keep part or all of the deposit. Before signing, make sure your financing timeline genuinely fits the completion period, and allow extra time for funds coming from abroad, which can be delayed by banks’ compliance checks.
Related terms: Purchase price, Deposit, Completion Date, Completion Statement, Loan Commitment, Agreement for Sale.
Accurate as at October 2026.
