Let's find your new home

Hi and welcome! You are here to find out more about buying a home in Jamaica. Whether it’s an apartment, house, townhouse or even a condo, my job as your REALTOR® is to make the process as smooth for you as possible. So let me start by keeping this short and sweet.

You will need:

• A deposit (usually 10% of purchase price);

• A pre-approval letter from a lending institution (required documents will vary based on lending institution);

• A REALTOR® to help find you a home and to negotiate on your behalf (no cost to you);

• A lawyer (their fees can range from 2 to 3% of purchase price plus GCT).

Once you have found your home and your offer has been accepted:

• Sign sales agreement and make deposit;

• Pay vendor’s attorney for sales agreement;

• Do surveyor’s report and valuation on property (cost will vary);

• Go to lending institution with the required documents to start the process for the loan;

• Pay stamp duty ($2,500 JMD) and registration fee (0.25% of purchase price);

• You will need life insurance to cover the loan and house insurance;

• Upon the closing of the sale, the closing costs for the lending institution are due as well as your lawyer’s fee.

Based on cost of purchasing, having access to 20% of the purchase price will make the process go quickly and smoothly.

The process can seem overwhelming but that’s why I am here, to help you through it as best as possible.


BELOW YOU WILL FIND LINKS AND USEFUL INFORMATION:

• National Housing Trust (NHT) – 0 to 5%*

• Bank of Nova Scotia (BNS) – 6.99%*

• Jamaica National (JN) – 8.5%*

• National Commercial Bank (NCB) – 6.95%*

• Sagicor – 7.95%*

• Victoria Mutual Building Society (VMBS) – 8.5%*

• First Global Bank (FGB) – 8.0%*

• Jamaica Money Market Brokers (JMMB) – 6.75%*

• First Caribbean International Bank (FCIB) – 9.95%*

*Please note interest rates can be adjust at any time, please contact your preferred lending institution for more details

PRE-APPROVAL LETTER REQUIREMENTS:

National Housing Trust (NHT):

• NIS Card for the applicant

• TRN Card for the applicant

• Pay slips for the last 3 months

• Valid identification (up-to-date passport, national voters ID or driver’s licence).

Bank of Nova Scotia (BNS):

• Salaried applicants: Income verification letter and last two (2) pay advices

• Self-employed: Financial Statements (audited or in-house) and bank statements

• Proof of funds to complete the transaction

• Proof of age (valid passport/birth certificate) minimum age of 18 years

• Tax Registration Number (TRN)

• Copy of Signed Sales Agreement

• NHT referral letter (where applicable)

Jamaica National (JN):

• Copy of driver’s licence

• Birth certificate or passport

• Tax registration number

• Proof of address

• Income verification letter

• Last two payslips

• Completion of the credit report forms

• Statement of affairs

National Commercial Bank (NCB):

• Job Letter and last month’s pay slip or last three (3) months’ pay slips.

• If Self-employed: Confirmation of Income from Auditor or Chartered Accountant, Current Financial Statement, Bank Statements for last 12 months on personal account or Bank Statements for the last 24 months on business account and last 2 years Tax Return, last 12 months Bank Statements on personal account, Confirmation of Income from Auditor or Chartered Accountant 

• Proof of Age (passport or birth certificate) 

• Tax Registration Number (TRN)

Sagicor:

• Proof of income (Job Letter and three most recent pay slips)

• Identification (Passport, National ID, Driver’s License)

• TRN

• NIS (where applicable)

Victoria Mutual Building Society (VMBS):

• Last 3 months’ pay slip (Bi-weekly 6 pay slips & Weekly 12 pay slips)

• NHT benefit amount ($) & interest rate (if applicable).

• Job letter outlining full employment details.

• Self-employed a letter from your Accountant confirming salary package.

-Audited Financial Statement for the last Three (3) year

-Bank Statement(s) showing the last 12 months activity

-Chartered or Public Accountant’s confirmation of salary  

• Credit Report* (Local Applicants) – https://jm.creditinfo.com/ - * Note you may pay for report or request a free version, which you are entitled to one every year*

• Credit Score (Overseas Applicants) with outlined credit score -   either from Equifax, TransUnion and Experion.      

• Valid Government Issued Photo ID – such as Driver’s License

• Status of all Loan Facilities and/or Credit Card(s):

-Credit card statements (where applicable) 

-Statement printout OR online screenshots [clearly displaying your name] where deductions and/or loans are remitted

First Global Bank (FGB):

• INFORMATION TO BE PROVIDED.

Jamaica Money Market Brokers (JMMB):

• Income verification letter and your last three (3) months’ pay advices

• If you are self-employed, please provide your last 2 years’ financial statements (audited or in-house) supported by the most recent 12 months’ worth of bank statements or your last 2 years’ income tax returns

• Proof of age (valid passport/birth certificate), you must be at least18 years old

• Your Taxpayer Registration Number (TRN)

First Caribbean International Bank (FCIB):

• INFORMATION TO BE PROVIDED

Selling Your Home - Why it Pays to Use a REALTOR®

Before selling your home, you will need a clear understanding of the legal issues and potential pitfalls. One wrong action could result in a lot of cost and frustration, which is why it is essential to have a REALTOR® working with you, as he or she will make the sale of your home a successful and satisfying experience.

REALTORS® use the Multiple Listing Service® (MLS®) to give your home maximum exposure. MLS® is a computer-based system that relays valuable information about your home to hundreds of REALTORS® and potential homebuyers.

Setting a price for your home is an important but difficult process. Again, this is where the services of a REALTOR® prove invaluable. REALTORS® have the experience to help you understand how the market works and decide upon a realistic price that meets your goals. REALTORS® also pre-screen potential buyers to make sure only those who are serious and financially qualified view your home.

REALTORS® will also develop a marketing plan to help your property receive maximum exposure. This will likely include placing your home on the MLS® system and placing a "For Sale" sign on the front lawn. The plan will likely also include arranging open houses for other REALTORS® and potential buyers, and developing advertisements and feature sheets/mailers to market your home.

Once you have accepted an offer to buy your home, your REALTOR® will help ensure that all the proper paperwork is completed. He or she will also make sure that both parties meet the necessary conditions outlined in the agreement.

When you work with a REALTOR® you will likely get a better price for your home than if you try to sell it yourself. Apart from the financial benefits, however, there is an extra measure of comfort and security that comes from having a REALTOR® on your side. Remember that REALTORS® are governed by a code of ethics and standards of business practice. They have also been trained and licensed under the provincial Real Estate Services Act to assist in transactions involving real property. When it comes to buying or selling property, using a REALTOR® just makes sense.

Source: Victoria Real Estate Board 2015