Selling A Property

Every owner wants the same thing - the best possible price with the least amount of hassle. Selling a property requires experience and training in such fields as real estate marketing, financing, negotiation and closing - all available from your CENTURY 21 Sales Associate.

HOW DOES IT WORK?

• Upon viewing your property, your CENTURY 21 Sales Associate will conduct a market analysis and present you with a customized marketing plan.
• Marketing of your property includes website advertising, social media, signage, open houses, newspaper advertising and most importantly listing your property on the Multi-listing service, which will ensure maximum exposure.
• Your Sales Associate will then recommend a listing price and ensure that your property is competitively priced.
• After agreeing on a listing price, your Sales Associate will provide a “Listing Agreement” for you to sign
• The house will need to be in “show” condition before being placed on the market, your Sales Associate will make recommendations to make your home attractive to potential buyers.
• Interested buyers are then required to sign an “Offer to Purchase”
• Your Sales Associate will explain the offer details and negotiate on your behalf to ensure your objectives are met.
• Your attorney will prepare a “Sales Agreement” for both you and the buyer to sign, the buyer is required to pay a minimum deposit of 10% of the purchase price upon signing the agreement.
• Your Attorney and the buyer’s Attorney then begin the process of transferring the title, which includes the payment of stamp duty and transfer taxes.
• The balance of the purchase price is paid at closing of the sale

HOW LONG DOES IT TAKE TO SELL A PROPERTY?

• If the buyer’s purchase is financed by a mortgage from a Jamaican financial institution, the average time to complete the sale is approximately 2-3 months from the signing of the Sales Agreement.
• The period of closing for a cash purchase is determined by the buyer and the seller and can be as little as 30 days.

WHAT ARE THE COSTS ASSOCIATED WITH SELLING A PROPERTY?

• Government transfer taxes and registration fees (5% and 0.5% respectively of the selling price)
• Government stamp duty (4% of the purchase price), which is shared equally between seller and buyer
• Real Estate Sales Commission (approximately 5% to 6%)
• Attorney’s fees (approximately 3% of purchase price, or as negotiated)