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Tips for Buyers in a Sellers Market
November 1, 2017
Selling Tips
November 27, 2017

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)

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 workoutplace.net estate marketing, financing alpha-pharma.biz, negotiation and closing – all available from your CENTURY 21 Sales Associate.