When Are Realtor, Attorney, and Government Fees Paid During a Property Sale in Jamaica?
Here’s a clear breakdown of when fees are typically paid during a real estate transaction in Jamaica, including solicitor, realtor, and government fees:
1. Deposit
Why It Matters:
This deposit confirms the buyer’s serious intent and secures the agreement while legal work proceeds.Realtor Fees (Commission)
When Paid:
Upon signing the Sale Agreement.
Typical Amount:
Usually 10% of the purchase price, unless otherwise negotiated.
Who Holds It:
The seller’s attorney (in trust) until closing.
2. Attorney/Solicitor Fees
When Paid:
Usually in two parts:Initial deposit when the attorney is retained and begins preparing or reviewing the Sale Agreement.
Balance at or just before closing, once title transfer and stamp duty are being finalized.
Typical Rate:
1.5% to 3% of the purchase price + GCT.Both the vendor and purchaser typically retain their own attorneys, and each pays their own legal fees.
3. Government Fees (Stamp Duty, Registration, Transfer Tax)
When Paid:
Paid before the title can be transferred. Attorneys usually collect these from the client and submit them to the Stamp Office.Responsibility (as of recent practices):
Stamp Duty: Shared equally (buyer and seller each pay 50% of the flat rate).
Transfer Tax: Paid by the seller (2% of market value).
Registration Fee: Paid by the buyer (0.5% of purchase price).
Other Costs to Be Aware Of:
Valuation Report: Often paid upfront by the buyer if required by a mortgage lender.
Surveyor’s ID Report: Paid by the seller or buyer depending on agreement or mortgage requirements.
Bank Fees (if financing): Paid by the buyer to the mortgage institution (processing, commitment fees, etc.).
Summary Table:
Fee TypeWhen PaidWho PaysTypical AmountRealtor CommissionOn closingSeller3–5% + GCTAttorney FeesStart + ClosingBuyer & Seller1.5–3% + GCTGov’t Stamp DutiesBefore transferShared or SellerVaries (see above)Registration FeeBefore transferBuyer0.5% of sale price
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.