Strata real estate developments are those established under the Registration (Strata Titles) Act (the “Act”), and are similar to what persons know as “condominiums” overseas. They have become a popular real estate option in Jamaica, offering individuals an affordable, community-oriented lifestyle with shared amenities. However, purchasing a unit in a Strata is not without risks. […]
A Strata is a type of real estate development, which, under the Registration (Strata Titles) Act (the “Act”), is owned and administered by a Strata Corporation (the “Corporation”). A Strata is a body corporate made up of all the owners/proprietors in the development, which is capable of being sued, and can sue in its own […]
Introduction In the realm of real estate transactions, various types of contracts are used to facilitate the buying and selling of property. One such contract is the Agreement for Sale. The Agreement for Sale outlines the terms and conditions under which the sale of a property will take place. Understanding the essentials of an Agreement […]
Vendor’s Mortgage: A Fast Track to Ownership or a Bumpy Road? A Vendor’s mortgage, also known as seller financing, or a vendor take-back mortgage, could present an opportunity to secure property in situations where a traditional mortgage may be difficult to maintain. In this arrangement, the seller essentially becomes a lender, financing part of the […]
With Jamaica and other markets currently experiencing a higher interest rate environment, manypersons are of the view that now may not be a good time to buy real estate with a mortgage. On thecontrary, because rates are higher than we have been used to, this could present an opportunity for adiscerning buyer to seek out […]
Buying a home or property is not as straightforward as some people think. To the untrained eye, the legalities surrounding the purchase of real estate can become very daunting. Persons dealing with a host of already jarring costs associated with their purchase, may not be keen on enlisting the services of an attorney to represent […]
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