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A Matter of Land | Crucial steps when buying property

Published:Friday | October 26, 2018 | 12:00 AM
Craig Francis
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From your emails and your questions, it's obvious that the need to acquire property is one of the most important things to many persons.

It is also quite palpable that the need for information on the process to achieve property ownership is great.

Below are the answers to some questions asked by a reader, J.W.

The questions were related more to law and mortgage information than land surveying; however, my experience, in addition to consulting my lawyer, and my wife Cassandra Francis, a mortgage specialist of many years, has allowed me to answer your questions.

(1) What should a buyer know or be shown by the seller before making a deposit on land or property?

The seller should request to see the actual land or property and the registered title, if there is one. If there is no registered title, there should be a conveyance, or common-law title, that the seller should show along with the tax papers.

(2) If a title is shown, how can the buyer verify the authenticity?

This is relatively easy to do, check the volume and folio number (these appear in the top left corner of the Certificate of Title). Then you compare it with the records at the Titles' Office in Kingston, by way of a title search there, or online at the National Lands Agency website. A conveyance, or common-law title, is recorded at the Island Records Office in Spanish Town, St Catherine, so you can check the authenticity of the documents shown to you there.

(3) What per cent of the value of the land is the standard deposit?

The standard deposit is 10 per cent, but this may vary depending on the vendor.

(4) How do you verify that the price quoted is the actual value of the land?

You do not. The price quoted is often what the seller wants and is not always the same as the market value, or price, confirmed by a valuation of the land by a registered real estate valuator.

(5) After the deposit is made, what are the other steps and what is the timeline for these steps?

There are several steps, including stamping the Agreement for Sale and the Instrument of Transfer at the Stamp Office. Then these documents and the Registered Title should be filed at the Titles' Office. The timeline for these steps can be between 30 and 60 days.

A conveyance, or common-law title, must also be stamped at the Stamp Office and then registered at the Island Records Office. This can take less than 30 days.

(6) At what point in the transaction should the buyer retain legal service?

When the draft Agreement for Sale is presented by the vendor to the buyer for the buyer's review, and ALWAYS before any deposit is paid.

So there you have it, J.W, your questions addressed. I hope they were helpful not just to you, but to all the readers. Please continue to read and send in your questions as we continue to explore A Matter of Land.

- Craig Francis is a commissioned land surveyor and managing director of Precision Surveying Services Ltd. He can be contacted for questions or queries at craig_r_francis@yahoo.com or Precision Surveying Services.