How Do I Sell A Property
When selling real estate, every owner wants the same thing - the best possible price with the least amount of hassle and aggravation. Doing business in today's real estate world 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 may include newspaper advertising, web-listing, signage, open houses, networking with other Sales Associates or real estate companies and other appropriate marketing strategies
- Your Sales Associate will then recommend a listing price, he/she will ensure that your property is competitive with others for sale in the surrounding area
- 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 as attractive to buyers as possible.
- Interested buyers are then required to sign an “Offer to Purchase”
- Your Sales Associate will explain the offer details and negotiate on your behalf in order to close the deal and meet your objectives
- 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
- Both attorneys then begin the process of transferring the title, this includes the payment of stamp duty and transfer taxes
- The balance of the purchasing price is due upon the 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 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
WHAT ARE THE COSTS ASSOCIATED WITH SELLING A PROPERTY?
- Government transfer taxes & 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 7%)
- Attorneys fees (approximately 3% of purchase price, or as negotiated)
- Talk to your agent about his/her marketing plan, have a customized strategy for optimum results
- Consider cost-effective upgrades such as applying a fresh coat of paint, modernizing light fixtures and patching wall cracks in order to increase your property’s resale value
- Try to be flexible on price, remember that the real estate market may change during the course of the sales process, consider a range rather than a set amount
- Real estate is seasonal; the listing price may change depending on when your property goes on the market, consult your CENTURY 21 Sales Associate about the most favorable time to list your property
- Significantly less buyers will purchase a property they have not seen, try to make your property as accessible as possible to better facilitate the sale