Jamaica Real Estate 

PROTECTING YOUR PIECE of PARADISE 

The real estate market in Jamaica is undergoing an amazing transformation.  Given its beautiful beaches, proximity, and charming culture, the world’s best developers have desired for years to make Montego Bay, Jamaica one of the world’s great destinations.  Finally, with the approval and assistance of the Jamaican government, the renaissance of The Gold Coast of Montego Bay is now well underway and is becoming home to some of the finest Caribbean real estate.  Savvy investment real estate folks have taken notice and are interested in getting involved in the early innings of the renaissance.  One question we always seem to receive about Jamaica is in regards to the laws and regulations that are   in place to ensure their real estate investment is secure.  The concern is understood and for many in which this will represent their first non-home country purchase, the question is fair and reasonable.  Fortunately, there are federal laws in place that protect both the real estate buyer and the seller in the short and long term that secure title and occupancy much like a purchase in the United States.   

According to Attorney Mark Golding, there is no reason to be concerned about investing in real estate in Jamaica. “Foreigners have been buying real estate on the island for decades. U.S. investing in real estate here has been well served by our well established and investor-friendly real estate laws.” Golding recommends contacting a local attorney for any particular queries. “A local attorney will be able to provide you with all the local knowledge you need,” commented Golding. 

The Title Guaranty is a novel product in Caribbean countries, including Jamaica. However, Caribbean real estate buyers now have the option of choosing a private indemnity backed by Stewart Title Guaranty of Houston, USA. With an impressive track record in both the United States and the Caribbean, Stewart Title’s company mission is to enhance the real estate transaction process for all parties involved. Since 1893, the company has been a leader and pioneer in providing buyers, sellers, lenders, attorneys and developers with cutting edge title and real estate transaction services, including primary US-based escrow accounts. The Stewart Title Eastern Caribbean division offers the same industry trusted title guaranty and escrow services to the Caribbean market. For individual real estate purchasers of Jamaican property, the company’s involvement ensures that the transaction will be managed with the protection and professionalism of a United States closing. “We are proud to offer added, customized protection to Caribbean real estate buyers.” said Ms. Faye Finisterre, Managing Director for Stewart Title Eastern Caribbean. According to Finisterre, a growing number of buyers are becoming more comfortable purchasing real estate in the region “The Caribbean is one of the hottest places to invest in a vacation homes. We help increase the comfort level for buyers.” 

“When purchasing a property, one of the most important issues to address for both a buyer and seller is how, and under what conditions, the funds will be safely transferred. In an international transaction this issue is even more important and often complicated, as both the purchaser and seller may not be familiar or comfortable having funds deposited in an unfamiliar jurisdiction or with an unfamiliar attorney or bank,” continued Finisterre. Stewart Title’s management of escrow accounts provides buyers with an impartial and invaluable third party service, including individual escrow accounts to avoid mishandling of money, time management to keep each transaction on schedule and fraud prevention. In the Caribbean and Central America alone, Stewart Title has assisted in more than 15,000 international transactions and guaranteed the title to more than US$3 billion of property value. Stated Finisterre; “We recognize that purchasing a luxury vacation property in paradise should be paradise. Hence we provide a smooth and professional real estate transaction, leaving the new owners to enjoy their property!” In Jamaica, Stewart Title is the appointed escrow and title agent for The Palmyra Resort & Spa at Rose Hall, the new luxury condo-hotel adjacent to the Ritz-Carlton in Rose Hall. Said Finisterre; “We are pleased to continue Stewart Title’s tradition, trust and service by providing full service real estate solutions for one of the Caribbean’s most luxurious and exciting new developments. We look forward to facilitating smooth, comfortable transactions for their buyers.” 

Currently, Stewart Title provides real estate transaction services throughout 8,000 policy-issuing offices in the United States and in more than 30 markets worldwide. The service provider, headquartered in Houston, Texas, was included in the Forbes Platinum List for Best Big Companies in America in 2003, and ranked one of the fastest growing companies in America by Fortune in 2004 based on its financial strength and excellent reputation.

With the laws in place to ensure a secure the rights of the real esate owner, it has made sense for many to become part of the Montego Bay, Jamaica Gold Coast Renaissance. 

 Does it make sense for You to get Involved? 

That really all depends...