Frequently Asked Questions

Sagicor Property Services (SPS) is a wholly owned subsidiary of Sagicor Life Jamaica that provides a range of Residential and Commercial real estate services including, but not limited to:

• Buying
• Selling
• Renting/Leasing
• Property Management
• Strata Management

Click here to find out more about Sagicor Property Services.

locations in both Kingston and Montego Bay.

• Kingston – 78a Hagley Park Road, Kingston 10
• Montego Bay - Sagicor Freeport Commercial Centre, Freeport, Montego Bay, St. James

We have several convenient ways to contact us:

• Call our office during business hours (M-F, 8:30am – 5:00pm) at (876) 929-9182-6
• Send us a fax to (876) 929-9187
• Email us at realestate@sagicor.com or click here to send us a message right now.
• Call anyone of our Sales Associates directly; click here to view our Sales Associates now.

The purpose of a Real Estate Agent is to offer specialized knowledge in research, marketing and negotiations to help buyers, sellers and renters meet their goals. To assist sellers in the sale of their property, a Real Estate Agent's purpose is to be an advocate and representative when dealing with buyers. A fair asking price and a marketing plan for maximum exposure need to be established. An Agent will advise a seller how to present their home aesthetically to maximize its appeal to buyers. A Real Estate Agent will screen all written offers, check buyers’ mortgage qualifications and assist in making counter offers. After an offer has been accepted, a Real Estate Agent will follow through the transaction with property inspection, appraisal/valuation and trouble shoot any problems that may arise before the closing and transfer.

Yes. The Real Estate (Dealers and Developers) Act, regulates and controls the practice of those who engage in the real estate business as agents, auctioneers, appraisers, estate managers and salesmen by a system of registration in a permanent register and by annual practicing licences. Registration depends on attainment of prescribed levels of professional qualifications and on ethical standing. For more details please visit the Real Estate Board’s website at www.reb.gov.jm.

A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counsellors, and others who are engaged in all aspects of the real estate industry. Ask your Real Estate Agent if they are a Realtor!

If you have not already done so, click here to register on our website. Once registered you will be assigned to one of our qualified and experienced real estate associates who will contact you by your preferred method (phone/email) and they will guide you through the entire process of buying real estate. You can also call or email us directly at 876-929-9182-6 or realestate@sagicor.com. Once you have registered, you will be able to search for properties and save your search criteria so that when new properties that meet your search criteria become available you will be automatically notified by an email.

Nothing! Real Estate Agents are compensated by the Vendor, therefore the service to locate a property for you the buyer is completely free!

A debt instrument that is secured by the collateral of specified real estate property and that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large purchases of real estate without paying the entire value of the purchase up front.

Read more: http://www.investopedia.com/terms/m/mortgage.asp#ixzz1ZO25V5Ap

Getting pre-qualified is the first step in the mortgage process. It entails supplying a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, the lender can give you an idea of the mortgage amount for which you qualify for. The process can be done in person, over the phone or in some cases on the internet, and there is usually no cost involved.

Read more: http://www.investopedia.com/articles/basics/07/prequalified-approved.asp#ixzz1ZO2lR7Tb

Click here to contact a Sagicor Investment Advisor, who will be able to start the process in getting you pre-qualified.

To qualify for an NHT Loan you must:

• Be currently contributing to the Trust.
• Have made at least 52 weekly contributions of which 13 must have been made in the last 26 weeks just before the date of your application.
• Have paid up, with interest, any outstanding contributions due in the last 3 years. Exceptions are Voluntary Contributors or persons earning less than $7,500 per week who are only required to pay up contributions for 1 year.
• Be between the ages 18 and 65.
• Be earning an income which allows you to repay the loan.

For more information, visit the NHT Website at www.nht.gov.jm.

If you have not already done so, click here to register on our website. Once registered you will be assigned to one of our qualified and experienced real estate associates who will contact you by your preferred method (phone/email) and they will guide you through the entire process of selling real estate. You can also call or email us directly at 876-929-9182-6 or realestate@sagicor.com.

A listing Agreement is a contract between a real estate broker/dealer (or his/her agent representatives, acting in the dealer’s name) and a seller or sellers of real estate to give the dealer the right to offer the property for sale.

The contract is often referred to as a listing agreement and usually includes the following terms:

1. A beginning date and a termination date.
2. The list price at which the property will be offered for sale.
3. The amount of compensation offered to the broker, whether it is in the form of a flat fee or percentage of the sales price.
4. The terms and conditions under which the brokerage fee shall be paid by the seller.
5. Authorizes the broker to co-operate with other brokers as sub-agents or buyer's agents and details the compensation to be offered to those brokers in the event they procure a buyer.

Upon listing the property for sale, the real estate agency tries to obtain a buyer for the property and, in consideration of successfully finding a satisfactory buyer, the broker anticipates receiving a commission (fee) for the services the brokerage provided.

A seller can enter into an agreement to sell his/her property with more than one brokerage in a Non-Exclusive (Open) Listing Agreement. The seller must pay a commission only to the brokerage which brings the buyer for the property. Typically, if the seller finds the buyer him/herself, the seller does not have to pay a commission. Since there will be no co-operating broker involved, the property will not be listed in the MLS.

The seller can only list the property with one brokerage until the listing contract expires with the property unsold. The seller must pay the broker a commission if the real estate is sold to a buyer obtained through that brokerage. By agreement, if the seller finds the buyer him/herself, the seller does not have to pay a commission. Since there will be no co-operating broker involved, the property will not be listed in the MLS.

The seller must pay the brokerage a commission if, by the expiration date in the listing contract, the real estate is sold, regardless of whether the buyer is obtained through the agency or not. Even if the seller finds the buyer him/herself, a commission is still owed to the brokerage. Furthermore, the seller cannot list the property with any other broker until the listing expires with the property unsold.

Brokers who are REALTORS and, thus, are members of NAR are obliged to enter the property into the local MLS system and offer compensation to co-operating brokers.

Real Estate Dealers usually charge a commission of 5% of the final sales price exclusive of General Consumption Tax (GCT). This commission is paid by the vendor/seller. In addition to the sales commission, the vendor will be responsible for Transfer Tax (4%), Stamp Duty (1.5%), Registration Fee (0.25%), and Legal Fees (2%-3%).

Transfer Tax is a payment to the Commissioner of Stamp Duty at the rate of 4% of the sale price or value for which the property is transferred. Transfer Tax is borne by the vendor, but it is the purchaser who is required to pay over the Tax to the Commissioner, and recover the amount from the purchase price.

Stamp Duty is calculated at a rate of approximately 3% of the sale price for which the property is transferred. The purchaser and vendor usually share payment of Stamp Duty equally. Please not that a conveyance of land is required to be stamped within 30 days after it is signed to avoid penalty. The penalty for late stamping is quite substantial. If an Agreement for Sale is not stamped, it cannot be admitted in Court as evidence, in the event that either the vendor or the purchaser wishes to use it for the enforcement of the Agreement.

You should contact the Commissioner of Stamp Duty, 111 Harbour Street, Kingston, for more detailed information.

Landlord is the owner of a house, apartment, condominium, or real estate which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter).

If you have not already done so, click here to register on our website. Once registered you will be assigned to one of our qualified and experienced real estate associates who will contact you by your preferred method (phone/email) and they will guide you through the entire process of renting/leasing your property. You can also call or email us directly at 876-929-9182-6 or realestate@sagicor.com.

A listing Agreement is a contract between a real estate broker/dealer (or his/her agent representatives, acting in the dealer’s name) and a seller or sellers of real estate to give the dealer the right to offer the property for sale.

The contract is often referred to as a listing agreement and usually includes the following terms:

1. A beginning date and a termination date.
2. The list price at which the property will be offered for sale.
3. The amount of compensation offered to the broker, whether it is in the form of a flat fee or percentage of the sales price.
4. The terms and conditions under which the brokerage fee shall be paid by the seller.
5. Authorizes the broker to co-operate with other brokers as sub-agents or buyer's agents and details the compensation to be offered to those brokers in the event they procure a buyer.

Upon listing the property for sale, the real estate agency tries to obtain a buyer for the property and, in consideration of successfully finding a satisfactory buyer, the broker anticipates receiving a commission (fee) for the services the brokerage provided.

An owner/landlord can enter into an agreement to rent/lease his/her property with more than one brokerage in a Non-Exclusive (Open) Listing Agreement. The owner/landlord must pay a commission only to the brokerage which brings the renter/tenant for the property. Typically, if the owner/landlord finds the renter/tenant him/herself, the owner/landlord does not have to pay a commission. Since there will be no co-operating broker involved, the property will not be listed in the MLS.

The owner/landlord can only list the property with one brokerage until the listing contract expires with the property unrented. The owner/landlord must pay the broker a commission if the real estate is rented/leased to a renter/tenant obtained through that brokerage. By agreement, if the owner/landlord finds the renter/tenant him/herself, the owner/landlord does not have to pay a commission. Since there will be no co-operating broker involved, the property will not be listed in the MLS.

The owner/landlord must pay the brokerage a commission if, by the expiration date in the listing contract, the real estate is rented/leased, regardless of whether the renter/tenant is obtained through the agency or not. Even if the owner/landlord finds the renter/tenant him/herself, a commission is still owed to the brokerage. Furthermore, the owner/landlord cannot list the property with any other broker until the listing expires with the property unrented.

Brokers who are REALTORS and, thus, are members of NAR are obliged to enter the property into the local MLS system and offer compensation to co-operating brokers.

Real Estate Dealers usually charge a commission equal to 1 month’s rent of the final rent price exclusive of General Consumption Tax (GCT). This commission is paid by the owner/landlord.

A person that occupies a property belonging to another for a period of time and makes periodic payments to the owner usually referred to as rent.

If you have not already done so, click here to register on our website. Once registered you will be assigned to one of our qualified and experienced real estate associates who will contact you by your preferred method (phone/email) and they will guide you through the entire process of renting/leasing real estate. You can also call or email us directly at 876-929-9182-6 or realestate@sagicor.com. Once you have registered, you will be able to search for properties and save your search criteria so that when new properties that meet your search criteria become available you will be automatically notified by an email.

Nothing! Real Estate Agents are compensated by the Owner/Landlord, therefore the service to locate a property for you to rent is completely free!