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Places & Spaces
Real Estate Board is not authorized to grant approval if
any action has been taken with a view to winding up the of individuals outlined above.
A very important point for prospective developers to note is that land that is intended to be used for development such lands must be free from any mortgage or charge must be the subject of free and clear title. The law is that securing money with the exception of a mortgage that was
company or if any of its directors fall under the category
It is important to note that the fact that a person has
secured to finance construction of buildings and works on the property. Most developers require prospective purchasers to enter into a pre-payment contract which development is complete. Once the individual makes a
been registered as developer does not authorize him to must secure the approval of the Real Estate Board for
undertake a series of developments at will. A developer every single development that he proposes to undertake. Developers are also required to renew their registrations annually so long as they have developments underway. Board in addition to the payment of a renewal fee as
contemplates a payment to the developer even before the prepayment, a charge is registered against the property to secure that deposit and so the idea is that his charge or reduces the value of the land. An exception is made for mortgages used to finance construction because should not be prejudiced by a prior charge that burdens
Such renewal is obtained upon applying to the Real Estate prescribed by the Real Estate Board. Understandably, the tedious and discouraging to developers and prospective
entire process and fees attached to registration may seem developers however this should be counterbalanced with percent of the tax that would ordinarily be payable on selling property under a registered development pay Quite a discount!
that is seen as adding to the value of the land and so in the purchaser’s security would still be grounded in the improved value of the property. Kimberley Frith Associate at Hylton & Hylton, Attorneys-at-Law 31 Upper Waterloo Road, Kingston 10 St. Andrew Email: [email protected]
the whopping discount in transfer tax of seventy five (75%) a transfer of property. Therefore, registered developers transfer tax of 1.25% as opposed to the regular rate of 5%.
Breakenridge & Associates
CHARTERED VALUATION SURVEYORS
• Auctioneering • Valuation • Property Sales
15A Old Hope Road, Kingston 5 • Tel: 906-9839, 906-9840, 968-7757 • web: www.breakenridge-assoc.com