10 + 1 Caribbean Property Terms Made Simple

  1. Restrictive Covenant
     
    A restrictive covenant is usually placed on land by the original developer in order to limit and prohibit certain uses. For example, a restrictive covenant may state that no trade or business can be carried on where land is located in a residential area. Another example is where a sub-division to create one or more smaller lots from the main lot is prohibited.

  2. Encroachment
     
    This is where one property exceeds its boundaries thereby causing it to intrude on a neighbouring property. An encroachment may arise as a result of a boundary fence/wall or building that has exceeded its own boundary lines.

  3. Agreement for Sale
     
    This is the legal document that contains the terms and conditions of sale between seller to buyer.

  4. Conveyance/Instrument of Transfer
     
    This is the legal document that transfers ownership of property from seller to buyer.

  5. Duplicate Certificate of Title
     
    This is the Title Deed to property in Jamaica that will either be held by a lender or owner if there is no mortgage on the property. It is called a ‘Duplicate Certificate of Title’ because the ‘original’ to it is held by the Titles Offices.

  6. Alien Landholding License
     
    An Alien Landholding License is required by non-nationals who are buying property in certain Caribbean islands. The License is permanent and does not require renewal. Alien Landholding Licenses are not required to purchase property in Barbados or Jamaica.

  7. Power of Attorney
     
    A Power of Attorney is used by one person to appoint another person or persons to act on their behalf. In the case of a property sale or purchase, the Power of Attorney should be specific, meaning that the activities of the appointed person are restricted to dealing with the sale or purchase only.

  8. Affidavit
     
    An Affidavit is a legal document that contains written statements of fact. The person making the statements will be required to swear under oath that the contents of the Affidavit are true. This must be done in the presence of a Notary Public.

  9. Listing Agreement
     
    This is the legal document containing the terms and conditions that will apply between real estate agent/broker and seller.

  10. Notary Public
     
    A Notary Public is specially qualified to draw up and/or witness documents for use in other jurisdictions.

  11. Taxpayer Registration Number
     
    This is a unique 9-digit number that is allocated by the Tax Administration Jamaica to individual applicants and companies doing business in Jamaica that requires the payment of taxes to the Government of Jamaica.

  12. Education Tree Article by Maureen Smith, Caribbean Property Consultant, Tropical ConnectionsBI

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