Kemtek is building a new development, Oak Estates, of 2,500 homes in Portmore. It will consist of 5 separate phases, each with their own security and amenities. Home pricing and construction schedules should be released in the coming months and they will begin taking applications at that time.
If you are interested in purchasing in Oak Estates, below are the steps you will need to follow. These are the same steps we completed in 2015 and 2020 when buying a new Kemtek Home.
Fill Out an Application
First, we had to fill out an application with the developer, which provided them with basic information and allowed them to enter our details in their system. Once they approved our application, which took about a week, they sent us information. If you are interested, sign up on Kemtek’s website under “Place an Application”. Once the time comes for applications to be submitted you will receive more information.
Obtain a Pre-Approval Letter
In order to secure a lot you will need to provide Kemtek with a pre-approval letter or proof of funds for a cash purchase. If you are in need of a mortgage, I would be glad to assist. I work closely with Allied Mortgage, who works with all the financial institutions in Jamaica to ensure you get the best rate and terms.
If you would like more information on how to obtain a pre-approval letter, please click here.
Once you have your pre-approval letter you will send that along with your application to Kemtek at kemteksales@kemtekjahomes.com.
Wire the Down Payment
Once the developer receives the pre-approval letter they will send their banking details so you can wire the down payment. Kemtek requires a 10% deposit. Keep in mind wire transfers can take up to 10 business days.
Select a Lot Number
Once the bank confirms receipt of the 10% deposit, the developer will send a list of available lots, so you can select a lot number.
Now, I have to add a side note here…The above makes it sound so easy. This is rarely the case! When we bought our first house, I contacted the sales office by phone, from the U.S., multiple times, sent emails, etc, and had no response. This went on for about 3 weeks. At this point, we made the decision to hire an attorney to help us through the process and be our representative in Jamaica.
Once we got our attorney involved she was able to move everything along quickly. The attorney I use is reliable and trustworthy. If you are interested in doing any business in Jamaica, I would highly recommend her. Please reach out to me at jess@sidehustlemama.co to obtain an attorney referral.
Complete Legal Documents
While the home is being built you will complete various legal documents to be sent to the developer and their attorney. Thank goodness for our attorney as she coordinated all the documents and back and forth with the developer’s attorney. Below is a list of documents to return prior to taking possession of the home.
- Agreement for Sale
- Property Owner’s Management Agreement
- Transfer of Land
- Purchaser’s Estimated Statement of Account
- Vendor’s Attorney at Law Statement
- Retainer Agreement for our Attorney
All the above documents must be printed, signed and most must be notarized. I sent all documents to my attorney by FedEx, so it could be tracked. Just FYI, it usually costs around $100 USD to send documents to Jamaica, so I made sure I filled out everything correctly the first time! I didn’t want to have to pay to send additional or missing documents!
Obtain Letter of Commitment
About four months before the home was completed I reached out to all the financial institutions that had provided a pre-approval letter. I asked for their current interest rate and terms. After sending updated financial documents, that were listed above, they provided the interest rate and terms. We moved forward with the best deal and obtained a letter of commitment from the bank. We submitted this letter to the developer to finalize the home purchase.
Once the above steps are complete you just have to patiently await the completion of your new home and take possession. The home buying experience in Jamaica requires patience and perseverance, but it is well worth the wait when you walk through the front door for the first time!
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