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Showing posts from May 11, 2008

Title Insurance in Jamaica can liberate 'Dead Capital'

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KINGSTON, Jamaica - The introduction of Title Insurance in the Jamaican market opens up the possibility of developing hundreds of thousands of parcels of land which are now effectively ‘dead capital’, says Earl Jarrett, general manager of Jamaica National Building Society (JNBS).

Just over half of the more than 700,000 parcels of land in Jamaica have government registered titles, he said at the Title Insurance launch last month. The rest, with common law titles, have no such government guarantees.

“These plots of land are outside of the formal land registration system, and cannot be leveraged to access financial resources,” he stated. They lack the government guarantees provided under the Registration of Titles law that would enable their use in the financial sector.

With a common law title, “you get the value of saying a property is yours, but you cannot borrow on it,” said Garfield Knight, chief executive officer, Caribbean Title Limited in an interview.

Someone could invest $10 million…