Closing Jamaica style!!!
Here is a kicker. My wife sold her house in Motego Bay, Jamaica back in May of 2009. The house was finally closed last week - Yes, it took 11 months for a real estate transaction to take place!!!. Why? Apparently, in Jamaica, there is no such thing as closing date... Unbelievable!. The buyer got a loan from the Jamaican housing authority (Something equivalent to HUD but three times the bureaucracy) and since there is no such thing as escrow, (Each side must chose a lawyer to carry his/her affairs) The lawyers and the housing authorities can drag it forever. Now imagine how much money you lose to inflation since the transction is in Jamaican dollars...