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What is a Common Law Title (PT37)

Cherine Anderson here from mypowerliving.com and here is another Power Tip.

So… the big question is What is a Common Law Title?

A Common Law Title, simply put is for unregistered lands that is not under the Registration of Titles Act. So let’s say you are living on land and that land does not have an official registered title, But someone wants to buy it. You’ll need to prove ownership through documentation such as a Common Law Title otherwise called a ‘Deed of Conveyance’

Each time a common law title is transferred a new deed of conveyance has to be recorded at the Registrar General Department within 3 months. However, before you record it you’ll have to pay Transfer Tax and Stamp Duty

Once this is paid, this is noted on this Deed and then this Deed is recorded at the Registrar General Department. So this is your notice to the world Hey I Own It”

Need more information call our office at 876-513-9222 or email cherine@mypowerliving.com

 

 

 

 

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Major Reduction in Stamp Duty in 2019 (PT36)

It s all about stamp duty!

Now there seems to be an effort to simplify our Jamaican tax system. There is also a big buzz around the proposed rate of $5000 to replace all ad valorem stamp duty rates that are currently levied by the Stamp Duty Act.

Now let me break it down for you:

Ad valorem means ‘according to value’. So for real estate purposes, your stamp duty is currently calculated at 4% of the value of the property which is equally shared between the buyer and the seller.  So currently as a seller, you pay 2% while the  buyer pays 2%

Now, this is exciting for both buyers and sellers because of this flat fee of $5000 JMD. Both buyers and sellers get to keep more money in their pockets and now is the best time to get into the market no matter what side of the transaction you are on.

Need more information call our office at 876-513-9222 or email cherine@mypowerliving.com

 

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Reduction in Transfer Tax in 2019 (PT35)

Right now there is a lot of buzz about the Minister’s proposal regarding a reduction in the rate of transfer taxes.

But what we care about is  ” How does this really afffect my Jamaican real estate transaction”?

It is being proposed that the transfer tax rate will be reduced from 5% to 2%.

So let’s say you are selling an apartment for $18 Million JMD before Apirl 1, 2019, as the seller, you would pay the $900,000 JMD which is the equivalent of  5% of 18 Million.

Now with the proposed reduction, you’ll only pay 2% which equates to $360,000JMD after April 1, 2019.

Now, this is putting more than half-million dollars back in your pocket! So if you are thinking about selling your property give me a call at 876-513-9222 and we’ll help move it get it from For Sale to SOLD!

 

 

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Things That Can Go Wrong After A Purchase Offer Is Accepted (PT34)

Do you know that even after you Offer To Purchase has been accepted you may have to walk away from your sale?

Be prepared to walk away from your sale if you discover some major defects on the property and the seller is just unwilling to address them.

Remember most homes are sold as is!

So before you sign that Sale Agreement I strongly recommend that you do a valuation and home inspection. Once you sign that Sale Agreement the seller isn’t under any obligation to repair the home.

Do you need a professional to help you with your real estate purchase? Call Cherine Anderson at 876-513-9222 or email cherine@mypowerliving.com

BEFORE YOU GO

Learn How To Buy An Apartment or Condo in Jamaica

This FREE (and highly resourceful) eBook will give you several tips and strategies to help you buy an apartment or condo.

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