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4 Things You Should Know About Pre-Qualification (PT9)

So you call me, your realtor and I ask you, “Are you pre-qualified?” Now you may be wondering, what’s a pre-qualification?

Today, I’m going to teach you 4 things that you need to know about pre-qualification.

 It’s Not A Loan: A lot of first time buyers think that Pre-qualification is actually the loan but it is not. Pre qualification is basically an assessment of your income and your debts to see if you’ll be able to pay back a loan.

You Are Not Obligated To Take The Loan From The Company That Pre-Qualifies You: I know a lot of lenders will encourage you and sometimes force you to take the loan from them. However, you want to ensure that you are pleased with the service. You also want to ensure that you are not signing to any crazy terms. In addition, ensure that you get the best rate. Remember, this is an institution that you are going to be in a relationship with for the next 20-30 years.

Plan For It: Although it’s not the loan, it’s a great first step. You’ll need to submit stuff like your last 3 months pay stubs. If you are self employed, you are going to need your financials, your TRN, NIS, and more.

Do Not Lie: Don’t tell any lies because this could actually jeopardize you getting the loan. Remember when you do the pre qualification, it is an assessment based on the information you have provided to your lender. You don’t want them to start processing the loan and dig up that loan you received for a party about 5 years ago that was not paid back. All of that information will come back. Student loan that you have not paid, all of these things come up.

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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5 Important Documents Home Buyers Should Keep Safe (PT8)

Buying a home comes with a lot of important papers. Seriously, a lot of them. I’ve compiled 5 super important documents related to your apartment buying process that you need to ensure you keep safe:

Copy Of Your Title: Well it’s a given, you bought the property this is like your receipt so keep it safe.

Copy Of Your Strata plan: You’ll need this to verify true size of your apartment – All that information is on your strata plan.

A Copy Of The By-Laws: This makes sense. You’ll need to know what rules that govern your strata –For example some strata has a no pet policy.

Copy Of The Certificate Outlining Your Unit’s Property Tax Obligation: Paying your taxes will help local government to help with revenues for things like keeping the street lights on, fixing roads and other public and community amenities.

A Copy Of The Electrical And Plumbing Drawings: Sometimes a buyer will get a super studio and then modify it to a one or two bedroom home. You’ll need to know where electrical panels and plumbing are. Let’s say you are buying a house, it would be good to know where the sewage is or that could be some real problems.

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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Buyer’s Closing Cost (PT7)

Are you looking to buy a home in Jamaica? Ever wondered what fees are included in your closing cost?

Here are the 6 fees that are included in your closing cost.

Stamp Duty: This is generally 4% of purchase price, but it is shared equally between the purchaser and the vendor. As the purchaser you’ll only pay 2% 

Registration Fee: Your registration fee is 0.5% of the purchase price. However, this is also shared equally between the vendor and the purchaser. So you’ll only pay 0.25%

Legal Fees: There are two parts to this

The vendor’s attorney prepares a Sale Agreement. Whatever the vendor’s attorney charges for the preparation of the sales agreement, you’ll pay a half of this fee plus 16.5% GCT.

Also, you’ll have legal fees for your attorney, which could be anywhere between 1% -3% of the purchase price plus GCT

Valuation Report and Surveyor Report: This is a part of your due diligence. You want to ensure that if you are buying a property that is worth the price. If it’s advertised at $10 million dollars, its actually worth $10 million dollars, because it could actually be worth more (or less)

If you decide to take out a mortgage, your lender will require both a valuation and surveyor’s report. Also, if the property is over 40 years old, you may be asked to provide Structural Engineer’s report.

Processing Fees For Your Loan: The bank is not going to give you money for free. There are fees associated with processing your loan. This varies from financial institution. Do your research to ensure you are getting the best rate.

Letters of Utilities and Letter Of Possession: And then there are your letters of utilities and possession which also attracts a fee.

Need more information? Get all the details in our free eBook, How to Buy an Apartment or Condo in Jamaica.

 

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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What Is A Breach? (PT6)

Does your apartment have a breach and what does this really mean? 

The only real way to confirm a breach is to seek the services of a commissioned land surveyor. They will do a surveyor’s ID report to confirm exactly what restrictive covenant was breached.

Let’s say your neighbor decided to extend the grilled patio at the back of your apartment because they needed more space to have a baby. Now Tom Jones from across the block decides that he’s going to sell. That means we could have a problem here. Any owner trying to sell a complex is going to have a bit of an issue because now there is a breach and this is a 300 thousand dollars problem.

Seek the services of an attorney to apply to the courts to modify that specific covenant.

Need more information? Get all the details in our free eBook, How to Buy an Apartment or Condo in Jamaica.

 

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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What Is A Restrictive Covenant? (PT5)

Does your apartment title have a restrictive covenant? Better yet what is a restrictive covenant?

Okay let me simplify, a covenant is like a promise to do or not to do something.

Now in real estate, a restrictive covenant is a clause on the property title that limits what the owner of the land can do with the property.

For example, a restrictive covenant may prevent you from building your boundary walls above 4 feet but you decided to take it to 8 feet as a security, you would be breaching that covenant. Or lets say you have an apartment and you wanted to turn it into a school or church, you could also potentially be breaching the covenant and this could be a 300 thousand dollars problem.

Need more information? Get all the details in our free eBook, How to Buy an Apartment or Condo in Jamaica.

 

Need help finding your new home or office? Give us a call at +18765139222 or email me at 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.

I do not want to buy an apartment