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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

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How to get property tax relief (PT31)

Give to Caesar what is dues to Caesar but you that there are sometimes when Caesar will give back to you. Do you know that the minister could grant property tax relief to people who are having a hard time paying property taxes?

Discretionary Relief: Yes, in instances where people are having a hard time paying property taxes, A special discretionary relief may be given based on decision by KSAC Special Discretionary Relief Committee

Statutory Relief: This may be granted when the potential use of the property is higher than its current use

Reduction in rate:Now if you own agricultural land you could receive a special reduction in rate

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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Who pays property taxes? (PT28)

All persons who are in possession of land pay property tax in Jamaica. This could include the owner of the property, a tenant, mortgagee or the occupier. Basically anyone in possession of the property pays property taxes.

If you hold residential or commercial properties, this will be one of your responsibilites. This is generally due on April 1 of each year. This means if you are paying in full, it can be done on April 1st. However, Tax Administration of Jamaica have different payment options. So you can pay semi annually or quarterly

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 Major seller’s responsibility (PT21)

Mortgages: If you have a mortgage on your property, until you pay the loan in full, the lender holds the certificate of title and you hold a copy. Chance are you have a duplicate copy.

If you decide to sell this property, you will have to submit an application to your lender to have your mortgage discharged. To discharge the mortgage has fees associated with it. So call your lender and let them give you some additional information on this

No caveats, liens & encumbrance: You may hear these words being tossed around, you might want the definitions, all the definitions are on this website. You should ensure that you will be able to transfer the property at the completion of this sale. You want to ensure there are no tax liens against your property, there are no caveats and there are no encumbrances. Ensure the property can be sold before the property is placed on the market.

Transfer tax: Jamaican law requires that it is the responsibility of the vendor to pay the 5% Transfer Tax if it is being sold.

Pay your property tax: Ensure that you pay your property tax. You will be required some point during your sale to produce a certificate of payment of taxes and this is generally done at the tax office.

Water bill and maintenance fees: At closing the purchaser’s attorney and/or lender’s attorney will require a copy of the most recent water bill…this must be fully paid with a 0 balance. You see how important this is? Remember we spoke about this from PT1-4. This is so important that they do not want the new purchaser should not have to accrue your debts!

If selling an apartment or townhouse all outstanding maintenance fees must be paid as well. Ensure that your utility bills are paid in full and up-to-date.

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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Disadvantages of selling by yourself (PT16)

Here are the top 2 disadvantages of selling your house by yourself

Little to no exposure…

Do you want to sell your house quickly? Do you want to get it seen by as many potential buyers as possible? More importantly, do you want prequalified or preapproved buyers? You also want the highest and the best price, correct?
Now if your answer was yes to all of the above, then trying to sell your home by yourself may not be the best idea unless you have a very large audience looking specifically to purchase property.

Good Real Estate companies come to the table with a lot of information about what similar properties have sold for (not what your neighbors story about selling for 50 million but the actual sale price was 25). If less people see your property, then chances are you won’t get that many offers, it may sit longer on the market and you won’t have that bidding war that sellers like.

No knowledge of what is happening in the market…

The beauty about using a good real estate company is they should be able to tell you what is going on in the market. Sometimes, apartments move faster than houses or people are looking for more land. So you don’t want to place your property on the market at a time when people are not actively looking for that kind of product. That’s not information you will find in the newspaper; that’s information you will find using a good power realtor!

Your power realtor will also be ale to tell you what improvements you could make to your property to make top dollar. At the end of the day you want the highest and the best price offer for your property, right? It is always good to do your research and find a power realtor or brokerage that comes with a sizable sphere of influence and a large database of people who are pre-approved and pre-qualified. You don’t want to be in a position of starting and stopping your process and if you are trying to sell right away, you need that extra help.

 

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

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