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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

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Why you shouldn’t skip a final walk-through (PT15)

Do I need to do a final walk-through?

YES YES YES!!!! A final walk through is an awesome idea. A final walk through will give you, the buyers a chance to make sure everything is as you expected and nothing has changed since the first time you saw the property. If a part of the terms of your contract was repairs should have be done, you want to ensure that everything is done because once everything is transferred in your name, that’s it, you’ve bought it! So do your walk-through.

You looked at an apartment and the apartment had 2 air conditioning units. You said, Yes, I love this! I’m making an offer on this. Then you decide to forego your walk-through. Now your name is on the title and everything has been transferred to your name and when you show up in that apartment, the AC is not there! Do you see why it is important to do a walk-through? This would be your way to ensure that the AC, window, toilet and tiles are in the same place!

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