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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

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Non-Payment Of Water Bill And Selling Your Apartment (PT4)

If your water bill is not paid and you owe it long enough, you may not be able to sell your apartment.

Most strata has one meter that goes into any complex and then you have sub-meters for all the apartments or the units within that complex. So, let’s say you forfeit on paying maintenance fee. If it is not paid and the strata cannot take care of their bills and the water will be turned off. This can eventually lead overtime to a run down apartment.

Think about that pregnant woman who lives on the 3rd floor or that old lady who is sick and can’t take care of herself. Water is life- remember that.

Also, if the complex has outstanding water bills, everyone in the unit will have problems selling. If you decide that after a year you are going to sell this place and get your money, it’s not going to happen. The maintenance will have to be paid up. Always remember, water runs with land. Your attorney will have to give an undertaking to clear this expense. The water bill must be cleared before you change ownership.

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 does my strata insurance cover? (PT3)

Do you know what is actually covered by your property insurance?

We’re speaking specifically to insurance that is wrapped within your maintenance fee. Well, let me break it down there are two types.

  • Insurance for the outside of the building (Common area).
  • Insurance for the inside of the building.

But I’m specifically speaking to what happens in a common area, you know, that insurance that you pay to your strata.

This is generally wrapped into the maintenance and it’s determined by the size of your apartment. The size or square footage of your apartment determines something called the unit entitlement.

If you are getting a mortgage to buy your apartment, this is extremely important because most financial institutions will not commit to a mortgage for complexes that are not insured.

 

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 Does The Apartment Maintenance Fee Cover? (PT2)

Well, let me start by telling you what it does not cover. It does not cover the security for your complex going to the door of your Air B&B tenant to pick up the garbage. It also does not include you arguing over that third parking space for your luxury SUV when you live in a one bedroom apartment and you’ve only been allotted 2 parking spaces.

Now, let me tell you what it actually covers. Your maintenance covers anything in the common area or the outside structure of the building.

  • You know, that light in the corridor that leads to all apartments? Yes, that.
  • Cleaning of the pool
  • Mowing the lawn
  • Sweeping the grounds
  • Pest control
  • 24 hour security
  • General insurance
  • Common area
  • Water
  • Have an elevator? Maintenance of that convenience as well.

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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Maintenance Fees (PT1)

Did you know that if you don’t pay your maintenance fees you could actually lose your apartment?

If do not pay your maintenance for a period of time or you owe your strata a lot of money, here is what they could do:

  • If your stratum is being run properly they could exercise their right to send you a warning letter.
  • If you do not respond in 30 days or decide not to pay, the strata could submit an application to the Commission of Strata for a Power of Sales Certificate.
  • Once they receive this, they could sell the apartment to recoup any maintenance fee that was owed as well as any other legal or advertising fees associated with the sale. Also if you have any mortgage left, this will be split between you and the mortgage company.

Visit PT2 for information on what your maintenance fees cover.

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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