No Comments

3 Mistakes Jamaican sellers make (PT22)

Unrealistic price: When you overprice your home it simply doesn’t sell or it could stay on the market for a very long time …I’ve seen properties on the market for as much as 3 years!

Remember when you were getting ready to buy and you looked at so many properties before finally deciding on the one you really loved? Remember how hard you negotiated? Well today’s buyers are no different and they have more access to information about the property. When you set the price for your property at what the market can actually bear, you will generally get multiple offers and sometimes that helps to push your price up. So in the end you actually get what you want. However, sometimes it is unrealistically priced because you are…

Staying emotionally attached: If you are not “emotionally’ ready to sell your property then maybe you should wait. If you are not emotionally ready to let go most times you’ll set an unrealistic price and remember it is a transaction for the buyer

I know it may be very hard for you because this is the house where you got married, this is where I had my children but remember for the buyers, it is purely a transaction and you don’t want to put yourself in a position where you could actually sabotage the success of the sale. Sometimes we know you may be forced to sell your property but be upfront with your realtor and get your family or friends to support you as well. You don’t want to be in a situation where your realtor is suggesting one thing and your constantly resisting.

Hiring an inexperienced agent: While we are on the note of Realtors…there are good listing agents and ones that are…well.

Ensure you do your research before you get an agent to list your property. You should hire a good listing agent, especially one that knows what’s going on in the market, one who has experience and understands how to deal with your type of property. You also want to ensure it’s a listing agent who has knowledge of what is going on in the industry and a sphere of influence that will be able to pull and attract more eyes to your property.

So remember, interview your agent and ask all the right questions. If you’re wondering-well, how do I know if it’s the right agent, download our free ebook. It gives you all the questions you should be asking of your realtor, your bank, your attorney, your valuator and your land surveyor.

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

No Comments

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

No Comments

5 Things that could delay your sale that are within your control (PT20)

Clean the clutter: Clutter is a major turn off for buyers. The zinc and the lock and the pan that is packed up in a room, or the old car parts over there. Remember, buyers want to imagine themselves in this space and generally, on first look you want them to be so impressed that they can actually make you an offer. So get rid of the mess.

Foul odors: Pet odors from the dogs and cats and different things that are in the house, you may be so immune to it because you lie in the space but you simply can’t cover these things with a Febreze and sweet smelling candles. Get the whole family involved, get them to help you clean out the space or if it’s something you can’t handle, please hire a professional cleaning team to come in and get rid of that. The odors can be a very big turn off.

Flexible viewing times: In order for someone to make an offer, they have to be able to view the property. After 6PM it’s too late, it’s too dark and no one wants to view a property in the dark. Suggesting something like 7:30 AM on a weekday morning, people go to work. If you really want this property to be sold, you will need to have flexile viewing times. Preferably, in the day when it is well lit so the buyer can see everything. Additionally, if tenants are living on the property, you want to have this conversation with them very early because they will have to help you to facilitate the viewing of the property. This can be a bit sensitive because sometimes, tenants do not want potential buyers to be walking through their home. However, if they are not buying the property and it is up for sale you will need to have this discussion with your tenant.

Repairs and depersonalize the space: We know that renovations can cost but remember, buyers want the best for their money and you the seller wants top dollar. You may have loved that shocking green accent wall in your living room but the buyer might absolutely hate it. It is always a good idea to keep everything really neutral.

It is also best to take personal items out of the home during showings. Such as crucifix, empty bottles with candles, chillum pipes and eccentric paintings of nude bodies

Remember, the buyers want to envision themselves in this home. Once you put the property up for sale, this is a transaction. You cannot necessarily attract a buyer with all your personal taste so depersonalize the space please.

Property taxes and water: Before the purchaser’s mortgage company disburses funds for the property they will ask for 2 things. A certificate of payment for the property taxes so ensure that is paid and up to date. They will also require an up to date water bill and this should generally show a zero balance. Ensure you take care of this early and don’t delay your process.

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

No Comments

What’s included in the seller’s closing cost part 1 and 2 (PT19)

What’s included in the seller’s closing cost part 1 and 2

TRANSFER TAX: This is a government tax paid to the stamp office by the vendor. It is generally 5% of the market value of the property.

REGISTRATION AND STAMP DUTY: Stamp Duty is a Government tax and it is generally shared equally between the vendor and the purchaser. Stamp duty is 4% of the market value of the property and as the seller you only pay 2%.

There is also the Registration Fee, which is 0.5% of the value of the property. You also share this fee with the purchaser so you’ll pay 0.25% and the purchaser will pay 0.25% as well.

ATTORNEY’S FEES: In Jamaica a seller must use an attorney for all real estate transactions. The vendor’s attorney is responsible for the carriage of the sale. They are responsible for preparing the sale agreement as well as submitting the documents to the stamped and assessed and to follow through with the process from start to end. Typical attorney’s fee is somewhere between 1-3% of the market value of the property plus GCT.

½ of SALES AGREEMENT: Your attorney is responsible for drafting agreement for sale. The cost of that will be split between you and the purchaser equally. Now this can range anywhere between $60,000 all the way up to over $100,000 but the reality is it depends on the property, it depends on the conversation that you have with your attorney. Whatever the figure is, you’re only paying a half of it plus GCT.

REALTORS FEES: Your realtor assumes full responsibility for marketing and showing your property with no upfront money. In some cases the cost of marketing the property could actually cost more than the commission that the realtor receives at the end. Sometimes the sale is also aborted, and oftentimes, the realtor’s effort is often uncompensated.

Nonetheless, the commission is negotiated upfront with you and your realtor however, the realtor does not get paid until the end of the process. The industry standard for realtor services is 5% of plus GCT.

MISCELLANEOUS CHARGES: Letters of Possession, utilities, and any other miscellaneous cost. Plus if there are any additional fees, your attorney will give you a breakdown.

 

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

No Comments

What’s included in the seller’s closing cost part 1 & 2 (PT18)

Transfer tax: This is a government tax paid to the stamp office by the vendor. It is generally 5% of the market value of the property.

Registration and stamp duty: Stamp Duty is a Government tax and it is generally shared equally between the vendor and the purchaser. Stamp duty is 4% of the market value of the property and as the seller you only pay 2%.

There is also the Registration Fee, which is 0.5% of the value of the property. You also share this fee with the purchaser so you’ll pay 0.25% and the purchaser will pay 0.25% as well.

Attorney’s fees: In Jamaica a seller must use an attorney for all real estate transactions. The vendor’s attorney is responsible for the carriage of the sale. They are responsible for preparing the sale agreement as well as submitting the documents to the stamped and assessed and to follow through with the process from start to end. Typical attorney’s fee is somewhere between 1-3% of the market value of the property plus GCT.

½ of sales agreement: Your attorney is responsible for drafting agreement for sale. The cost of that will be split between you and the purchaser equally. Now this can range anywhere between $60,000 all the way up to over $100,000 but the reality is it depends on the property, it depends on the conversation that you have with your attorney. Whatever the figure is, you’re only paying a half of it plus GCT.

Realtor’s fees: Your realtor assumes full responsibility for marketing and showing your property with no upfront money. In some cases the cost of marketing the property could actually cost more than the commission that the realtor receives at the end. Sometimes the sale is also aborted, and oftentimes, the realtor’s effort is often uncompensated.

Nonetheless, the commission is negotiated upfront with you and your realtor however, the realtor does not get paid until the end of the process. The industry standard for realtor services is 5% of plus GCT.

Miscellaneous charges: Letters of Possession, utilities, and any other miscellaneous cost. Plus if there are any additional fees, your attorney will give you a breakdown.

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