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How much will it cost to use a realtor to buy a house in Jamaica? (PT12)

How much do I pay an agent to help me buy a house?

When a property goes on the market through A real estate company an agreement is made between the real estate company (who is the broker) and the seller. As fee is agreed on for the real estate company’s services.

For home sales, there are generally two real estate brokers involved in the deal: one respresenting the seller and the other, representing the buyer. Sometimes, buyers go directly to the listing agent, which would mean there is only one realtor or one broker involved in the process. Agents who represent buyers, we’ll call them buyer’s agent, are compensated by the real estate company that listed the property.

When the home is sold, that broker who originally listed the property, the fee they negotiated with the seller is split between them and the agent who took the buyer to the table. So no, you don’t pay your buyers agent in Jamaica any extra fee to represent you. Buyers agents are compensated by the sellers!

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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How much do I need to save to buy a home in Jamaica? (PT11)

So you want to buy a house and you’re probably wondering, how much do I need to save to start the process?

Here are two (2) things that you must save to start your home buying process.

Deposit

Now the greatest obstacle for most first time home buyers is generally the deposit but in most cases you’re going to be required to pay 10% of the purchase price as the deposit. So you need to have this money saved up front.

In very rare cases, a vendor may take 5% to start the process but I don’t want you to count on that cause that does not happen very often in Jamaica.

Closing cost

Remember when we spoke about this back in PT7, so you should just look at this little video right here, check it out to get what is actually included in your closing cost.

Your closing cost is another thing that you need to save to start your process. That will estimate anywhere between 7% – 10% of your purchase price.

Now, except for the government fees, all other fees are negotiable but they attract 16.5% G.C.T. So my recommendation is save 20% of the purchase price of any property that you going after.

If you are looking at a property that is 10 million dollars, save 2 million dollars. If you’re looking at something that is 11 million dollars, save 2.2. million dollars, you get it?

 

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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How Long Does It Take to Buy A Home In Jamaica (PT10)

How long does it take to buy a house? No, really how long does this house buying process take in Jamaica?

Here are 5 things that affect how long your house buying process in Jamaica could take:

Cash Rules: From the day you sign your sale agreement and make that deposit, a typical cash sale can close anywhere between 30 -45 days in Jamaica.

Mortgage: Because of different internal processes and schedules, some lenders will take different lengths of time to process your mortgage. Now, some have committees that meet more frequently, others not so frequently. So when using a mortgage it actually takes about anywhere 90-120 days close your sale.

The Attorney: The attorneys are crucial, especially the vendor’s attorney because they’re preparing the agreement for sale and they’re also submitting all the documents. So if everything is done in a timely manner, then the sale can run relatively smoothly. Remember, as buyer, you hire an attorney as well. So if the vendor’s attorney is trying to send information that gets read 2 weeks later, that’s delaying your process. Call your attorney every week and ensure you get an update on the process. REMEMBER, YOU ARE PAYING THEM!

Government Offices: Remember, every agreement for sale must be stamped and assessed. Sometimes, if there is a backlog in system, it can delay the process. But there are different parts of the process can be expedited for a fee. Ask you attorney.

And the final and most important thing that could delay the process is YOU: I told you earlier, get all your ducks in a row. Make sure you have your deposit and closing cost saved because the minute you start your sale, things are going to be required and if you delay submitting required documents then you’re holding up your own progress.

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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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

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