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Jamaica

Guide Volume 5 Issue 1

Serving Jamaica’s Real Estate Marketplace

FOR MORE INFORMATION ABOUT THIS PROPERTY SEE PAGE 22

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Real Estate Symposium highlights

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he Realtors Association of Jamaica ‘the voice for real estate’ in Jamaica, strives to raise the consciousness of our stakeholders including practitioners, government, investors and the general public about real estate issues. On November 20, 2009, we hosted our 2nd annual Real Estate Symposium ‘The New Paradigm in Real Estate for 2010’ at the Knutsford Court Hotel in New Kingston. The Hon. Orette Bruce Golding, M.P. delivered the Keynote Address on ‘The Government’s vision for Real Estate Investment in Jamaica 2010-2011’. The Prime Minister reminded the gathering that redevelopment of downtown Kingston is one of the highest priorities of the government. In promoting the area as a Financial District they are committed to fostering an investment climate that will facilitate mutual benefits to local and international investors who are interested in participating in the redevelopment project. In his presentation, the Prime Minister announced that cellular provider Digicel, would be re-locating to Downtown Kingston and constructing new regional headquarters on lands across from the craft market. This kind of investment will no doubt work in conjunction with other initiatives to stimulate renewed interest and increased economic vibrancy in the Downtown Kingston region. The Bill to Amend the Registration (Strata Titles) Act which was piloted by Prime Minister, Hon. Bruce Golding was passed in the House of

and to establish a Strata Commission to supervise and assist with matters pertaining to strata living. Mrs. Sandra Watson, General Manager of The Real Estate Board in her presentation, ‘The Importance of Jamaica’s Strata Act on Property Investment’ highlighted the proposed amendments and how they will affect proprietors of such properties. Industry Outlook

EDWIN D. C. WINT, Dip LEVS, Dip Proj Man (RICS) BA MBA ICIOB MBIFM President, Realtors Association of Jamaica

Representatives on October 27, 2009 and is now before the Senate. There are some 2,345 registered strata properties in Jamaica; however, there have been many areas of concern for owners/investors in the operation of these corporations such as: g Executives of strata corporation not being properly elected and constituted; g Maintenance fees not being paid – light, water being turned off; g Buildings not being insured ; g No proper accountability for the funds received; g Strata owners keeping pets when it is prohibited by the by-laws; g Outstanding property taxes; g Value of property being depressed because of its poor upkeep. The Bill sought to amend the Act to address the shortcomings

Earlier in the year, the Government in an effort to stimulate the real estate market reduced the stamp duty and transfer tax applicable for real estate transactions, which was welcomed by all stakeholders. Whereas the global economic downturn has severely affected the property market in the United States of America, in Jamaica we have seen relative stability, trending to a balanced market for the most part but to a buyer’s market only in a few market segments. There has also been continued growth in property investments especially in Western Jamaica with developments such as: g

Falmouth Wharf

g

Palmyra

g

Whitter Village

g

Harmony Cove

Fairview Shopping Centre and Office Park

g

Investing is real estate is always a preferred option, therefore, my suggestion for homeowners and investors alike, would be to buy now and hold for the medium to long term.

Guide

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Publisher’s message

Say you saw it in the Jamaica Real Estate Guide 3

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Volume 5, Issue 1

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elcome loyal and new readers of the Jamaica Real Estate Guide, locally and from around the world. We strive to continually provide you with resources helpful for the home buyer, seller about the process, finance options and of course real estate listings. In this issue, I believe we covered most of the bases. We welcome contributor Cherryl Hanson Simpson of Financially Smart Online with a helpful piece called, The Smart Guide to Buying Your Home (Pages 8 and 9). For home sellers, there is a great article with tips to prepare your home for sale in a slow market (Page 7). Yes the market is slow and times are tough, but if you apply these tips, it can only help you to attract the buyers that are out there. We also advocate using real estate professionals to help you along the way when buying or selling your home. There are many great Jamaican real estate agents out there, but how do you choose the right one for you? Read our quick guide with tips for choosing a real estate agent (Page 7). As you may have heard there have been some amendments to the Registration Strata Titles Act. Edwin Wint shares some important notes about these changes ( Pages 14 & 15). As always, do visit our website www. JaRealEstateGuide.com for more properties, calculators, broker directory, checklists and more. Sign up for our online newsletter and be the first to hear about new magazine releases, property listings from our advertisers and website updates. You may also join our social networks on Facebook, www.facebook.com/JamaicaRealEstateGuide and Twitter www.twitter.com/JaRealEstate and our YouTube Channel www.youtube.com/ JaRealEstateGuide. Thank you for reading the Jamaica Real Estate Guide, Serving Jamaica’s Real Estate Marketplace Stephanie Treasure, Founder & Editorial Director of the Jamaica Real Estate Guide.

Stephanie Treasure, B.S., MBA EDITORIAL DIRECTOR PUBLISHER Butterfly Publications CONTRIBUTORS Cherryl Hanson-Simpson Edwin Wint LAYOUT & DESIGN R. Leonard Simpson PRINTER Lithographic Printers The Jamaica Real Estate Guide is published quarterly by Butterfly Publications ISSN 0799-2335 P.O. Box 133, Kingston 19, Jamaica info@jarealestateguide.com www.JaRealEstateGuide.com ©2006-2010 Butterfly Publications Volume 5, Issue 1: Winter 2010

Publisher’s Policy

Reproduction of any photographs, artwork or copy prepared by The Jamaica Real Estate Guide is strictly prohibited without written permission from the publisher. All advertised properties are subject to prior sale or withdrawal without notice. Butterfly Publications or The Jamaica Real Estate Guide is not a real estate broker and this publication is not an effort to assist in the buying or selling of real estate but to provide information about real estate listed with a licensed real estate broker. The advertisers, publisher, printer and associates are not liable for misinformation, misprints or typographical errors. Advertising is not accepted from unlicensed real estate sales companies or private home sellers. Real estate advertised in this magazine is subject to the Jamaica Real Estate Board laws. This publication will not knowingly accept any advertising for real estate which is in violation of these laws. Real estate advertised in this publication is available on an equal opportunity basis.


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Jamaica Guide

Ways to save energy resources at home – Energy saving tips that help your wallet!

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e all need to learn ways to save energy resources at home during these difficult economic times. Even though we all learned about renewable and non-renewable sources of energy in school, I don’t think we really paid much attention to our rapid consumption until now. The energy crisis has opened our eyes to the fact that we can’t leave everything to the government, we have to do something ourselves. The good news is, we can do it! You don’t have to be a Green Guru - here are some simple steps you can take to save power: 1. A No Brainer: Switch off your computer and the monitor when it’s not in use. Most people don’t realize the monitor is still on even after they’ve shut down their computer. If you start practicing this small step, even at work, you will help save power and save money. 2. CFL - is not a disease: Compact fluorescent bulbs are cost effective and available everywhere. They do cost a little more than regular light bulbs but in the long run will save you money by using less power. 3. Ah, the Air Conditioner! In some climates, it’s hard to live without it. You don’t have to shut it off. If you set and maintain a reasonable, comfortable temperature, not too high or too low, you will save energy and money too. 4. Woosh goes all your money: Plan how you will use your washing machine. Make sure there are enough clothes for a full load of laundry every time and you won’t be hung out to dry when your energy bill comes in. 5. Big Eye-Opener: Unplug your TV when you aren’t home. This tiny step will help you save even more energy. Unplugging inessential appliances will help you save money and energy. 6. Hot savings: Keep your geyser thermostat at the minimum heat you need and don’t keep it on for too long. You really don’t need to heat the water at very high temperatures for too long. 7. Chilly Chi-Ching: Keep your freezer

and refrigerator full and it will work better and use less energy. You can also save energy by planning on taking out cold or frozen food well before meal times so that you don’t have to waste energy defrosting it in the microwave. 8. Driving with a smile: If you close your car windows before switching on the airconditioner, you will conserve energy and save money. You can also save money by making your own energy at home. It is cheaper and easier then you may have thought. From EzineArticles.com By Jay Smithson of Diyrenewablepower.com


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Jamaica

Take Note Jamaica Real Estate Industry Updates New Office Openings La Maison Property Services Limited has expanded its operations with a new Montego Bay Office Suite #18B, Montego Bay Freeport Shopping Centre P.O. Box 284, Montego Bay, St. James Phone/Telefax : (876) 979-8427

relocation Note the following relocation announcements Easton Douglas & Company Suite #2, 14 Carvalho Drive Kingston 10 Phone: (876) 926-2506 / (876) 926-2540 Fax: (876) 968-0589

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Guide

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Tips to sell your house in a slow market

Say you saw it in the Jamaica Real Estate Guide 7

Take care of basic repairs It can be a big turn-off to a prospective buyer if they see loose railings, missing cupboard doors and other minor damages. When a homebuyer sees these little neglected things, they are likely to believe that the bigger things are neglected too. Sometimes, these repairs do not cost a lot of money. It is worth the expense to let a prospective buyer see that you have pride in your home. Keep your home clean Remember that you may need to show your home at a moment’s notice. It is important to keep it clean during the time it is on the market. The more often your home is shown is the more likely it will sell. Let your real estate agent know that you are willing to make your home available to be shown quickly to any buyer that shows interest. Keep pets contained

ReMax Elite Suite #60, Winchester Business Centre 15 Hope Road Kingston 10 Phone: (876) 908-3874-7 Fax: (876) 908-3873

If you have dogs, keep them on a leash or in their kennel during a showing. Some people are afraid of strange dogs and may get distracted during the showing. If you have cats in the house, be aware that there may be a lingering odor and use air freshener before a showing. Price realistically

Stephanie Treasure Editorial Director

E

veryone will agree that things have slowed down quite a bit in the Jamaica Real Estate market. However, there are still buyers out there. Preparing your home for sale, knowing how to schedule showings and offering the right incentives will help you find the right buyer for your home.

Focus on what your home is worth now and forget about what it would have been worth a year or two ago. In a buyers’ market, buyers don’t have to negotiate too much to get a deal. They know that you want to sell your home and if it is priced too high, they will move on to the next home. Hire a Real Estate Agent Using a real estate agent in a slow market is crucial to getting your home sold in a fair amount of time. Knowledge of the process and being able to take care of many details in order to sell your home goes a long way. Selling your home can be daunting and stressful. However, with patience and flexibility you can find the buyers out there who will fall in love with your home.


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A smart guide to Prepared by Financially S.M.A.R.T. Services

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f you are like most Jamaicans, owning a home is probably one of your biggest dreams. Buying a home is a major investment, so you have to plan wisely in order to achieve this goal. Here are some considerations that can help you turn your home ownership dream into reality: 1. Find out how much money you can access from a lending institution. Check with the National Housing Trust and the mortgage companies to determine the loan

amount that you qualify for based on your income. Decide if you need to partner with someone to be able to secure the money you will need to borrow. 2. Cut back spending on non-essentials such as entertainment and clothing to save towards your home. You will need to deposit about 10%-15% of the value of the house you wish to buy. The more you can afford to put down, the lower your mortgage payments will be. However, do not deplete all your emergency funds as you will need to keep at least three to six months of your

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Say you saw it in the Jamaica Real Estate Guide 9

buying your home basic expenses saved up to cushion any financial uncertainties. 3. It’s important to examine all the costs of buying a new home to see if you can really afford it. Do you have enough savings to cover the deposit and closing costs, legal fees, relocation and renovation costs? Will your income allow you to meet the recurring insurance, property tax and maintenance expenses? Email advice@ financiallysmartonline.com for a real estate calculator and home buying checklist that can help you to make that decision. 4. Choose the best mortgage financier that meets your needs. Call the different mortgage companies to compare rates and fees. Some institutions have additional costs such as compulsory savings that can drive up the monthly repayment amount. Ensure that you understand and can comply with all their requirements. 5. Once you have chosen your mortgage company, it’s a good idea to obtain a mortgage pre-approval for the amount you can afford. Having this document from your financier will make your offer more attractive to the vendor, and help to speed up the transaction process. 6. The next step is to search for a good location, with the assistance of expert realtors. You can also use word of mouth networking to help you find a suitable home. Speak to the neighbours and visit the location at odd hours to observe the activity. Consider traffic and convenience to amenities such as supermarkets and schools when making your final decision. 7. Don’t aim to buy your dream house at first, as you should stick with what your budget can afford right now. Remember that

you can always upgrade your starter home into a larger property as you accumulate more money. Over time, the equity that you have built up in your home can also allow you to sell it and buy a better house in the future. 8. It would be a smart move to get the property that you have identified professionally inspected. It’s better to pay for an independent assessment of the condition of the home before you commit to it, than spend a small fortune in repairs after you’ve paid for it. 9. Once you have found the right home, you should ask for referrals to select the right attorney. Real estate agreements can sometimes be complex, so you need to find a knowledgeable lawyer that you can trust to handle your affairs. Don’t be afraid to ask for discounted rates on legal fees! 10. The most important attribute to possess when searching for your home is patience. Don’t rush into a buying decision if the property really isn’t right for you; another home will always come by. Remember that real estate transactions in Jamaica can take several months to be completed, so its best to follow up once per week with your lawyer for progress reports.

Financially S.M.A.R.T. Services is Jamaica’s number one source for practical, down-to-earth and independent answers for all questions relating to personal finance. Get more smart financial advice at www. financiallysmartonline.com.


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Tips for choosing a Real Estate Agent T

he decision to buy a home is one of the most important decisions most of us will make in our lifetime. Yet somehow, very little thought is given to the selection of a real estate agent. For the most part, we may call to inquire about a property from a newspaper or magazine advertisement and stick with that agent who had the listing. The fact that they have a listing you are interested in, is a good indication of the type of agent that may represent you, but there are many factors to consider. Ask friends for referrals: This is a good place to start. However, do not use this as an exclusive determining factor. Make sure also that your personalities complement each other. Choose a Real Estate Agent who is committed: Some real estate agents work parttime and may not have the time or the drive to work diligently on your behalf. Examine the schedule of those agents who are full time as well. For instance, if you are only available to look at properties on a Sunday, the agent needs to be flexible enough to accommodate you on this. Choose an agent who is attentive and takes time to explain things that may not be clear to you: Buying a home can be a daunting task. Terminology can be quite confusing the home buyer or seller. You need an agent who is knowledgeable of the home buying process and is willing and able to explain the process to you. You need to be comfortable with the agent you choose so you can ask questions freely and not feel intimidated. Choose an agent who handles homes in your price range: This will require a little research by studying classified ads and real estate websites. Look at what prospective agents advertise mostly. It may be an indication of the clients they deal with and the inventory of

homes they have access to. Schedule some face time: Arrange for a meeting. Ask them about their years of experience, background, how long they’ve worked with their agency and whether or not they are working as a full time real estate professional. Talk with the prospective agent about the type of home you’re interested in buying, your price range and get feedback on how they can assist you with your search. Also ask how they will update you on new homes on the market, when they may schedule showings, etc.


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12 Say you saw it in the Jamaica Real Estate Guide

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Advertisement

Insurance

T

Hard Talk

here is a tendency to discount present dangers to which we have grown accustomed, and overreact to new and unfamiliar threats, says Joseph Holness Assistant General Manager for Reinsurance and Underwriting at NEM Insurance. In the following interview Mr. Holness assesses the issues that need to be faced in considering your approach to property insurance. Q. Given Jamaica’s environmental profile, what should I insure against? Based on our history, each generation of Jamaicans can expect to experience at least one devastating hurricane and the University of the West Indies Earthquake Unit reports that the island is affected by about 200 normally minor earthquakes each year. We therefore recommend that insurance is maintained accordingly. In addition, we suggest that building and material damage policies include cover for fire, flood and other perils which may occur independently of catastrophic events. Q. What is the Average Clause? Average is the equation that is applied to the adjusted loss on an under-insured risk in order to determine the proportion of the loss the insurer, and the insured, must bear. The above is perhaps best simplified by an example:

g Actual Replacement value of the insured building – $10,000,000 g Amount for which the building was insured – $5,000,000 g Agreed loss due to fire damage – $800,000

Application of the average clause principle would be as follows:

– Joseph Holness

$5,000,000

x

$800,000

(Sum Insured)

(Loss)

=

$400,000 (Amount to be paid by insurer)

$10,000,000 (Actual Value at risk)

Q. Why should you insure for the correct value of your property? The first reason would be to ensure that in the event of a loss there is adequate compensation to indemnify you for the damage to or total loss of the property. Then there is the application of the average clause as outlined, which demonstrates that under-insurance will result in a proportionate reduction of the claim settlement. Q. Isn’t insuring for the full value sometimes difficult? The Jamaican economy tends to be prone to inflation. For 2008 into early 2009 there was significant devaluation of the Jamaican dollar against its US counterpart. This has impacted the replacement cost of buildings, due to the cost associated with raw materials and labour. A building appropriately insured for the correct replacement value on day one, could thus be under-insured after, say six months, due to inflation. NEM has an Agreed Value Policy which substantially eliminates the underinsurance exposure due to inflation. Q. Tell me about the Agreed Value Policy? The Agreed Value Homeowners policy gives the insured an opportunity to mitigate against the effects of the average clause. Essentially, at inception and renewal of the policy, the replacement value of the building is determined and agreed to by NEM and the insured. Provided the building is insured at this pre-determined value, average will not apply during the policy period, if the replacement value increases due to inflation.


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Notes on the Bill to Amend the T

he Registration (Strata Titles) Amended Act was passed in the House of Representatives on Tuesday (October 27) with 26 amendments. The Bill, which was piloted by Prime Minister, Hon. Bruce Golding amends the Registration Strata Titles Act to, among other things, establish a commission of strata corporations and to specify the duties of that commission. There are some 2,345 registered strata properties in Jamaica.

The principal Act is amended with a number of insertions, one being the establishment of a body known as the Commission of Strata Corporations.

In exercise of its functions, the Commission has powers to order an executive committee or proprietor or both to carry out a number of actions which includes inter alia: g The demolition of any extension to external wall of any strata lot g Removal of any structures, vehicles or other things where contrary to the by-laws g Vary interest payable by a proprietor on late payment of contribution g Removal of animals from strata lot or common property g Contributions may be varied where the Commission considers it to be excessive or inadequate

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g Vary manner of making payment where the Commission deems it unreasonable

Further, where a proprietor fails to comply with the order to demolish an extension or remove any structure or vehicle, the corporation has the right to (inter alia): g demolish the unauthorised extension g restore the strata lot or common property to its original state g recover expenses incurred by the corporation in such demolition or restoration and any such expenses remaining unpaid shall be a first charge on the strata lot concerned g where the corporation fails to hold Annual General Meeting (AGM) within the time stated, the Commission shall convene the AGM and make binding decisions g The corporation, a proprietor or any other person aggrieved by a decision of the Commission may appeal against the decision within 30 days from the date of the decision of the Commission. Amendments to Section 4 of the Act Amendments under Section 4 of the principal Act includes inter alia that:

Say you saw it in the Jamaica Real Estate Guide 15

Registration (Strata Titles) Act g The corporation shall apply for registration and pay a prescribed annual fee g A corporation must pay a prescribed annual fee to the Commission g Where the corporation fails to make an application for registration or to pay the prescribed annual fee, it commits an offence and is liable on summary conviction in a Resident Magistrate’s Court to a fine not exceeding $250,000.00

Establishment of a Commission of Strata Corporations

This Commission has a set of functions which include: g To monitor, regulate and supervise strata corporations g Establish and maintain a Register of strata corporations g To provide for the mandatory registration of each strata corporation with the commission g Facilitate resolution of disputes between a strata corporation and a proprietor g Consider complaints from proprietors concerning amounts of contribution levied g Enforce the by-laws g Perform other functions as may be prescribed by the Minister

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The corporation is required to file with the Commission within 120 days after the end of each financial year the following (inter alia): g Audited financial statements or subject to the approval of the Commission, a copy of the accounts prepared in accordance with generally accepted accounting principles, signed by the chairman and at least one other executive committee member: g A report of the activities during the financial year including inert alia: • meetings duly held by the corporation • appointment of the executive committee • passing of resolutions adopting a budget • copy of certificate of insurance for the financial year all accompanied by the prescribed fee. Amendments to Section 5 of the Act An amendment to Section 5 includes outlining the Powers of the corporation to include: “to exercise a power of sale in respect of a strata lot in accordance with the provisions of this Act” . This amendment was thought necessary to improve compliance from proprietors with respect to payment of contributions levied by the corporation as it strengthened the provisions under the principal Act for recovery of unpaid contributions from proprietors by the corporation. The amendment also creates an implied covenant between a proprietor and a corporation that the proprietor or his heirs, will pay any outstanding charges owed to the corporation prior to a transfer.

This amendment is very important to the conveyancing process and seeks to protect the unsuspecting purchaser who often times get unwittingly mired under by debt owing to the corporation by the previous proprietor. The addition of new sections in Section 5 dealing with ‘Failure to pay contributions’ requires the corporation to notify in writing the proprietor, agents and mortgagee concerned of the strata if any and includes inter alia: g Outstanding amounts of contribution owing and period owed g Amount of interest accrued and period for interest payable g Thirty day notice from serving of notice to pay outstanding contributions with interest g Authority for the corporation to sell the strata lot by public auction or private treaty for unpaid outstanding contributions and interest within the specified time g Right of appeal by the aggrieved proprietor Should the circumstances so require, the Commission has the power to carry out an audit of the accounts and other records and conduct an investigation into the activities of a corporation with expenses incurred recoverable from the corporation as a debt by action in a Court. Establishment of Strata Appeals Tribunal Insertion of a new section in Section 15 deals with ‘Establishment of Strata Appeals Tribunal’ for the purpose of hearing appeals and there is a clause that states that decisions made by the tribunal on an appeal is binding on the parties to the appeal and that a person failing to comply with a decision of the Tribunal is guilty of an offence and liable on summary conviction before a Resident Magistrate to a fine not exceeding one million dollars and in default of payment to imprisonment for a term not exceeding one year. Compiled by Edwin Wint, Managing Director, La Maison Property Services Source: “House Passes Strata Amendment Act Kingston (JIS)” on the Jamaica Houses of Parliament website.


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Say you saw it in the Jamaica Real Estate Guide 17

Glossary of Mortgage Terms    

       

  •  • 

Appreciation The increase in property value or worth caused by changes in the real estate market, inflation or other factors; the opposite of depreciation. Collateral

•  • 

•  • 

Head Office: 8 Dominica Drive Kingston 5, Jamaica. WI Tel: 906-0858-60 Fax: 906-9762 Branch Office: 18B Freeport Shopping Centre, Montego Bay, St. James Tel/Fax: 979-8427 Email: info@lamaisonproperty.com Website:www.lamaisonproperty.com

In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust. Contingency/conditions A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector. Counter-offer An offer made in response to a previous offer. For example, after the buyer presents their first offer, the seller may make a counter-offer with a slightly higher sale price.

primarily. Market Comparison approach: using sales figures for similar property in the area; Income approach – by analyzing rental or lease income possibility in the area; Cost Approach – The cost approach should be broken into two components, Land and Building less depreciation. The valuation of the land should include the comparable market for similar sites (not used for condominium units) Principal The amount of money borrowed or the amount of the loan that has not yet been repaid to the lender. This does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or unpaid principal balance) is the amount owed on the loan minus the amount you’ve repaid. Pre-Qualification A preliminary assessment by a lender of the amount it will lend to a potential home buyer. The process of determining how much money a prospective home buyer may be eligible to borrow before he or she applies for a loan.

Foreclosure

Purchase and Sale Agreement

A legal action that ends all ownership rights in a home when the homebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage.

A document that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement typically would include: information about the property to be sold, sale price, down payment, earnest money deposit, financing, closing date, occupancy date, length of time the offer is valid, and any special contingencies.

Gift Letter A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don’t have to repay it. You can use this money towards a portion of your down payment with some mortgages. Valuation report Estimate of the value of the property. This can be done using 3 methods or approaches which vary by institution


18 Say you saw it in the Jamaica Real Estate Guide

JaRealEstateGuide.com

Jamaica Guide


Jamaica Guide

JaRealEstateGuide.com

Say you saw it in the Jamaica Real Estate Guide 21

Advertiser Index A.S. James & Associates

18

Access Property Investments

22,23

Flow Properties Jamaica

11

Furniture Land

18

Howard Johnson Realty

11

Jamaica Mortgage Bank

11

Jamaica Trade & Invest

14

Jamaica Real Estate Guide

20

La Maison Property Services

14

Marlene Bell & Associates

11

NEM Insurance Company

13,14

Raymond L. Treasure

18

Terrence V. Allen

18

Tropical Sunshine Properties

19,24

W & L Associates

5


ACCESS PROPERTY INVESTMENTS LTD. Anthony Harris (Registered Dealer)

Nautilus Villa, Blue Lagoon, Port Antonio

Molynes Road Commercial Widcombe/Upper Hope Pastures Area Two storey dwelling house, 4 bedrooms, 3 ½ bath with helpers quarters on 1/3 acre. Well landscaped, view of Mona Dam and Kingston. Generator, water tank. Price J$38M

2 acre site on which is located a 92 room hotel/ guest house with swimming pool, banqueting facilities, function room, bar/restaurant, with lobby, fully furnished and equipped. All rooms have A/C. Adjacent is a 2 storey building, now housing a commercial college, may be acquired as a turn key. Priced for sale US$5.5M

Stony Hill/Temple Hall Commercial factory building. 10,000 sq ft warehouse on ¾ acre. Vacant possession. J$35M

(Cover photo) 3 Bedroom, 3 Bathroom. Formal living area on second floor with a comfortable balcony and magnificent ocean view. Indoor and outdoor dining, entertainment areas and sun decks with steps going directly into the water. Offers casual luxury, professional staff, fully equipped kitchen, perfect for those seeking privacy and a home away from home. Extraordinary architectural features. Situated on the waters of San San. Attractively priced. Harbour View Road, Stony Hill

Cherry Drive Neslted in the exclusive gated community of Cherry Drive Estate, this beautiful home offers 4 bedrooms, including a master suite, walk-in closet with custom cabinetry, 5 baths, living and dining, family room, den, eat-in kitchen, with granite counter and stainless steel appliances, garden courtyard, back porch. Insect screens and electronic security. Open floor plan, perfect for entertaining. Price: US1.4M

1/3 acre lot with full approved building plans for a 2 storey dwelling. J$15M

Green Acres Mammee Bay Premium 32,630 sq.ft. Mammee Bay residential lot with excellent development possibilities. Owner has beach rights. Freehold. Will listen to serious cash offer. US$160,000 Decarteret Road, Mandeville Single Storey Dwelling. 4 bedrooms, helpers quarters, fully fruited, 1 ¼ acres, 45 foot swimming pool, fish ponds and waterfall. 5 large lychee trees, approx. 3000 lbs per season. Many features, exclusive neighborhood. J$45M

Temple Hall, St. Andrew Approx. 35 acres plus, on the Wag Water River. Quarry with crushing plant. Registered Blue Mountain coffee land, licensed quarry, with caretakers cottage, parts room, pump and water supply from Wag Water River. Price J$110M

Split level four bedrooms executive residence with first class finishes including . floor to ceiling bathroom tiles, granite kitchen counter tops, polished hardwood staircase with noel post and intermittent mahogany balustrades. Extra large master bedroom, ensuite, with private balcony. Electronic gate. J$33M


Now offering up to

25%

discount


Jamaica Real Estate Guide Vol 5 Iss 1