Purchasing a house

eitech · Postby **eitech** » January 15th, 2015, 6:11 pm

Saw a property that I am interested in but I'm a noob in this area. Can anyone offer some guidelines on how do I proceed now?

brams112 · Postby **brams112** » January 15th, 2015, 6:29 pm

Topic get beat out already,lawyer,title search,offer.Make sure you don't get tie up with deed,plenty fraud with deeds now,don't go by seller lawyer eh.

eitech · Postby **eitech** » January 15th, 2015, 6:41 pm

was gonna take advantage of ttmf 5% deal

redman24 · Postby **redman24** » January 15th, 2015, 8:15 pm

Know what you qualify for first obtain pre qualification at the bank .
If the property is for sale on the open market find out if its by the owner or via an agent

Whichever is the case, You approach the owner or contact the agent.

Make an appointment to view the property, dont go alone, different people notice different things.

Conduct a detailed walk through of the property i.e the house, pay attention to the ceiling for leaks, kitchen cupboards for infestations and walls for cracks that will tell the tale of integrity issues also check land for water logged areas identifiable by moss build up on soil noticeable even in dry season. Be weary of owners or agents that dont want you to explore the property (unless you looking like a thief or bandit)

Ask at that time for a copy of the deed to conduct a search, also obtain copy of WASA clearance certificate, T&C approvals and enquire if there are approvals for any additions seen as well as recent valuation report. Take to bank & attorney. If using banks attorney they will do the needful.

Request also a sale agreement and discuss pricing based on what is seen (it is important to know your qualifying figure. So you dont waste your time or others) dont go looking at a house priced at $900,000 with a possible negotiation window of 50 to100 thousand off that and you qualify for only 700,000 at most, you still have factor in posible stamp duties, legal fees, bank finance charges.

Hire a search clerk. Or go to the Ministry of Legal Affairs in South Quay POS or (best option)take all documents to your bankers or attorneys and request a search for any 'liens and encumbrances, as well as proper title'

Once everything is in order, make an offer of purchase verbally followed by in writing either directly to the owner or if property is being sold via agent, to the agent.

If offer is is accepted, obtain acceptance preferably in writing. Notify bank and attorney who will advise accordingly. Request preferably a check in the amount of the required downpayment. Notify your attorney who will contact owner or agent and arrange for appointment to make down payment at attorneys office who will set out conditions and request ESCROW account and relative proof (protects your money from unscrupelous agents and owners)

You or your attorney should also request as a condition a final property walk through and inspection (best done just one or two days for the most before the final handover meeting).

Wait through process which could take between 1 to 3 months depending on title documents and proficiency of attorney among other things.

Your attorney or bank contacts you and seller or agent and arrangements are made for appointment/meeting between you the purchaser and all other parties for disbursement of final funds, signing of deeds etc (providing that the title, approvals etc and final walk through was good) its here you are given the keys to your new home and commit to your mortgage.

there maybe more but i'm no expert. This is from my personal experience. Good luck

air wick · Postby **air wick** » January 15th, 2015, 8:15 pm

quietdevil wrote:If mortgage then shop around. Visit banks and other lending instructions get the best rates and package, they will guide you through their criteria. If cash don't be stupid save your cash and take a mortgage

mortgage in these hard times? good luck be prepared to pay back almost x2 what you borrowed...

redman24 · Postby **redman24** » January 15th, 2015, 8:37 pm

Most would say that its always better to buy land and build piece by piece. But it depends upon your situation.

A mortgaged property can help you in so many ways later on in the future i.e to secure equity financing for medical expenses, education, vehicle upgrade, investments etc.

Dont study the money you paying on the mortgage. Most importantly have life insurance, and take the option to also insure your mortgage separately, so in the event that you die the insurance pays off the balance on your mortgage and your family is debt free. And wifey dont have to study to get ah next man to take care of she and de chirren. As yuh dead.

Half de time deh crying in funeral is because they dont know how they going to survive or provide for the kids.

Well at least this is advice for responsible, god fearing, REAL MEN out there. Who still value family and the propogation of thier progeny and future generations.

sharkman121 · Postby **sharkman121** » January 15th, 2015, 9:58 pm

air wick wrote:
quietdevil wrote:If mortgage then shop around. Visit banks and other lending instructions get the best rates and package, they will guide you through their criteria. If cash don't be stupid save your cash and take a mortgage

mortgage in these hard times? good luck be prepared to pay back almost x2 what you borrowed...

not with ttmf..they have very attractive packages atm

sharkman121 · Postby **sharkman121** » January 15th, 2015, 10:03 pm

redman24 wrote:Most would say that its always better to buy land and build piece by piece. But it depends upon your situation.

good idea, however finance institutions now giving you a stipulated time period in which to start building and complete building. When i enquired, if u bought land you had to start building within 3 years and complete by 5yrs. I can be corrected on this though.

jimmy001 · Postby **jimmy001** » January 15th, 2015, 11:06 pm

very good info here....thank you

eitech · Postby **eitech** » January 16th, 2015, 6:01 am

Tnx for d info

STORM1234 · Postby **STORM1234** » January 16th, 2015, 7:31 am

air wick wrote:
quietdevil wrote:If mortgage then shop around. Visit banks and other lending instructions get the best rates and package, they will guide you through their criteria. If cash don't be stupid save your cash and take a mortgage

mortgage in these hard times? good luck be prepared to pay back almost x2 what you borrowed...

more like 2.5 to 3 times what you borrowed.

air wick · Postby **air wick** » January 16th, 2015, 7:35 am

lost to all wrote:

more like 2.5 to 3 times what you borrowed.

You are correct sir.... Didn't want to scare people with the actual figures...I'm glad that I didn't have to go through that process... I acquired my land in 2010 and started to build in 2013... Now i need approx. $400K to finish my house, spent about $500K already.

All done with no mortgage.. Done by savings and short term loans (4 yrs max)

STORM1234 · Postby **STORM1234** » January 16th, 2015, 7:59 am

air wick wrote:
lost to all wrote:

more like 2.5 to 3 times what you borrowed.

You are correct sir.... Didn't want to scare people with the actual figures...I'm glad that I didn't have to go through that process... I acquired my land in 2010 and started to build in 2013... Now i need approx. $400K to finish my house, spent about $500K already.

All done with no mortgage.. Done by savings and short term loans (4 yrs max)

I intend to do the same, kinda hard to find a piece of land though for $100k or less. I don't want to take any short terms loans either.

Postby **pete** » January 16th, 2015, 8:25 am

It's more like 1.5 times and some people don't really want to wait 8 years to get their house. What're you doing in the mean time? Renting or living with parents?

STORM1234 · Postby **STORM1234** » January 16th, 2015, 10:13 am

been renting 1.5 years now, but i realise it aint making any sense spending dead money, so might me moving back home to parents house. Looking for a piece of land for 100K-120K.

ReBeLz · Postby **ReBeLz** » January 16th, 2015, 6:49 pm

todds road ppl has land selling for 60k up dont got any contact tho take a drive and ask around my friend got a piece

konartis · Postby **konartis** » January 16th, 2015, 7:21 pm

Just make sure u go to a good lawyer to do the searches for property, alot of fraudsters out there

eitech · Postby **eitech** » January 17th, 2015, 7:53 pm

That lawyer ceen confusin me. If i go tru ttmf, do i still need a personal lawyer?

redman24 · Postby **redman24** » January 17th, 2015, 9:21 pm

TTMF 's attorneys normally take very long to obtain conveyances and deeds.

Two of the best lawyers i have dealt with relating to land and property matters were "HOBSON's" aka RUSSELL HUGGINS & ASSOCIATES they are situated Kew place POS.
And IAN RODULPH BOISON at tamana chambers Frederick street POS

redman24 · Postby **redman24** » January 17th, 2015, 9:28 pm

The freightening thing is there are attorneys who are in cahoots with crooks and unsrupolous property developers and are preparing false deeds. As 'KONARTIS' alluded to in his post.
Best to do an independent property search in addition to the one done by the institution or attorney.
You can find a search clerk at the ministry of legal affairs, one of the most reliable and thorough ones ia a lady named CATHY ANN

Dizzy28 · Postby **Dizzy28** » January 19th, 2015, 9:08 am

sharkman121 wrote:
redman24 wrote:Most would say that its always better to buy land and build piece by piece. But it depends upon your situation.

good idea, however finance institutions now giving you a stipulated time period in which to start building and complete building. When i enquired, if u bought land you had to start building within 3 years and complete by 5yrs. I can be corrected on this though.

Only know this to apply to developments where the developer implemented the "build within a time frame" stipulation.

Never knew a bank to impose that on borrowers unless the developer had it as a clause.