Jamaican Real Estate 2010

THE WEEKLY GLEANER www.jamaica-gleaner.com JULY 12 - 18, 2010 • 15

BUYING OR sell-ing a propertyfrom overseas

can be a daunting task.Where do I start? Whodo I contact? Who can Itrust?

We at Century 21Heave-Ho Propertieshave over 20 yearsexperience in the busi-ness and can help youevery step of the way.

If you are selling aproperty, we can helpyou price and market itto get the quickestprice in the shortesttime.

We will provide youwith an estimated netproceeds sheet, so willsee what your sellingexpenses will be.

If you are looking forour property, let one ofour experienced agentsfind exactly what you

are looking for.Take a look at the

many properties on ourwebsite at: wwwwww..cceenn--ttuurryy2211jjmm..ccoomm..

ADVERTORIAL

Century 21

Please see PROPERTY, 17

If you areselling aproperty,

we can helpyou price andmarket it to

get the quickestprice in the

shortest time.

Your real estate partner in JAMAICA

WAIT! THAT housemay seem like every-thing you’ve ever

wanted but, before you makean offer, take some time toconsider a few thingsbeyond the size, style andprice.

When buying a home, it’seasy to let emotions get inthe way of reality, or get sud-den amnesia about factorsthat may make a difference.- VISIT AT VARIOUS TIMES OF DAYThe windows that let in so

much light during the daymay be a peeping Tom’sdream at night. That seem-ingly quiet residential streetmay be a noisy, highway-feeder street during morn-ing or evening rush hour; orit may be near impossible toget from your quiet streetacross traffic and onto thefeeder street in the morning.The adjacent school mayseem like a nice perk ifyou’re buying in the sum-mer, but during the schoolyear, daily playground noiseand extra traffic may bemore than you bargained for.

- LOOK THROUGH RECENT NEWSPAPER ARCHIVESPerhaps the municipal

water well that feeds yourneighbourhood has high lev-els of contaminants, or aproposed high-voltage powerline may soon be comingthrough your back yard. Youcan also check if there areany proposed projects.

- TALK TO NEIGHBOURSHow many people in the

neighbourhood own theirhomes? Sometimes it’s hardto tell at first if you’re choos-ing a neighbourhood that’sprimarily rental houses.

- QUIZ THE SELLERSWhat problems are they

aware of that the househad in the past – even ifthey’ve been fixed? An ice

dam five years ago mayhave caused water damagethat has since beenrepaired. But it’s good toknow that the house maybe prone to ice dams soyou can take preventivemeasures rather than findout the hard way.Discovering the basementflooding was solved bybuilding up the landscap-ing in a particular area willprevent you from levellingthe ground there in lateryears.

- GET A HOME INSPECTIONVirtually all houses have

defects. Some will be obvious

and most will be curable. Butknowing what needs fixingcan help you negotiate alower price - or at least pre-pare you for costs you’resoon to incur. Strongly con-sider getting inspections forlead paint, radon and wood-eating pests.

- GET DETAILED RECORDSON PAST IMPROVEMENTS

This isn’t always possible.But if you’re told the house’sexterior was painted twoyears ago – and then see areceipt noting the wholeproject cost just $1,000 –then you’ll be forewarnedthat cheaper materials were

used and that you may belooking at repainting soonerthan you thought.

- DON’T JUST ASSUME REMODELING WILL BE A SNAPIf you voice your ideas to

the sellers, you may be ableto glean valuable insights.For instance, perhaps thatshower is in an odd locationbecause, when remodeling10 years ago, the previousowners discovered a costlystructural impediment toputting a shower where itwould seem more appropri-ate.

- ASK FOR UTILITY BILLSYou may adore the Cape

Cod architectural style orthe high ceilings and wallsof glass in a modern home —but those winter heating andsummer cooling bills maypush your monthly pay-

ments beyond affordable.

- RECONSIDER THE BELLS AND WHISTLESAre you sure you can live

with a one-car garage,detached garage, or on-street parking? The poolmay be a nice bonus but canyou afford the upkeep?

- EXPLORE THE SURROUNDING AREAIf you’re not just making a

cross-town move, you maynot know that only threeblocks away, this prettyneighbourhood backs up to adumpy commercial area or aless-than-savoury part oftown. If the home is near anairport, fire station, policestation, hospital or railroadtrack, expect to hear trains,planes or ambulancesthroughout the day andnight. Make sure you’re not

too close to an agriculturalarea that may generateodors or kick up dust orother airborne problems.

- PAY CLOSE ATTENTION TO TAXESDon’t just ask what the sell-

er’s most recent tax bill was,ask what several recent taxbills have been. In some areas,houses are re-appraised — andtaxed at higher rates — fre-quently. That great deal andgood investment may notseem quite so grand if theproperty taxes skyrocket yearafter year. Again, look at news-paper archives or talk to yourRealtor about the way taxesare used in this area. In somecities, schools are substantial-ly funded through propertytaxes – which means you cancount on yours increasing regularly.

Contributed by the RealEstate board.

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www.jamaica-gleaner.com THE WEEKLY GLEANER16 • JULY 12 - 18, 2010

NEGRIL ESTATE,Westmoreland, Jamaica, thepremier, world-renownedtourist destination nowboasts a first-class, gated-residential community, locat-ed – east of the seven-milelong splendiferous stretch ofwhite-sand beach.

Negril Estate, a speciallydesigned housing develop-ment, is a dream come truefor persons who want tocome home to their own lit-tle piece of paradise, ideallyplanned for gracious familyliving or individual getaway.

While some lots provide themost breathtaking andpanoramic views of the Negrilcoastline and seascapehemmed by the azure, frothywhite waves of the Caribbean

sea, other parcels of land cap-ture the lush greenery andmajestic, mountainous coun-tryside.

Homeowners at NegrilEstate speak highly aboutthe maintenance of commonareas in this gated commu-nity and they enjoy beingthere. There are beautifullylandscaped gardens whichare well kept. Parks are safeenvironment where childrencan play.

FINE STYLENegril Estate is complet-

ed with all first-world infra-structures to ensure resi-dents live in fine style withall amenities conducive tothe good life. Of course, theresidential community is in

close proximity to numer-ous places for entertain-ment, daytime-recreationalactivities and endless golfcourses.

“Enjoy the life...” saysPatrick Fletcher, managingdirector of Negril EstateDevelopments.

Negril Estate offers noth-ing less than superb comfortor simply a rendezvous inparadise, conveniently locat-ed a stone’s throw from thebreathtaking seven-mile,sparkling white-sand beach.See our website:hhttttpp::////wwwwww..nneeggrriilleessttaattee..ccoomm

For further information,contact Patrick Fletcher at(876)-371-3735, (876)- 952-9630 or (305)-432-9677.

The highly anticipated Negril Estate is now in full swing

NEGRIL ESTATE

Things to consider before buying a homeDDoonn’’tt lleett eemmoottiioonnss cclloouudd yyoouurr jjuuddggeemmeenntt

YOU FREQUENTLY hearabout people who madetheir fortunes invest-

ing in the stock market, butyou also hear aboutinvestors who lost theirshirts playing the samegame. You hardly ever hearabout real-estate investorswho go bankrupt, however;that’s because it doesn’t hap-pen often.

That’s right: Those indi-viduals who invested wiselyin real estate many yearsago are living a very com-fortable lifestyle. Investingin real estate can garnerinteresting returns, so ifyou’re just getting started orhave considered investing inreal estate, the informationthat follows is invaluable.Take the risk. No one hearsabout how much money onecan make investing in realestate. That’s probablybecause it is a well-keptsecret. If everyone knewabout it, everyone would bedoing it, right?

Wrong. Much like startingyour own business, invest-ing in real estate requiresentrepreneurial skills and avision, which is why noteveryone is jumping on thereal-estate bandwagon.

In fact, most people arenot willing to take the riskthat real-estate investingentails; fortunately, theseare the same people that willmake you rich by rentingfrom you. The little secret isthat there are hundreds ofindividuals who procrasti-nate for every one individualwho has a vision and choos-es to take the risk. What liesahead?

Investing in real estaterequires a lot of time; youneed to deal with a vastarray of tenants — goodones as well as bad. Just likea business, you also have todeal with operating andfixed expenses, such as billsand renovation costs.

For those of you whodetest having to dress in asuit all day and sit behind adesk, then this is definitelyfor you. Your uniform willconsist of nothing but casu-al clothes when going toyour tenants to pick up thecheques or seeing how theyare coping in your house.Whether you are on the jobor vacationing in a quietresort somewhere, yourestate is still working foryou.

There are a number ofbenefits besides being yourown boss in real estate.

CASH FLOWCash flow is the difference

between your income andyour expenses on a piece ofproperty. You can have apositive or negative cashflow. Obviously, you’ll feel alot better if the cash flow ispositive.

Never use all of your posi-tive cash flow for rapid debtreduction. You will be walk-

ing a thin line. By keeping astrong positive cash flow,you will have more optionsand space to manoeuvre.

APPRECIATIONAppreciation is the

increase in value of a proper-ty. There are two kinds ofappreciation. The first isfrom economic conditionsbeyond your control, such asinflation. But you won’t gainmuch from this type ofappreciation since the gainis offset by the higher cost ofliving.

The second kind is marketappreciation, which you cancontrol. When you improve aproperty (through renova-tions), you force its valuehigher. You can purchase apiece of property in need ofrepairs and bring it back upto neighbourhood standardsor slightly higher; this will

give you a property that ismuch higher in value.

LEVERAGELeverage is the ability to

borrow a percentage of thevalue of a piece of property.Real estate, in comparisonto other investments, offersa very high degree of lever-age. In some cases, a couplebuying a single-family homecan obtain 95 per centfinancing. This allows indi-viduals to purchase realestate with little, if any, oftheir own money. Whatother investments offersuch a high degree of lever-age?

AMORTISATIONWith leverage, or the use

of other people’s money,comes a repayment sched-ule. Your outstanding bal-ance is reduced with every

payment you make. Part ofeach payment goes tointerest (applied first) andthe rest goes to pay off theprincipal.

The principal reductionis called amortisation -reducing debt. Hence,amortisation can make youwealthy, slowly and steadily.

Owning a real-estatebusiness is a great way toachieve your financial free-dom. What could be moreworthwhile than taking upreal estate as either a full-time business or even ahobby? The benefits aredefinitely there.

Source: askmen.com

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SALE PRICE$460,000.US (No Escalation)

Location; 81 SHORTWOOD Rd.Kingston 8, NORBROOK

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Why invest inreal estate? Continued from 15

PROPERTY

Let one ofour

experiencedagents find

exactlywhat you

are lookingfor.

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LAND SURVEYORS are peo-ple who study and determineboundaries and other fea-tures of land or real estatein order to completely andaccurately convey what isowned on paper. In someways, they are like transla-tors, translating what is inthe paper world to the realworld situation. Land sur-veyors are most commonlyseen with measuring instru-ments, especially aroundroad construction, but thatis not the only aspect oftheir job.

Often, land surveyorsmust do a considerableamount of research beforeeven getting to the pointwhere they are out in thefield doing surveys. Theyfirst must find out what thenature of the job is. In somecases, such surveyors maybe contracted privately by agroup or may work for acompany or organization fulltime. For example, state gov-ernments, who often buildroads, may have need of fulltime land surveyors. A landsurveyor may also beemployed by companies thatengage in a lot of construc-tion activity.

Of course, one of the mostimportant things a surveyordoes is determine propertyboundaries. Without the pre-cise measuring of bound-aries, projects can quicklybecome a major problem.While this may or may notbe a big deal as far as build-ings, if the project is some-thing such as a road, it cansignificantly alter thedesired route.

Land surveyors will oftennote elevation changes andother physical features thatcould be important as a proj-ect progresses. This can add

a considerable amount oftime to the work involved,but also be invaluable infor-mation to those who need todepend on those measure-ments when making theirdesigns. Therefore, this isan aspect of the job thatshould not be overlooked.Those professionals dependon an accurate picture ofwhat they are dealing withbefore the job even begins.

As technology hasimproved, the tools that landsurveyors use have alsobecome more sophisticated.While chains, chalk linesand compasses may still beused in some situations,these have likely beenreplaced in many situationsby GPS devices, three-dimensional scanning toolsand other high tech instru-

ments. These help provide avery accurate picture ofwhat is be surveyed.However, surveyors shouldalways double check theirwork. Some may feel morecomfortable having the workverified by more than oneinstrument.

Once the surveying iscomplete, a report is madedetailing the findings andsent to the interested par-ties. In some cases, land sur-veyors may be asked toexplain their findings. Inparticularly contentious sit-uations, such as a legal dis-pute involving land, theymay even be called on to tes-tify in court. However, suchsituations are extremelyrare.

Source:wwwwww..wwiisseeggeeeekk..ccoomm

THE PALMYRAResort & Spa, thefirst luxury beach-

front condo-hotel inJamaica, is located on 16acres of pristine, whitesand beach in MontegoBay’s elite enclave of RoseHall. The Palmyra offers aground-floor real estateopportunity to purchase aresidence or villa within alush private sanctuary.

The luxuriouslyappointed studios, one-two- three- and four- bed-room condominiums andpenthouses, and three-bedroom villas, are fullyfurnished including fullkitchens, premium cableHDTV and high-speedinternet access, in addi-tion to private butler andconcierge service.

Residents of thePalmyra experienceisland-style luxury living,privileged access to 54holes of golf at threeinternationally acclaimedcourses and five-staramenities including ESPA,a signature spa designedby renowned designerSusan Harmsworth. ThePalmyra Resort & Spa is amember of the LeadingHotel of the World anddeveloped by the ResortProperties Group. Formore information, visitwww.thepalmyra.com orcall 876-953-9787.

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Who are Land Surveyors?

PALMYRA RESORT


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feature

11..WWhhaatt iiss tthhee ppuurrppoossee ooff tthhee RReeaallEEssttaattee BBooaarrdd??

The board was established under the RealEstate (Dealers & Developers) Act 1987 toensure all persons who practise the businessof real estate, that is, dealers, salesmen anddevelopers maintain an acceptable standardof professionalism.

22..HHooww ddooeess tthhee bbooaarrddeennssuurree tthhee pprroo--ffeessssiioonnaalliissmmooff ddeevveelloopp--eerrss??

This is done by:� Registration of each scheme to be

undertaken by developers of the land intend-ed for sale, that is, land to be subdivided intolots of six units and over on the basis ofapproval obtained from the local planningauthority: Kingston & St. AndrewCorporation or the parish council.

� Monitoring activities of developersonce registered, to ensure that all

deposits paid to the developer forthe units in a scheme are placed

in a trust account maintainedin an authorised financial

institution. Withdrawal offunds prior to completionof the scheme by thedeveloper is only permit-ted under certain condi-tions.3. I intend to buy ahome advertised by areal estate dealer.What do I need to do?

You should considerengaging the servicesof an attorney-at-law toensure your interestsare fully addressed.

In any event, youshould ensure the vendor

of the house is in a positionto transfer the Title to the

property upon com-pletion of the

sale. Oncethishasbeen

ascer-tained, you

will need toenter into an

agreement forsale.

The vendor’s attorney usually preparesthis agreement for the signatures of the ven-dor and the purchaser. Upon execution of theagreement, the purchaser is usually requiredto pay the vendor a deposit of 10 per cent.The agreement may require a further pay-ment of at least five per cent to facilitate thepayment of stamp duty and transfer taxchargeable on the transaction. The balance ofthe purchase price is usually payable on com-pletion.

After signing the contract, it would be wiseto lodge a caveat against the title to protectyour interest. You should also consider insur-ing the property, as risk will pass to you oncethe agreement for sale is executed andstamped, unless otherwise stated.

44..TThhee oowwnneerr ooff tthhee llaanndd II aamm bbuuyyiinngghhaass ssuuggggeesstteedd tthhaatt ffoorr ccoonnvveenniieennccee IIuussee hhiiss aattttoorrnneeyy--aatt--llaaww.. IIss tthhiiss aaddvviiss--aabbllee??

This is not advisable. To avoid conflict ofinterest, you should employ your own attor-ney-at-law to whom you should refer the con-tract for sale which is usually prepared by thevendor’s attorney. This is also to ensure yourinterests are fully protected.

5. WWhhaatt aarree tthhee ccoossttss iinnvvoollvveedd iinn aa rreeaall eessttaattee ttrraannssaaccttiioonn??

Costs involved by a purchaser on a transferof property amount to approximately nineper cent of purchase price, broken down asfollows:

� Stamp duty of approximately 5.5 per centof purchase price (also shared by the pur-chase and vendor equally);

� Registration fee of approximately 0.2per cent of the purchase price (also shared bythe purchaser and vendor equally) payable tothe Registrar of Titles, 23 Charles Street,Kingston.

� Recording fee, if unregistered land , anominal sum;

� Legal fees for acting for a purchaser inthe transfer of a Title range from two to threeper cent of the purchase price, exclusive ofGeneral Consumption Tax of 15 per cent.Please note each party has to pay his ownattorney’s fees for the transfer;

� Additional legal fees are often incurredin respect of the preparation of the agree-ment of sale and preparation of the requisiteTR 1 Forms ( to effect change of ownershipon the tax roll), letters to the utility compa-nies and letter of possession.

Please note that transfer tax of 7.5 per centof the market value of the property is borne

by the vendor.

66.. II wwiillll bbee rreeqquuiirriinngg mmoorrttggaaggeeffiinnaanncciinngg ttoo aassssiisstt mmee iinn ccoommpplleettiinngg aappuurrcchhaassee ooff rreeaall eessttaattee iinn JJaammaaiiccaa..WWhheerree ccaann II ssoouurrccee ssoommee ffiinnaanncciinngg??

The most common source of financingis a building society mortgage loan, soyou might start off by contacting a build-ing society.

In this regard, the Building SocietiesAssociation of Jamaica, 17 BelmontRoad, Kingston 5, should prove helpful.Financing is also available from insur-ance companies, commercial banks and

merchant banks. Commercial banksmay also grant purchases interim

financing to facilitate com-pletion ofthe pur-chase

while otherfunding is being

sought.If a purchaser is

obtaining financing,additional costs will be

incurred, as the purchaserwill be responsible for the legal fees

for preparation of the mortgage, documenta-tion and Stamp Duty, of approximately0.725% of the loan amount.

77.. II aamm bbuuyyiinngg aa lloott ooff llaanndd iinn aa ssuubbddii--vviissiioonn sscchheemmee.. WWhhaatt wwoouulldd yyoouu aaddvviissee

mmee ttoo ddoo bbeeffoorree II eenntteerr iinnttoo aa ccoonnttrraaccttaanndd ppaayy ddoowwnn oonn tthhee llaanndd??

You should engage the services of an attor-ney-at-law to peruse any Agreement for Saleas prepared by the vendor. In any event, priorto purchasing any property, a prospectivepurchaser should always do the following:

� Determine if approval has been grantedby the relevant Parish Council for the subdi-vision of the land and the date of approval;

� Obtain a surveyor’s identification reporton the land. This is to ascertain whether theboundaries of the land on earth agree withthe land described in the Registered Title.The report should also state whether anyrestrictive covenants have been breached;

� Obtain a Valuation Report from a profes-sional land appraiser. This is to determine ifwhat you are paying for the land representstrue value.

88.. II aamm rreettuurrnniinngg hhoommee aafftteerr lliivviinngg iinnEEnnggllaanndd ssiinnccee 11996600.. II nneeeedd ttoo bbuuyy aahhoouussee iinn tthhee 5500,,000000..0000 ppoouunnddss rraannggee..WWhhoo sshhoouulldd II ccoonnttaacctt??

Contact a licensed Real Estate Dealer andoutline precisely the type of property youneed; number of bedrooms, location pre-ferred, land size, etc.

There are 160 Licensed Dealers currentlypractising real estate business throughoutJamaica.

The Real Estate Board, 8 Dominica Drive,Kingston 5, Telephone: (876) 926-9748-9, 960-9287, 920-2950 or email: [email protected]; 926-0010 will supply you with the namesand addresses of all Dealers licensed to practise.

9. Two years ago, I signed an Agreementwith a developer to buy a town house in adevelopment scheme for four million dol-lars. I am now informed in a letter from thedeveloper that the town house will nowcost me seven million dollars.

How can this be fair when the price statedthat in the contract, which we both signed, isfour million dollars?

This is a perfect example of the maxim‘caveat emptor’ - let the buyer beware.

Yes, the price agreed at the time of signingis four million dollars. However, you alsoagreed in the contract to pay the escalatedprice as certified by a Quantity Surveyor, fol-lowing completion of the town house.

The relevant section of the contract statesin part: ‘In the event that the cost for con-struction of the town house — is increased tothe builder as a result of increased wages, ormaterials or any additional costs due to stop-page of work or as an increase of interestcharges paid or payable by the builder to thefinancial institution or party providingfinance or increased cost arising from thedevaluation of the Jamaican dollar or in thebuilding industry or as a result of variationsapproved by the architect or quantity survey-or or engineer the amount to be paid hereun-der for the town house shall be increased bysuch amounts and the owner within sevendays of being notified by the builder shall payin cash to the builder such increased costs —A Certificate from an Architect or QuantitySurveyor or Engineer as to the amount ofsuch increases shall be final and binding onthe parties hereto”

You might consider, nevertheless, contact-ing the developer as to ascertain at whatpoint in time the calculation of escalationcommenced and what percentage of construc-tion was completed up to that point.

Investing in REAL ESTATEWhat you should know

Please see REAL ESTATE, 21


ABANDONED PROPERTY isan asset which an ownerappears to have abandoned.Many regions have aban-doned property laws whichdefine the amount of timean asset must be left withno activity before it is con-sidered abandoned.

As a general rule, aban-doned property becomes theproperty of the governmentor the person who finds it,although there are some-times measures in placewhich allow people to takepossession of it. Becauserules vary so widely, it isadvisable to consult a lawyerbefore assuming that prop-erty is abandoned.

In many regions, realestate is specifically exclud-ed from abandoned propertylaws. Property owners can-not abandon interest in realproperty. This is designed toprevent situations such aspeople opting to leave prop-erty without providingmaintenance. In theseinstances, the governmentcan pursue the owner ofrecord to collect propertytaxes, to pay for demolitionand to handle other costsassociated with the proper-ty.

REMANDEDAbandoned property such

as aircraft and vessels mayalso be automaticallyremanded to the state,unlike other types of aban-doned property which canbecome the property of thefinder if the finder files doc-umentation.

For financial assets suchas bank accounts, contentsof safe deposit boxes, and soforth, generally, institutionsare required to turn suchassets over to the state aftera set period of inactivity.The state keeps the assetsand their documentation,and may make an effort tofind the owner. After a setperiod of time has elapsed,

ownership of the propertycan revert to the govern-ment, and it can decide whatto do.

A classic example of a sit-uation in which abandonedproperty can be found hap-pens when people move outof their homes. Commonly,personal property leftbehind is treated as aban-doned property, and thelandlord has the right todispose of it. Some peopleopt to leave property they donot want to deal withbehind, or may be forced toabandon property becausethey are moving in a hurry.Landlords may be entitled towithhold part of the depositto compensate for handlingthe abandoned personalproperty.

Citizens may be interestedto note that in some areas,governments estimate thatas much as 10 per cent ofthe population may haveunclaimed abandoned prop-erty. Government agencieswhich process abandonedproperty have online data-bases which people cansearch to see if they areentitled to any property heldin the system, and these sys-tems also usually allow peo-ple to file claims quickly.While it might seem odd tohave assets one does notknow about, people can anddo forget about things, andsometimes an unclaimedproperty database can havea pleasant surprise.

Source: www.wisegeek.com

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agreed in the contract to pay theescalated price as certified by aQuantity Surveyor, following comple-tion of the town house.

The relevant section of the contractstates in part: ‘In the event that thecost for construction of the townhouse — is increased to the builder asa result of increased wages, or materi-als or any additional costs due tostoppage of work or as an increase ofinterest charges paid or payable bythe builder to the financial institutionor party providing finance orincreased cost arising from the deval-uation of the Jamaican dollar or inthe building industry or as a result ofvariations approved by the architector quantity surveyor or engineer theamount to be paid hereunder for thetown house shall be increased by suchamounts and the owner within sevendays of being notified by the buildershall pay in cash to the builder suchincreased costs — A Certificate froman Architect or Quantity Surveyor orEngineer as to the amount of suchincreases shall be final and bindingon the parties hereto”

You might consider, nevertheless,contacting the developer as to ascer-tain at what point in time the calcula-tion of escalation commenced andwhat percentage of construction wascompleted up to that point.

11. I bought an apartment 10months ago.

I have received a summons to paysix months maintenance fees($10,000) said to be owing to the stra-ta corporation.

I was not told about maintenancefees I bought the apartment. I wasonly told about monthly mortgagepayments. Can you explain whatmaintenance fees are?

Maintenance fees are quite separatefrom mortgage charges. Maintenancefees represent charges which gotowards a fund to meet monthlyexpenses for running the commonproperty of an apartment complex,and to meet the payment of annualinsurance premiums for the buildingcontaining the apartments

The Registration (Strata Titles) Actrequires that following registration ofa strata plan with the Registrar ofTitles showing the amount of Stratalots, all proprietors (i.e. registeredowners ) effectively become a bodycorporate, which is required to per-form some eight (8) functions ,

including maintenance and manage-ment of the common property ofinsurance. To do this, the corporationmust by law:

� Appoint an ExecutiveCommittee made up of apartmentowners appointed by them at anAnnual General Meeting;

� Establish a fund sufficient tomaintain the apartment complex ingood order;

The common property is held bythe owners as tenants in common, byway of shares proportional to the unitentitlement of their respective lots.

Maintenance fees are worked outon the basis of an annual budget pre-pared by the Executive Committeeand approved by owners at the AGMand are a legal charge applicable toeach apartment owner.

Please note that the ExecutiveCommittee is required by law to keepproper books of account in respect ofall monies received and spent for theinspection of apartment owners.

You should ask your executive com-mittee to explain the basis of yourmonthly charges in context of expen-diture and the annual auditedaccounts also required by law.

Continued from 20REAL ESTATE

What does a propertycaretaker do?

APROPERTY caretakertakes care of a resi-dential or commercial

building or parcel of landfor a monetary wage or inexchange for room, boardor other services. Propertycaretakers who look afterresidential homes are oftenreferred to as estate man-agers or house sitters.Common commercial care-taking jobs include those atresorts, inns and publiccampgrounds. These jobsmay be short or long-termpositions.

A property caretaker isfrequently preferred over aproperty manager to carefor buildings and homesbased on cost and conven-ience. Property managersfrequently charge more fortheir services than proper-ty caretakers do, as care-takers often work formoney along with roomand board or other bene-fits. Property managersalso often require long-term contracts, while mostproperty caretakers do not.

MAIL COLLECTIONA house sitter is a resi-

dential property caretakerwho watches over people’shomes when they travel forbusiness or pleasure. Thejob normally entails plantcare, mail collection andlight housekeeping. A per-son with this job may behired on a long or short-term basis.

People with secondhomes for seasonal useoften hire property care-takers to live in the houseswhen they are not there.The presence of a human inthese homes is usually con-sidered a deterrent to bur-

glars and prowlers as well.Caretakers in these scenar-ios are ordinarily expectedto maintain the propertyand communicate anyproblems to the owner.

A commercial property

caretaker frequentlyresides off-site near theproperty he tends. Schools,working farms, and his-toric landmark buildingsare commonly maintainedby a caretaker who visits

the properties on a regularbasis. He normally keepsthe places clean and per-forms minor repairs tokeep them in good workingorder.

Seasonal businesses alsoregularly hire a propertycaretaker to maintain prop-erty during off-seasons.Summer campgrounds andski lodges usually hire acaretaker to provide aphysical presence to deterintruders when the build-ings are empty during cer-tain months of the year.These positions typicallyrequire the caretaker toprotect the property fromweather-related harmcaused by storms or snowas well.

FIRE SEASONSLess common property

caretaker jobs includethose in forests and ceme-teries. During fire seasons,some public parks hire peo-ple to live in remote areasand periodically climb tothe tops of fire lookout tow-ers to check for smoke orfires. Cemeteries located inisolated regions frequentlyhire a property caretaker tolive on the property dis-courage trespassers andvandals.

There are no educationalrequirements to be a prop-erty caretaker. Being handyat light home repairs andadept at housekeeping aregenerally considered assetsfor the position. A list ofreferences from satisfiedclients is highly desirablefor aspiring property care-takers.

Source: www.wisegeek.com

What Is abandonedproperty?

As a general rule,abandoned proper-

ty becomes theproperty of the gov-

ernment or the person who finds it

RRiiccaarrddoo MMaakkyynn//Staff Photographer.An old, abandoned House in Content St Elizabeth.

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• 2Bedroom• 2Bathroom Apmt• Concrete Walls,Tiles ceramic.,Slabbed Roof.

Approx. 950sqft 1 Ground unit available only,Completed.

CHARLTON ABBEYAPARTMENT

Sale Price $11MILLION, (No escalation)Location: 5 Charlton Rd. Kingston 8.

Developer: R. Marsden49 Mannings Hill Rd., Kingston 8.CALL: (876) 449-2399 OR 382-6726

MELDAM REALTORSFOR INTEGRITYAND PROFESSIONALISM

Servingg youu forr overr 300 years

SELLERS ORBUYERS, SEE USFIRST FOR ALL

YOUR REALESTATE NEEDS

MELDAM REALTORSCOCONUT GROVE COMPLEX,

OCHO RIOS,JAMAICA

TEL: 876-974-2593 / 876-974-2239FAX: 876-974-5568

EMAIL: [email protected]: www.meldamrealty.com

Licence 2010-DL/159

Why put it off? Why say, ‘let’s wait and see?’

THERE’S NO time likethe present to ensureyou invest in and

acquire a piece of ‘The Rock’,a piece of Jamaica, ourisland home!

You may say to yourself:Should I fly down to

Jamaica and drive around,looking at the ‘For Sale’signs and hope to identifysomewhere that appeals tome?

Should I contact someonethere who can advise me,

maybe my distant cousin,who I haven’t seen forumpteen years, or maybe mymum’s old friend living inClarendon?

PROCEDURESShould I contact a profes-

sional? A realtor who canguide me through thisprocess, who knows theintricacies and proceduresinvolved with investing inreal estate in Jamaica?

That’s what we’ll start with!

Let’s Google realtors inJamaica, let’s find one of thelicensed ones. We would pre-fer to deal with one who is amember of their RealtorsAssociation, then we couldexpect a high level of integri-ty and professionalism.

Let’s see if there’s one onthe north coast or in theOcho Rios area, as that’swhere we’d like a home forthe future when we return.We’d prefer a realtor who’sbeen in the business for

some time, and one with auser friendly websitethrough which we canbrowse beforehand to seewhat prices are like at thistime in Jamaica. Their web-site may even give us helpfulhints regarding additionalcosts, time frames, mort-gages etc.

Yes, that’s where we’llstart...with a realtor! Let’s getthe ball rolling!

Property AssessmentPROPERTY ASSESSMENT is aprocess in which a piece of real estateis inspected to determine its value forthe purpose of taxation. Assessmentis carried out by a government offi-cial or an agency which has a con-tract with the government. When aproperty changes hands, the value isusually assumed to be the sales price,and a rate of taxation will be basedon that. Property owners can alsospecifically request an assessment ifthey feel that their tax rate is unfair.

Property assessment is not quitethe same thing as appraisal. Whileboth are used to arrive at an estimateof value, appraisals are used differ-ently. Insurancecompanies mayorder an apprais-al before cov-ering ahouse,to

confirm that the policy is appropriatefor the home. Likewise, people canalso request an appraisal for the pur-pose of determining a reasonableprice for a property. The appraiserattempts to determine fair marketvalue, figuring out how much ahouse will sell for in the given marketconditions, and may consider issuessuch as comparable properties forsale.

ASSESSORIn a property assessment, an

inspector verifies that the property iswhere it is supposed to be, measures

the lot, and physically inspects theproperty. The assessor determinesvalue on the basis of things likethe property condition, ameni-

ties, size, location, and so forth.This value is used as the base rate

for tax calculations,which makes it

impor-

tant to confirm that it is correct. Insome regions, the assessor may alsotake note of problematic conditionswhich should be brought to the atten-tion of code enforcement agencies.

The value of a property can fallunexpectedly. People paying highproperty taxes may request that aproperty assessment be conducted toadjust the value of the home for pur-poses of taxation. Likewise, govern-ment officials may order an assess-ment if they think that property val-ues have risen significantly and anadjustment may be necessary.Adjustments are designed to keep thetaxes paid on a property at a reason-able level.

People can see the current assessedvalue of a piece of real estate on taxstatements. These statements areissued by the branch of local govern-ment which handles property taxes,and the statement should include adetailed breakdown of tax rates. Forexample, someone may pay a flatproperty tax for the region, alongwith a school tax, a fire district tax,and a special assessment tax for thecity she or he lives in. This agencyalso handles property assessmenttasks, and keeps records on assess-ment results, if people are interestedin knowing how an assessor arrivedat a specific number.

Source: wwwwww..wwiisseeggeeeekk..ccoomm

MELDAM REALTORS

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COLDWELL BANKERJamaica Realty hasannounced the July

release of their revampedreal estate magazine, KUYA.

According to Andrew Issa,broker, “Two years ago wetook a chance and publishedour first magazine of whichover 10,000 copies were dis-tributed.

Based on positive feedbackfrom readers, we’ve createdan exciting ‘new look’ maga-zine called KUYA, that show-cases much more of ourbeautiful island.

FANTASTIC PROPERTIESWe’ve added more editorial

content, lifestyle and fashionfeatures and of course, morelistings of the fantastic prop-erties available in Jamaica.”

The name KUYA is a playon ‘cooyah’ that means “lookthere”. “We’ve put exception-al resources in place to makeKUYA a magazine that willmake every one sit up andtake notice,” added Issa.

KòYA will be distributed to

clients and business loca-tions in Jamaica, USA, UKand Canada.

For your FREE copy, emailyour name, mailing addressand contact number [email protected]. Afterthe July release, an onlineversion of KòYA will be avail-

able at Coldwell BankerJamaica Realty’s web sitewww.cbjamaica.com.

Coldwell Banker JamaicaRealty is a full service realestate company with officesin Kingston, Montego Bay,Ocho Rios and TreasureBeach.

Andrew Issa

The name KUYAis a play on

‘cooyah’ thatmeans “look

there”. “We’ve putexceptional

resources in placeto make KUYA amagazine that

will make everyone sit up andtake notice,”

The new lookof real estate

COLDWELL BANKER

THE FIRST set of home-owners at RichmondDevelopment, an exqui-site, gated community

along Jamaica’s scenicnorth coast in St. Ann,have received keys to theirnewly constructed houses

within the first gated com-munity known collectivelyas The Palms. When com-pleted, have a total of 358

units.The homeowners are

among the first set of 169who the developer isexpecting to welcome intotheir new homes duringthis year. These exquisite-ly designed three-bedroomtwo-bathroom units at ThePalms, are being sold forJ$15.6M until August 31,2010, (price subject to cer-tified escalation). Theycome fully landscaped andfitted with top-of-the-linefixtures and upgrades.Fittings include quartzcounter tops in the kitchenand bathrooms, matte fin-ish 24 inch square porce-lain floor tiles throughout,glass windows & UPVClouvres and brick-paveddriveway.

This self-sustainingcommunity provides 24-hour security, a reliablewater supply, eco-friendlysewage disposal andbuilding covenants thatguarantee integrity of res-idences and the communi-ty is not compromised.

Richmond Developmentis striving to develop acompletely green commu-nity, exquisitely designedto create a peaceful andsecure environment forresidents. Experience thecharm of true Jamaicanliving, come home tonature, come home toRichmond, St.Ann... it’sthe place to live.

For further informationor to purchase, pleasecall: (876) 610-8169; (876)631-0327 (876) 979-3495or visit us online at:

ww ww ww .. rr ii cc hh mm oo nn dd jj aa --mmaaiiccaa..ccoomm

AT HOPE Codlin &Associates, our onlyconcern is ensuring

your satisfaction. So whenyou are ready for specialtreatment in the Real Estateand Property Market, youneed to talk to us!

We work closely withHome Buyers and Sellers,and we can handle the leas-ing of Residential andCommercial Properties. Aspart of our core services wealso handle PropertyManagement for our valuedclients.

When you buy a homethrough us we will:

� Determine whatyou can afford with yourhelp. Assist with obtainingMortgage Financing, showyou homes that most closelymeet your requirements andwalk you through the entirebuying process by liaisingwith Attorneys-at-Law,Valuers, Surveyors, Lendingand Government Agencies.

We also offer Referrals to:

� Auctioneers� Valuers &

Appraisers of Real Estate &Personal Effects

� Mortgage Insurance

� Movers in Jamaicaand Florida.

At Hope Codlin andAssociates we listen to yourneeds. So contact us today!

When you list with ushere is what we do:

Our normal selling fee is5% of the sale price and feesare negotiable for propertiesover $20 million.

� Contact you byphone at least weekly, with

updates and status reports� Provide you with

an estimate of your net pro-ceeds at the time of listingsand with every offer pre-sented

� Periodically reviewthe marketing plan andupdate the MARKETVALUE.

� Show your home toother Realtors, both in ouroffice and in other offices inJamaica, and place on theWorld Wide Web, (Internet).

� With your permis-sion, place a ‘For Sale’ Signon your premises and main-tain it in good condition.

� Stay current withfinancing rates and otheroptions available to poten-tial purchasers of yourproperty.

� Under no obliga-tion to you, offer RelocationServices to you and yourfriends or family to otherparts of Jamaica, and affili-ates abroad.

� Advertise in printmedia locally and overseas.

What we expect from you:� Price the property

fairly, in line with what pre-vails in your area.

� Review our “TipsFor Selling” and help us byhaving your home readyand easy to show.

Realize the first impres-sion is usually the last. Keepthe front yard and front ofthe house in especially goodcondition.

Communicate openlywith your listing agent asyou would your Banker,Attorney and otherProfessional.

For more information visitus at 5 - 7 DUNROBINAVENUE,KINGSTON 10

(Near Constant Spring)Telephone: (876) 755-1611CELL(876) 578-7084Fax: (876) 969-7359email: hcodlinrealty @yahoo.comwwwwww..jjaammaaiiccaannpprrooppeerr ttiieess..ccoomm

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WE DESIGN & BUILD CUSTOM HOMES• Building Plans • Architectural Design • 3D House Plans

[email protected] - www.dreamhomesja.com

Contact ISLAND DREAM HOMES to arrange a free quoteUK 0 203 004 9655 - US 954 323 4304 - JA 876-974-5337

AVAILABLE: PRIME OCEAN VIEW LOTS ONNORTH COAST 2 & 3 BR. LUXURY CONDOS,

GATED COMPLEX & BEACH VIEWSPECIAL INCENTIVES FOR RETURNING RESIDENTS

Jamaica Still Nice...Build your Luxury

Dream Home with OceanView on the North Coast...

It?s Easy... No Hassle...No Problem!!

FORREST HILLSWEB# 1482Contemporary single level Housenice lawn space 3br, 2bths, etc.$21M

GOLDEN ACRES,RED HILLSWEB# 14064br, 3 ½ bths $30MAlso

WEB# 15013 family home 9 bedroomsin all on well fruited lot withview $45m

HUGHENDENWEB# 1372Extended and modernized 3br,2bths, L/D $12M

SAN SAN,PORT ANTONIOWEB# 15002 storey villa, 3br, 3bths,furnished, pool, on 4 ½ acresof land. $62.25M

NORBROOK WEB#1498Set on quiet cu de sac 2 storey veryartsy home of 4 b/r, 4 baths. $43M

Please call us we have many properties forsale from $10 million up, or visit our website.

If we don’t have it we will find it for you.www.jamaicanproperties.com

TELEPHONE: 876 755-1611EXCHANGE RATE: APPX. £ 1 = JMD $125

SEE PICTURES ATwww.jamaicanproperties.com

Email: [email protected]: CHARMANE HOPE CODLIN

Dl 2009/2245-7 DUNROBIN AVE., KGN. 10

MANDEVILLEKNOWLES ROAD WEB#1411

4 bedrom 3 baths l/d kitchen. Spacious lot older secure house $14mVILLA CRESCENT WEB# 1491

3 bedroom house of 3,036 sq ft Split level house $18MINGLESIDE WEB#1400

3 b/r 3 ½ baths 5,000 sqr ft of building on ¾ acre land $36m

CALL ROYDELL WILLIAMS: 876-819-2573

HOUSES

CALL OUR SALES MANAGER: LEROY JOHNSON: 876-378-9524

Why choose us?

Welcome to RichmondSt. Ann, Jamaica, the place to start a new life story

HOPE CODLIN & ASSOCIATES

RICHMOND DEVELOPMENT

PEOPLE WANT to buy landfor many reasons. The mainreason for most people is theneed to have a space of theirown. Other reasons includecleaner air and the desire tobuild a custom house.

Parcels that are located farfrom town are often theleast expensive, per acre,but may cost more for deliv-ery of supplies and hiredlabour. Besides costs, thereare several other things toconsider when buying land.

One of the most importantfactors to consider whenbuying land is the availability of utilities.

Water is not alwayspotable, nor do all waterrights come with the land,meaning you may not beallowed to put in a well.Verify the costs of runningelectricity and telephoneservices to your land, if theyaren’t already in place. Youmay also need to install aseptic system, if you can’ttap into the sewer. Thesenecessities can become verypricey.

Verify the zoning ordi-nances before buying land.You can learn what theseare by checking with thecity, county and stateauthorities. There may berestrictions on the land,such as not constructingbuildings on parcels thatare smaller than a specifiedsize. If you are looking tohave privacy and quiet,make sure there are noplans to build a supermar-ket or airport close by.

When buying land, take

into consideration the prosand cons of living in thecountry versus living in thecity.

You may have to smellsmog and exhaust fumeswhen living in the city, butthere will be pig and cowodors in the country. Thenoises of the traffic and peo-ple in the city will bereplaced by roosters andgoats in the country. Thegrass isn’t always greeneron the other side.

HAZARDSConsider the environmen-

tal hazards surrounding thearea where you are buyingland. Some mountainousareas are prone to flashflooding, landslides and ava-lanches.

Areas along the fault linesare prone to earthquakes.Dry, hot areas may be at riskfor wild fires. Check forother, less known hazards,such as toxins in the dirt.

When buying land, besure to have a survey doneon the property. This willlet you know where yourproperty lines are and whatrights you have to yourland.

Make sure, if you have tocross other property toaccess your land, that thereis an easement in place.Verify what your share ofcosts are to upkeep theroads.

Last, but not least, makesure to get an appraisal onthe land. If you are goingthrough a lender, that willalready be a requirement. Ifyou are paying cash youwill have to order anappraisal on the land.

Never make an offer untilyou have had an appraisal.You want to make sure youare getting what you payfor.

Source:wwwwww..wwiisseeggeeeekk..ccoomm

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FAIRFIELD IRWIN is one of MontegoBay’s most desirable communities,offering a centralized location with

easy access to virtually any point in thebusiness community.

Irwin Point is ideally situated near excel-

lent schools, universities, colleges, church-es, police station, entertainment centres,theatre and fine dining.

In addition, Irwin Point is a short drivefrom the Westgate & Fairview ShoppingMalls.

You’re only 15 minutes away from theSangster International Airport, seven min-utes away from the Cornwall RegionalHospital and other medical facilities, andjust 10 minutes away from the famousDoctor’s Cave beach.

If you want to live in Montego Bay’snewest residential community, a homedesigned for just you, or a lot of your choice,is awaiting at Irwin Point.

If you have your dream-house design, wewill build to your specification.

FAIRFIELD IRWINWhy should I buy land ?


FAIRFIELD IRWIN

‘Make sure, ifyou have tocross otherproperty toaccess yourland, thatthere is an

easement inplace. Verifywhat your

share of costsare to upkeep

the roads.’


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Jamaican Real Estate 2010

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Transcript of Jamaican Real Estate 2010