Purchasing a New Home

Deciding to buy a home or property is one of the most important decisions you may ever make. We can assist you through the important steps in purchasing your home. Before you start looking at property it helps to sit down and think about what features are important to you:- In applying for a Mortgage loan, Most financial institutions may require from you, copies of the following:-

  • Agreement of Sale
  • Copy of Deed/ Certificate of Title
  • Valuation Report
  • Lease receipts (If Applicable)
  • Up to date Land and Building Taxes and WASA Rates
  • WASA Clearance Certificate
  • Two forms of Valid Identification
  • Confirmation of Savings/Debit
  • Job Letter and a Recent Payslip
  • If self employed, evidence to support income e.g. filed income tax returns, financial statements for the last six months

First Time Home Owners:-

First time home buyers should always look at their options available. Your Loan documents must be read carefully as they state a list of all conditions that must be met before the home is purchased.

Getting the Mortgage

Attaining a mortgage is the first step in the process of acquiring a home. Once a simple task that meant comparing fixed rates from among various loan companies; the mortgage hunt can be quite a task! There are many types of loan types available through mortgage brokers, bankers, lenders, credit unions and finance companies.

Property Valuation

Property Valuation is the process of estimating the value of the property. There are several methods utilized by Valuators to ascertain the value of one’s property. One of the most commonly used methods is the Sales Comparison Method. This approach utilizes data from the sales of similar properties to estimate the market value of a piece of real estate. Adjustments to the calculated value are made to account for specific defects or advantages in the property under consideration. To find out the true worth of your property we advise that when looking to sell, you have a valuation done.

Closing Cost

The following are the closing costs involved in a transaction:-

  1. The attorney’s fees for the deed of Conveyance which transfers the house to your name. It is based on the cost of the house and generally it is 1.5% on the 1st 100,000; .75% on the next 400,000 and .5% on the balance plus you have to add vat.
  2. The Stamp duty on the deed of conveyance. The first $850,000of the purchase price is exempt; After that it is 3% on the next $400,000; 5% on the succeeding $500,000 and 7.5% on the balance.
  3. The attorney's fees for preparing the deed of mortgage. This is based on the amount of money you borrow and the rate is the same as (1) above. This may be reduced by 50% if the same attorney prepares both deeds.
  4. Stamp duty on the deed of mortgage- again this is based on the amount of money you borrow. The first $405,000 is exempt, after that it is assessed at the rate of $2.00 per $1000 (.02%) for residential properties.
  5. Valuation fees (if a valuation has not been done, then your bankers will make a request to have one done ) it is usually between 1/3 to 1/5 of 1% of the value of the property plus 15% vat
  6. Mortgage lending institution fee ( Varies between 1/3 - 2% of the amount borrowed)
  7. Mortgage Indeminity fee. The calculation of this depends on several circumstances, it can be either 1.5% of the loan amount or 18.5% (of which 6% is a government charge) of the amount on which the mortagage indeminity is taken. Let your loan officer advise you on this.

Selling a Property

It is important that in making that decision to sell, Home Owners put together copies of the following documents to be handed over upon the signing of the Purchase Agreement:

  • Latest Land & Building Tax Receipt or House Rate Receipt
  • A Water and Sewerage Authority Clearance Certificate and also a copy of the latest bill paid
  • A Copy of latest electricity bill paid
  • The Mortgagee's Statement of the amount required to release the existing Mortgage (The Redemption Statement)
  • Completion Certificate for the Property
  • Deed for the Property
  • A copy of the recent valuation report (if available)

A good agent will help you sell your property; Provide comparable sales data to determine the proper asking price and keep the deal together throughout the transaction to make sure that the sale closes.

Reasons why homes do not sell

It is important to understand that homes do Not sell or are on the market for a long time because of the following reasons:-

  • It is in poor condition.
  • The house is priced too high.
  • There exists a poor housing market.

Sprucing up areas that need improvement generally pays for itself, especially in areas of higher priced homes. By all means, avoid a negative home inspection.

Broad Spectrum of Services Offered

We have been in operation for the past five (5) yrs; Attending to our client's needs in the following areas.

  • The Advertising of properties for Sale/Rental / Property Management.
  • The Building/Renovation of properties.
  • The offering of Building Consultancy services.
  • The conducting of Property Searches etc.
  1. Our properties are seen via the World Wide Web, and we have clients from the US, UK, Dubai and the Caribbean.(just a touch of our reach)
  2. There's no charge for our listing of properties; However there is a charge once the property is Sold or rented.
  3. Our Consultancy service comes with a price and varies according to the nature of the service provided.

Some of our services offered are.

  • Advise on the effective use of Living space.
  • The advice on the use of proper material types.
  • Property Construction/ renovation budget cuts without affecting quality and compromising safety.
  • The handling of Contractors from foundation to finish.[etc.]

Contact Information

Just For You Property Consultants Ltd.
368 SMR Chaguanas
TEL: 1-868-672-2278, 1-868-748-5471
EMAIL: This email address is being protected from spambots. You need JavaScript enabled to view it.