Immobilienmakler Speyer

First time home buyers, get ready! Mortgage rates are low and home prices are dropping. This is a great time to buy your first home. A real estate bust can cause a lot pain to existing home owners, but it can be a benefit for a first timer.

A couple of years ago, home prices rocketed into the stratosphere. This left a lot of would-be homebuyers feeling like they had missed the boat. The good news is that the bust has brought a new boat. Of course by boat, I mean opportunity.

You see, the thing about real estate booms is that home prices go way up. In this boom, prices went up much higher than they should have. Logic dictates that prices should fall back down to earth, right? They should fall back to where they ought to be. That is not what is going to happen.

You see, the thing about real estate busts is that for a period of time, home prices are lower than they should be. That time is fast approaching. It has already arrived in some parts of the country. Keep your eyes open and be patient. Unlike the boom era, first time home buyers now have time on their side. Fear is so thick that prices will not shoot up anytime in the near future.

Find a house you can afford, get a low mortgage rate, and use a realtor in your area that offers real estate rebates. Get the best of all worlds. It is a great time to be an intelligent first time home buyer!

May 27, 2010 Down Payment Assistance Programs (DPA’s) for First Time Home Buyers By: Michael A. Foote, CMB

There is money available for first time homebuyers today. In a much needed addition to financing products available today, down payment assistance programs are available once again. Down Payment Assistance Programs are generally a local, state or federal grant or bond program designed to assist certain persons with certain income levels in certain areas, with money that can be used for down payment and closing costs on many purchase loans.

These tax free grants or loans are generally forgivable provided the buyer stays in the home for a designated amount of time. And these dollars can dramatically change the amount of money required for closing when these first time homebuyers buy a home. For example, a typically FHA borrower may have to come up with over 4-7% total of the sales price whereas a borrower with a WISH down payment assistance program may only need to bring in 2-3% total. That’s a huge amount of money on a several hundred thousand dollar transaction. If you amortize out that difference the savings are literally tens of thousands of dollars since most closing costs are financed in the new mortgage.

So what does the process with „DPA“ look like when compared to the regular loan process. Quite frankly, it’s seem less to the user insofar that the lender will generally have to deal with the additional hoops during the process. For the borrower/buyer they probably wouldn’t know the difference. The only real difference is a potential for a slightly longer loan processing time. So is DPA a good idea? Well, lately it has been a challenge for Realtors to get clients using FHA let alone FHA WITH Down Payment Assistance so an argument could be made that using DPA on an Offer to Purchase could be a determining factor for the seller’s side when these choose the offer to open escrow with. The only cure for this pitfall will need to be more product on the market for properties up to the $400,000 range as DPA generally have no purpose and no qualifying borrowers as the sales price rises and/or in areas of high per capita income. Undoubtedly, DPA has a place in today’s financing landscape and those of in the industry are happy to have it, it is one more additional tool to increase homeownership for low to mid income families. And this product will help sell the forecasted shadow inventory rumored to be lurking around the corner.

Only time will tell if that come to fruition or not. These programs are not free from abuse, there have been in the past scams related to DPA and officials, lenders, and large institutions have really scaled back what is allowable as DPA. Also economics play into the availability of these from all the time. There are many DPA’s completely drained of funds.

A survey by Harvard Business School found 78% of baby boomers and millennials want to buy a home. The catch? Most ‚think‘ they can’t afford one.

In many cases, this may be true. But the research also discovered many can. It found many had an income, credit rating, and time on the job good enough to qualify for the many first time home buyer programs and grants I’ll mention in this article.

Note: For more details, Google all phrases in bold.

1. Federal Housing Administration Loan (F.H.A).

If you have a credit score of at least 580 you could qualify for a mortgage for as low as 3.5 percent of the price of the home.

F.H.A loans have helped more first time homeowners than any other type of loan.

2. United States Department of Housing and Urban Development (H.U.D).

H.U.D offers many first time owner grants and low interest loans, depending on the state, city or area you live in.

Note: For those who now live in public or government housing you may qualify to purchase the home, condo or apartment you now live in through the HUD Public Housing Homeownership Program

3. V. A (Veterans Administration) Loans.

If you’re an active duty service person or veteran you may quality for a no down payment low interest rate loan. The VA loan is the lowest cost mortgage on the market because you’re not required to pay for mortgage insurance.

4. The Good Neighbor Next Door Program.

This program for first time home buyers offers home for up to 50% off the retail price. To qualify you must be a teacher, police officer, fire fighter, or EMT. A $100 down payment is all that’s required.

You must commit to live in the home for at least 36 months.

5. Energy Efficient (or Green) Mortgage.

The energy efficient mortgage was created to help first time homeowners add energy efficient improvements to their home. These loans are insured through VA and FHA programs.

This mortgage let you build an energy efficient home without requiring you to make a larger down payment.

6. HomeReady HomePath Mortgage.

1. Another popular program for first time home buyers. To quality you must take a short buyer education course. After you complete the course you’ll receive 3% toward closing cost for a mortgage loan. The down payment, 3%, is lower than the lowest FHA loan.

7. HUD Dollar Home Program.

After 180 days on the market, certain unsold HUD Properties are offered exclusively to local governmental entities for $1 for 10 Days. Local city of counties then offer these properties to residents to revitalize communities or neighborhoods.

8. USDA Home Loan Program.

This program focuses on homes in mostly rural areas, if you like or can tolerate country living this loan may be for you. This program guarantees 90% of the loan, which means there may be no down payment required and the loan is fixed. Sweet!

These are the top 7 programs available for first time home buyers. As always, like ocean waves government programs come and go. But as of this writing these programs is helping thousands of first time home buyers who thought they couldn’t afford a home realize their dream. Check them out… you could be next!

First Time Home Buyer Love and Other Freebies

1. No Penalties.

A first-time homebuyer can take out up to $10,000 in contributions from the Roth IRA to pay for the home without penalties. Check with your tax advisor for the latest rules.

2. Real Estate agent. This person can be your greatest fountain of information when looking for your first home. They know your local housing market, the advantages and disadvantages of specific homes. They can help you pick the right home to fit your personal and financial needs and much more. The best part? They’re free if you’re a buyer.

3. Pre-Approvals. Another amazing freebie is pre-approvals. They help save you time and energy. How? They let you know what price range you can afford, helping you and your agent know which houses you should be looking at.

4. First-time Home Buyers‘ Tax Credit (HBTC): The HBTC is a non-refundable tax credit for first-time home buyers and is worth $750. The first-time home buyers‘ tax credit must be claimed on an income tax form no later than one year after the home is purchased.

5. The RRSP Home Buyers‘ Plan (HBP)

This program was designed to let you withdraw funds from your Registered Retirement Savings Plan (RRSP) before retirement for the purpose of a first home purchase. The advantage of the HBP is that the withdrawal is completely TAX FREE.

The RRSP Home Buyers‘ Plan allows you to withdraw up to a maximum of $25,000. Be sure to consult your tax consultant for more details.

Today, realtors strive to make selling homes for potential sellers as feasible as possible. They have invested millions of dollars in developing Multiple Listing Services (MLS) and other technologies that facilitate efficient transactions. Through the MLS, brokers are able to share information on their property listings with other brokers who get compensated when they produce a buyer. Even though the real estate market is competitive, this arrangement has allowed competitors to cooperate in order to benefit the sellers.

1. Increased Exposure to Property

With MLS, sellers do not need to struggle to get potential buyers to see their property. Instead, the service lists their property, which is viewable to thousands of home seekers who visit the sites. Brokers cooperate with other brokers to list the property on multiple sites. This allows sellers to use a platform that was created by realtors for realtors to leverage a wide market for their property. In the long run, this helps to reduce unnecessary fees.

2. Sellers Can Relax

In the past, sellers used to work with several brokers and realtors when selling a property. This proved to be daunting, especially when making follow-ups and meeting potential buyers. This is no longer the case. With MLS, you take the photos of the property and upload them to the site. This allows buyers to get a picture of the property before a visit. Most providers allow the listing to remain on the site up to 6 months until the seller gets a buyer.

3. Professional Legal Help

There are legal aspects that are involved in selling a property and it is important to get everything right. Any issue could lead to delaying the sale of the property or not selling it at all. There are agreements to be signed that highlight the estimated price, advertising costs, commissions and agreement duration. A multiple listing service helps sellers to understand and meet some of these requirements to ensure a hassle-free sale. They also can help in unique cases such as where a divorce is involved.

4. Guaranteed Seller’s Privacy

MLS are maintained for real estate professionals to assist their clients with buying or selling a property. The participating brokers provide the data of the listings to the public free-of-charge. In such cases, the data is useful to the sale of the property and the buyer may want to access it. However, there are some cases that sellers may want to limit access to certain information such as personal contact information and the times when the property is vacant for showings. The service ensures that the seller’s information is not shared without permission.

Multiple Listing Services are a true reflection of the competition and innovation that exists in the real estate market. These services have help to ensure sellers can advertise their property to a wider audience. It is safe, easy and convenient for both sellers and buyers. There are different business models, such as full service and limited service, that MLS use, and a seller can choose an option that they deem best.

People look to preserve gains in the sale of their home; if there are no gains, they look to preserve as much of their original equity as possible. Boise no doubt felt repercussions of the real estate boom as well as some real estate deflation afterwards. After all, who in Boise is not familiar with someone who deployed their plentiful California home sales proceeds into a Boise-area home or investment property? Likewise, some of the same investors who were buying properties in Arizona and Nevada moved on next to Boise. Years of low interest rates also allowed many more people to get into the housing market, and at higher prices than before.

Understanding Boise flat fee MLS programs requires you to first understand how real estate brokerage works in and around Boise. Brokers in Ada and Canyon Counties are members of the Intermountain MLS system. (The system is actually quite large and extends to even areas outside of these counties such as Twin Falls) This MLS system provides brokers a place to list their properties for sale. It also allows brokers the ability to offer compensation to other broker-members if they represent a buyer that purchases a listing. Being a member in this system is the main reason that a real estate licensee becomes a Realtor® and joins the local association in the first place.

Because the MLS gives agents and buyers the ability to know exactly what is for sale, what is under contract, and what has recently sold, it has become the de facto marketplace for any and all real estate for sale. Someone looking for a 4 bedroom home in Kuna, over 2000 square feet, but under a particular price point can do a targeted search and find exactly that. They can also use the MLS to see recent comparable sales in determining what they want to offer for a property.

Most Boise home sellers still hire a traditional, full commission agent to get their property on the MLS. A few, however, have discovered the fact that you can hire a flat fee MLS company to list your home on the MLS for a flat fee and no listing commission. While they are licensed by the State of Idaho as real estate brokers, they operate on a low cost, high volume model that allows them to provide this service. Sellers in Boise and virtually every submarket including Eagle, Meridian, Kuna, Caldwell, Nampa, Middleton, Star and others have successfully sold homes through these programs. The trend clearly shows an increase in these types of listings and these sorts of brokers have gotten all sorts of positive encouragement from the United States Department of Justice which is interested in increasing competition in the real estate brokerage sector. Even sellers who engage a traditional agent to sell their home will benefit from flat fee MLS programs in Boise because their agent will need to provide proof of extensive services being provided to justify the higher fees. Look for flat fee MLS listings in Boise and throughout Idaho to increase in the coming years.

A lot people, including big names like Jim Cramer of CNBC’s Mad Money and TheStreet.com, are suggesting investing in Mexico real estate. So, this is great – let’s invest in Mexico! This is about as useful as being told to invest in stocks to make money. Which stocks? When? How much?

For a real estate investment in Mexico, you also need to know where, when, and how much. Especially, if you are buying on a smaller budget, you will need to find good properties for a good price. Two basic steps can help you with this question. One is to do some on-line research using MLS listings from reliable sites and information about different market areas. The other is to contact an expert.

Some MLS listings provide properties from throughout Mexico. You can start by calculating how much you can invest, and take a look at listings within this range. Browse through, see what’s there.

You can also search by area. Take Playa del Carmen real estate,for example. You want to make a small investment, under $100,000 USD. A options you will find:

• around $70,000 – a home on the beachfront, in a small gated community. This home could be rented out to vacationers looking for something a little quieter, away from the main tourist traffic. It’s only 10 minutes away from town.
• around $90,000 – lots in an upscale gated community; homes in this area go for around $500,000 USD. It is a full-service marina and golf community, with a mall, church, school and small shop and restaurant area.
• Around $100,000 – a 2 bedroom, 2 bedroom home in a new development, about 10 minutes from the beach. There is a pool, 24 hour security and plenty of green space. A great property and community for renting to vacationers on a budget (a proven constant source of income), your own vacations, or family living.

Of course, your options broaden with a larger budget, with the most options right within the $150,000 – $200,000 range. But there’s no need to spend more; you can also explore a variety of areas. You can find more information on the web about areas, how tourism and how the economy is.

After you’ve explored your price range, however, the best source for information is an expert real estate broker. A qualified, experienced broker will be able to make suggestions for areas and property types according to your needs. Their knowledge of the market will also allow them to advise you if your plans are feasible or not, and provide alternative suggestions.

Start your search today; regardless of your budget, Mexico real estate will an investment suitable for you.

Uptown Dallas started to emerge as an upscale, activity-laden section of Dallas in the early 1990s. The moniker includes areas known as „the Vineyard,“ „the McKinney Avenue corridor“ and parts of Oak Lawn. In the 21st Century, the area has evolved onto a community where residents, workers and tourists can enjoy the area by car, by foot or by trolley.

When the weather is nice you’ll find hundreds of people strolling down the well-lighted, tree-lined sidewalks, stopping at restaurants, shops and other businesses. The close proximity of stores, transportation and other amenities makes living in Uptown Dallas ideal for people of all ages. It’s the only area of Dallas where you’ll find a wide variety of living options, including luxury and moderately priced apartments, townhomes, condominiums and even historic single-family homes.

The area is directly north of downtown and includes the McKinney Avenue corridor, historic neighborhoods and other attractions, including: Dallas Arts Museum, Dallas Symphony, AT&T Performing Arts Center, Nasher Sculpture Center, Uptown Trolley, West End, West Village, American Airlines Center, The Katy Trail, JFK Museum, Trinity River Project, and Klyde Warren Park.

The area has been revitalized and is teaming with activity, including some of the best restaurants, clubs and shopping. This is Dallas urban living at its best.

The area is compact and hosts a wide spectrum of entities including office buildings, high-rise residential towers, retail centers, and a wide array of shopping and nightlife options. Because of this blend of housing and activities, the area offers a desirable alternative to the sprawl of nearby suburban communities.

What makes the area especially attractive is the availability of upscale townhomes and condos. The assortment rivals other major cities with dozens of townhomes and condos for sale at any given time.

How to Choose a Townhome in Uptown Dallas

First, decide how much space you need. Usually a townhome will offer more space than a condo. Plus, a townhome by definition will have at least two floors where a condo will usually be flat. Multiple floors offer better compartmentalization of living areas, where bedrooms can be separated from living and kitchen areas, etc. Also, townhomes usually offer more bedroom and loft options than condos. And townhomes usually have attached garages whereas condos often utilize common area parking lots.

Next, decide on what part of the area you want to live in. Although the area is somewhat compact, there are many options. You can live in the midst of the „action“ or you can live off the main areas of activity. This is the beauty of Uptown Dallas townhome living… lots of alternatives.

Second, decide on your financing options. If you have good credit and a reasonable down payment, you should have no trouble buying your dream townhome in Uptown Dallas. It’s best to pre-qualify for a loan (unless you’re paying cash) so that your Realtor® will have maximum negotiating flexibility. If your credit is less-than-perfect, a good Realtor® can help you explore your financing options as well.

Many people are deciding to downsize on their homes today, whether the kids have gone off to college and retirement is coming soon, or they are young professionals not ready to invest in a large home. For these reasons, condominium living has become more popular in recent years. Urban areas as well as casual resort and more rural settings have condos for sale that appeal to just about any taste. These types of lodging are popping up in unexpected places today. They are no longer relegated to the high-rise resorts on the ocean as they were in the mid ’80s. Old warehouses and factories are being converted to provide living spaces, and cities are expanding out into what were once rural areas to allow for multi-family dwellings with a country, natural feel. With this vast array of types of condos for sale, it can be difficult to choose which is right for you. Here are some tips to help you out as you venture into condominium living.

– Like with all home buying, get prequalified for a mortgage first. Find out how much you can afford and what financing options are available to you.

– Select a realtor to help you out on your search. Their services are free, and they can offer you their expertise and knowledge of the area.

– Hire a law firm to help you out with paperwork for closing and legal advice for home buying.

– Have the realtor show you a variety of condos for sale: high-rises, flats, and lodgings with or without amenities like swimming, tennis, doormen, or workout areas.

– Plan to buy the largest space you can afford. Studios and one-bedrooms are difficult to resell, unless you’re in an area near college or university campuses.

– Visit the area at different times of day to gauge traffic, both pedestrian and vehicle, and to find out what the noise level is like.

– Choose a unit with the best view. This makes for easier resale, too. Be sure to pay attention to incoming sunshine, however: a great, sunny view can also mean higher air conditioning costs in summer.

– Check out the parking space situation and be sure there is plenty available for tenants and guests.

– Consider storage options by thinking about how much closet space you’ll need. Most complexes offer some type of on-site garages or storage areas. If not, you may need to incorporate a little extra cost to your mortgage calculation for monthly off-site storage fees.

– Don’t forget to check out evacuation routes in case of emergencies. Be sure to have an inspection performed by a certified building inspector prior to purchasing.

– Talk to neighbors and find out what they like best or what they may not enjoy about living in the complex. Ask around about pet policies and other details that might not have been advertised or explained by your realtor.

With these simple tips in mind and a great idea of exactly what it is you’re looking for in your new home, you can find condos for sale to suit almost any need. It’s a great way to live maintenance-free and in a smaller home when you don’t want or need a lot of space or furniture.

The title to this article is a pretty bold statement, but if you’ll allow me a couple of minutes of your time today, I’ll show you how you can take advantage of a brand-new Real Estate niche that most Agents don’t know about. It’s not that they aren’t aware of it; it’s just that they haven’t put two & two together.

This new source of Real Estate Leads could mean another 100 – 600 new, very motivated (Seller) Leads that are desperate for your professional help. And that’s only for a market of 100,000 homes. You’re market could have even more.

Why hasn’t this opportunity been available before?

Well, before now all the pieces were not readily available. Today, the technology is in place, the turnkey business-in-a-box-training-systems are available, and the market for this business is very ripe & growing.

Foreclosures will be the next big thing in Real Estate Leads

We are often asked by our Coaches Corner{tm} Newsletter Subscribers (350,000+): „What’s the next big thing going to be for Real Estate Agents?“

Well, if you asked me that question specific to Real Estate Lead Generation, I’d have to say Foreclosures & PreForeclosures are going to be the next big thing for New Real Estate Lead Generation.

You’ve probably already heard that Real Estate Foreclosures, as of April 2007 U.S. Foreclosure Market Report (published by RealtyTrac® – the #1 online authority for Foreclosure data), are up by 62% nationwide from April 2006. Some states are up by as much as 3,325% (New Hampshire).

Real Estate Foreclosures Rates continue to grow

Recently USA Today printed an article about the fact that 75% of the new home mortgages in California are No-Doc-Loans (some industry experts call them liar-loans). These No-Doc-Loans allow the homeowner to use stated income and often allow them to borrow more money at higher debt-to-income ratios than they could traditionally. The no-doc loans have become very prevalent in the last couple of years and are now widely used nationwide.

In my opinion, the majority of these liar-loans are Real Estate Foreclosures in embryo. It’s likely just a matter of time before the homeowners get into trouble and fall into Foreclosure.

Over a Million Real Estate Foreclosures Each Year

According to RealtyTrac®, with whom we’ve established an exclusive partnership, the number of Foreclosures will likely exceed 1.2 million this year if we continue at this pace. To read the complete May 15th, 2007 press release for RealtyTrac®’s U.S. Foreclosure Market Report click here.

What this means for the average Real Estate Agent in a market with 100,000 households is that about 127 new properties will enter some state of Foreclosure per month. Some of the not-so-average counties will see 431 new foreclosures per month for those same 100,000 households. So, that means that there will be 14 new Real Estate Foreclosure Listings per day per 100,000 households.

If you had the home seller information in a timely manner and were equipped to deal with this specific type of lead, it could mean 100 – 500 brand new leads every month in a market with 100,000 households.

Most Real Estate Agents don’t know how to handle prospects in Foreclosure and usually see them as junk prospects. So, there’s very little competition for you in this niche if you become a Real Estate Foreclosure Expert.

Couple that with a very highly motivated home seller, and you have a recipe for New Lead Generation Success.

Do you know your State’s Foreclosure Rate? If it’s only the national average, you’ll have 1 Foreclosure for every 783 households like quite a bit of the country? How many households do you have in your market, and what does that equate to in Foreclosures? A whole lot no matter where you live!

The Foreclosure Rates are growing almost everywhere and there are already an enormous amount of potential leads for you where you live, so take action and equip yourself with as much information as you can on Real Estate Foreclosures. The information will help you carve out a brand new niche in Real Estate Foreclosures in your area and help you grow your Real Estate Business.

The transfer tax and stamp duty are fees that are attached to your cost when you are involved in a transaction for houses for sale in Jamaica is usually at a percentage value of the land. Normally the value is in line with the sale price.

The transfer act states that transfer tax is 7.5%. There is a relief an amount of $10,000.00 relief where the value of the land is $150,000.00 or less. The type of home does not matter. It is usually a misconception that Jamaica beachfront houses for sale attract a much higher transfer. This is simply not true. However there are some exemptions to these Jamaican property taxes.

Exemptions

1. Transfers of property by Jamaican Government and Local Authorities.

2. Transfers to government or Local Authorities of Jamaican land for purposes such as roadways and other reservations in sub-divisions.

3. Transfers by way of gifts to approved institutions of property to be used exclusively for charitable purposes.

4. The Principal place of dwelling of spouses (Joint Tenancy or Tenancy in Common) In the event of death only.

Stamp Duty – Payment of Stamp Duty is governed by the Stamp Duty Act. The stamp duty payable on land is approximately 5.5% of the full value of the land/dwelling.

Certification of title:

Once a property is registered it is given identification by way of Volume and Folio numbers in the Register Book of Titles. The original Title is kept at the Office of Titles and entries are made thereon whenever something affecting any interest in the land is brought to the attention of the Registrar of Titles. For example, a transfer, a mortgage, death of a part owner, grants of easement and so on. This is standard for all houses for sale in Jamaica.

The land owner gets the duplicate Certificate of Title on Registration. Duplicate Certificate of Title has to be submitted to the Registrar for endorsement of all transactions affecting the land.

The Conveyance or Transfer of Houses In Jamaica For Sale Exercise

This normally begins either between seller (vendor) and buyer (purchaser) or between either one of the aforementioned parties and a Jamaica real estate dealer or Jamaica property agent. Purchaser or an attorney should inspect the Duplicate Certificate of Title. This is vital as some homes in Jamaica for sale come without sale agreements and hence no transfer might have taken place. A title proves exactly who the owner of the land is.

The usual form of Purchase and Sale Agreement sets out inter alia:-

(1) The legal names, registered address and gainful occupation of the contracting parties.

(2) Full description of the house in Jamaica for sale – including size or actual dimensions, registered location, and the identifying folio and volume numbers of the Certificate of Title, in the case of both registered Jamaican buildings and land. In the case of land with a Common Law Title, the size, description, boundaries and other relevant details.

(3) Purchase Price – in words and figures to avoid mistakes and misunderstandings.

(4) Completion – the effective date when the final payment for transaction is anticipated to be collected and the full sale completed, that is, transfer effected, cheque and titles exchanged.

(5) Cost of transfer – unless otherwise agreed, this usually states that each party should bear half the cost of Stamp Duty, Registration Fee and Attorneys Costs.

Payment of Jamaica real estate agents commission – paid on the Completion of the transfer of title and the closing of the transaction.

Fees on sale and purchase of land

1. Transfer tax – 7.5% of market value (Vendor only)

2. Stamp duty – approximately 5.5% of Market Value

3. Registration fee – Approximately 2% of Market Value (or $2.00 per 1,000)

4. Attorney’s costs – As per Scale – Jamaican Bar Association (effective 1st June 1991)

5. Surveyors Identification Fees:

(i) Values up to $500,000.00 = $1,500.00, thereafter, 0.1% up to 1 million, thereafter, $1,000 per million. Plus Research and Title fee/charge of $400.00.

(ii) Properties in excess of 1 acre or Irregular Boundaries a traversing fee is added. Fee depends on length of traverse.

(iii) If land is outside the corporate area $6.00 per mile.

6. Valuation Fees:

Kingston Jamaica Corporate Area

Corporate Area: Cost $3.00 per 1000 of the market value and $150.00 for travelling and incidental expenses. Minimum fee of $1,000.00 plus travelling and incidentals $1,150.00

Outside Corporate Area – (Beyond 15 miles from Kingston Jamaica) 3.50 per 1,000 of the market value plus travelling @ $3.50 per mile minimum fee of $1,500.00 plus travelling.

7. Mortgage Costs: (Building Societies)

(1) 1% application fee (Saver)

(2) 2% application fee (non Saver)

(3) Life Insurance – amount differs according to age.

NB. No longer will Compulsory Society take an assignment of Existing Policy.

(4) Mortgage Indemnity: 7% of sum being Insured applies when Mortgage in excess of the standard two thirds – 90% Mortgage.

(5) Stamp duty on Mortgage

(6) Registration Fees on the Mortgage

(7) Attorneys Costs

(8) Valuation Fee

(9) Surveyors Identification

(10) First Month Mortgage Payment

Mortgages: – $1.00 per 200 x 25% or 0.65%

These outline all the costs associated with buying houses for sale in Jamaica. It is important that both the vendor and purchaser understand the fees associated with this Jamaica real estate transaction.