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This week we are looking at the National Housing Trust (NHT) and why it’s the most auspicious time for contributors to utilize the benefits from this scheme. As of May 2019, the NHT increased its loan ceiling from $5.5 million to $6.5 million per contributor and reduced interest rates for all mortgagors by 1%.
Continue reading Accessing your NHT benefits to Purchase or Build your first Home
As an Attorney practicing Real Estate Law, I was pleasantly surprised by the Revenue Measures for the 2019/20 fiscal year announced by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke on March 7,2019.
My article this week will look explicitly at the imminent changes regarding the reduction in fees for stamp duty and transfer taxes, that are slated to take effect as of April 1, 2019. To reiterate, the following are the proposed adjustments:
Continue reading New Tax Amendments: Now is the time to buy/ sell Real Estate
I’m often asked, “how much should I sell my property for?”. It is advisable that all sellers and purchasers of properties obtain a current valuation (report) of the property from a certified valuator/appraiser in order to determine the current market price at which the property should be sold.
A valuation report or a real estate appraisal is a written report, independently and impartially prepared by a certified appraiser justifying his/her opinion as to the market value of the property.
If the purchaser is relying on a mortgage, the financial institution granting the mortgage loan will require a valuation in order to ensure that the value of the property exceeds the value of the mortgage loan. This valuation report should not be more than one (1) year old.
Although the content of real estate valuation reports varies depending on the type of property being appraised, reports generally contain the following information:
If you are considering to sell your property, it is important to obtain a valuation report from a certified Appraiser.
About Author:
Abi-Gaye White-Thomas B.A., LL.B (Hons)
Attorney-at-Law
Manchester, Jamaica
Tel: (876)964-4046
Whatsapp: (876)827-8050
Email: law@balcostics.com
This week we conclude our subdivision series by outlining the main steps that one should follow when applying for individual titles from the National Land Agency (NLA).
The steps are as follows:
The entire process can be onerous and it is imperative that you engage the services of professionals to assist with your subdivision application.
About Author:
Abi-Gaye White-Thomas B.A., LL.B (Hons)
Attorney-at-Law
Manchester, Jamaica
Tel: (876)964-4046
Whatsapp: (876)805-6688
Email: law@balcostics.com
In rural Jamaica we are familiar with the common practice of land being gifted from one generation to the next. This land is often divided among family members where one person owns “di piece up a top” and another “di piece from di mango tree to the fence.”
This division of land is analogous to a subdivision – the process of dividing a parcel of land into a number of lots and obtaining individual titles (splinter titles) for each lot. All subdivisions must be approved by the relevant parish Municipal Corporation before the land can be divided into the various lots. The Manchester Municipal Corporation located on Hargreaves Avenue, approves subdivision plans for lands located in the parish.
Continue reading Understanding the Subdivision of Land Application Process (Part 1)
Many persons have had the misfortune of misplacing or destroying documents that are of high importance. Whether it was a passport, birth certificates, health cards or your land titles. Yes, even land titles get lost. Your land title is a document that state that you are an owner or part owner of a land, it shows proof that the land is yours. It would be expected that a document such as this would be kept in a safe and secure place so that no harm might come its way, but accidents do happen and there may be a need to replace a lost title.
Many of the land disputes heard in the Manchester Parish Court has to do with the issue of encroachment. Land encroachment means that one person ‘advances’ or violates his boundary limits by building something on the neighbour’s land or allowing something to hang over the adjoining property boundary. An example of an encroachment is the construction of a dividing fence or wall that is not within the correct registered boundary of the property.
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