When real estate sales are slow and there is a glut of homes for sale, buyers may have an opportunity to pick up a house on the cheap. The operative word here is “opportunity”. There are times when you should pounce and times when you should show restraint and avoid an impulse buy. Knowing the difference could […]
Buying land can seem intimidating, but it really isn’t difficult at all when you analyze your needs and determine which types of land are most suitable for the home you plan to build. Talk with a mortgage broker or bank loan officer to find out how much you can afford. If you plan to build […]
Before you apply for a mortgage, you need to know your: Current monthly income; Current monthly expenditure; Desired monthly mortgage payment; Anticipated sale price or home value; Anticipated down payment amount. This information makes it much easier to figure out how much you can borrow and how much house you can afford.
Following are examples of some of the typical costs involved in the purchase or mortgage of property in Trinidad & Tobago, including attorney’s fees and stamp duty. Attorney’s Fees for Conveyance and Mortgages Exclusive of Value Added Tax and based on Statutory scale – Legal Notice #77 of 1977: Old Law Deeds 0 – $100,000 […]
The ratio affects your buying power… Your debt to income ratio is a simple way of showing what percentage of your income is available for a mortgage payment after all other continuing obligations are met. The ratio is one of the many things a lender considers before approving your home loan. A qualifying ratio of […]
“Title” as it relates to land, refers to the legal right or interest in a piece of property. This interest can be either freehold (an interest in the property with no stated end) or leasehold (an interest with a stated end known as a “term of years”). These interests give an owner the right to […]
You’ve found the perfect house, but the land it sits on isn’t quite what you have in mind. Or maybe you’ve seen a great piece of land, but the house doesn’t fit your needs. If nothing really says home to you, it might be time to consider building. Buying land may seem intimidating at first, […]
The preparing of the legal documents for the sale or transfer of ownership of land or other property, such as a car or home is know as conveyancing. The actual conveyance involves three stages: The Pre-Contract Stage, the Contract Stage and the Conveyance /Transfer of Legal Title. In the Pre-Contract Stage the transfer and creation […]
Once you find the home you want to buy, the next step is to write an offer, one which is not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s […]
Many people aspire to one day own their own homes and go to great lengths to achieve this. Certainly in Trinidad and Tobago we have witnessed a rapid growth in the real estate sector and have stood by and watched prices of property soar to all-time highs. Everyone is looking for their dream property and […]
