Presenter Doris Parchment J P Realtor Broker REMAX

Presenter: Doris Parchment J. P. Realtor /Broker

RE/MAX Realty Group In 2012, after a combined 60 years in real estate, Doris Parchment of Sunshine Villas and her son Garfield Gourzong, newly returned home after 25 years in banking and business in America, took the decision to acquire a Re/max Franchise. The intent was to have a name that is internationally recognized delivering first world service provided by highly trained professionals. In 2016, Remax Realty Group has succeeded in achieving its objective. We invite you to call Re/max Realty Group and experience the difference.

General Service Offerings Real Estate Sales (Residential & Commercial) Long Term Rentals (Residential & Commercial) Multiple Listing Services (MLS) Non-Exclusive Listing Services Buyers Consultation Conveyancing Resort Villa Rentals /Short Term Rentals Property Management

General Operation Twenty three Realtors attached to our office. Island-wide coverage Excellent technical support systems Advanced listing/ marketing/advertising solutions provided by our in-house team Free aerial photography of listed properties RE/MAX International training and branding

General Operations

Real Estate Tour Our Discover Jamaica Real Estate Tour highlights the City of Montego Bay and its environs Comfortable air conditioned bus transportation Familiarization tour of communities in and around Montego Bay conducted by a Licensed Realtor An informative experience of Montego Bay’s Real Estate opportunities (residential & commercial) Attractions, schools, entertainment, dining, medical and recreational facilities.

Community Outreach Programme Teamwork Christian Academy, Torada Heights, Montego Bay

Community Outreach Programme Internship Program for Tertiary Students Our 2015 Program saw 4 tertiary level IT students doing their internship with Re/max Realty Group. Projects completed included: *Sourcing technical equipment for Remax office extension. *Designing Company Folders. *Designing Marketing Materials for Real Estate Tour *Designing Marketing Recruiting Cards for Agents This practical experience enabled them to graduate.

RE/THE REAL ESTATE PURCHASE – PROCEDURE 1. Select a Realtor that you. Contact are comfortable with, that you have MAX REALTY GROUP confidence in. i. NFOi. IInformation 2. Be clear on what your needs are, what are the essentials and non-essentials for the property you re seeking to acquire. Secure a pre-qualification letter from your lending institution if appropriate, or if a cash sale, then proof of ability to pay.

TRTHE REAL ESTATE PURCHASE – PROCEDURE Your Re/max agent. GROUP will put you on their Private Client List which E/MAX REALTY Contact means you will be informed every time a property fitting your i. NFOi. IInformation criteria comes on the market. Select the 4 – 6 properties that you prefer. View short-listed properties with your Remax Agent. Complete an Offer to Purchase and present Prequalification Letter Once your offer is accepted, the transaction is turned over the Attorneys who then handle the documentation for the transfer of Title

THE REAL ESTATE PURCHASE - PROCEDURE In Jamaica, the Offer to Purchase IS NOT the Agreement for Sale. An Attorney who represents the Seller prepares an Agreement for Sale and the Purchaser’s Attorney vets it. Once both Attorneys are satisfied with the draft it is presented to their clients for their input. Purchaser signs Agreement and pays deposit to his/her Attorney Seller signs Agreement and Attorney forwards it to Govt. Stamp Office to be Assessed for Tax Purchases. The transaction costs are paid to the Government and the documents are stamped. The Transfer Document is prepared and signed by both parties once Purchaser presents proof of ability to pay the balance.

THE REAL ESTATE PURCHASE - PROCEDURE Once the documentation is completed and balance of payment is secured ( in the form of a commitment letter from a Bank or other lending institution, Undertaking from Purchaser’s Attorney or Escrow Company), the Sellers Attorney then sends the Agreement for Sale, Transfer Document and the Title to the Government Titles Office for ownership to be transferred. The government Titles office guarantees a 30 day turnaround time, however for an US$85 expedite fee this process can be reduced to 3 -5 days. Sellers Attorney then calls the balance of payment and the Title is handed over (along with the keys to the property, if applicable) to Purchasers Attorney once payment is made.

REAL ESTATE TRANSACTION COSTS Below are guidance notes on the cost schedules for Vendors and Purchasers in a property sales transaction and are subject to variances in legal fees between attorneys acting for each party. Stamp duty: 4. 5% of sale price (vendor and purchaser pay ½ each) Registration: 0. 50% (vendor and purchaser pay ½ each) Transfer Tax 5. 00% of sale price (vendor pays solely) Legal Costs: 2. 00% to 3% plus GCT for Cost of Sale (depends on attorney) Mortgage Closing Costs: Approx. 6%

REAL ESTATE TRANSACTION COSTS Preparation of letters of Possession to JPS, NWC, etc. vary depending on the attorney and split between vendor and purchaser, plus or minus GCT 16. 5%. Usually US$85 TO US$120. Costs for preparation of Agreement for Sale varies based on attorney, may start from US$500. 00 upwards and are paid 50/50 by vendor and purchaser plus or minus GCT 16. 5%. This cost is usually non-refundable if the sale is cancelled

REAL ESTATE TRANSACTION COSTS PURCHASER’S SHARE PURCHASERS COSTS: US$100, 000 Based on Sale Price of 0 ne half of Stamp Duty (4. 5%) 2. 25% $2250. 00 One half of Registration Fee (. 50%) . 25% 250. 00 One half of Agreement for Sale Fee US$500 $250. 00 Purchaser’s Attorney’s Fees GCT on attorneys fees 2. 00% 16. 5% Miscellaneous Costs & Letters of Possession TOTAL $2000. 00 330. 00 85. 00 $5, 175. 00

REAL ESTATE TRANSACTION COSTS SELLER’S SHARE SELLER’S COSTS: Based on Sale Price of US$100, 000 Transfer Tax 5. 00% $5000. 00 0 ne half of Stamp Duty (4. 5%) 2. 25% 2250. 00 One half of Registration Fee (. 50%) . 25% 250. 00 One half of Agreement for Sale Fee US$500 250. 00 Purchaser’s Attorney’s Fees GCT on attorneys fees 3. 00% 16. 5% Miscellaneous Costs & Letters of Possession TOTAL 3000. 00 495. 00 85. 00 $11, 330. 00

REAL ESTATE TRANSACTION COSTS REAL ESTATE COMMISSION Most Licensed Real Estate Salespersons in Jamaica are members of the Realtors Association of Jamaica, which allows them access to the Multplie Listins System (MLS). RAJ members are affiliated with the National Association of Realtors (NAR) here in the USA and properties displayed on our MLS automatically are displayed on Realtor. com, the leading website for property searches in Jamaica. Industry standard for commission paid on a Real Estate Sale in Jamaica is 5% plus gct, total $5. 82. This is very close to that typical paid in Florida which is 6%. Real Estate commission and Attorneys fees are negotiable. Note that it is the Law that gct be collected on all fees.

FINANCING Financing is readily available in Jamaica from a number of sources, the most popular being commercial banks and building societies (home loan banks). Banks are very liquid and offer incentives in the form of lower apr for borrowing in hard currency (US $, Cdn $, £ The usual requirements apply – Proof of income/pay slips, tax return, details of running expenses Interest rates in Jamaica range from 8. 45% upwards for residential property. for commercial property it runs in the 15% range. Many purchasers choose to take a loan on pre- owned property in the USA and buy the property in Jamaica cash as the difference in interest rate calculated over time amounts to a substantial sum.

RE/MAX REALTY GROUP Contact Main Office is located across the street from the i. NFOi. IInformation Rose Hall Holiday Inn Sunspree Hotel & Spa Suite 36/37 Holiday Shopping Village Rose Hall, Montego Bay. Our contact numbers are: (Office) 876. 953. 9000 (Cell) 876. 850. 8989 (US) 302. 353. 1350 (UK) 207. 993. 0517 Our web details: Email: remaxjam@gmail. com Website: www. remaxja. com Facebook: www. facebook. com/remaxja