Should I put off buying real estate because of current economic conditions?

[*KRONIK*]

when an ad for land state " Cash buyer only" what does this mean? i realize it means they want cash but is there something wrong with the land such as it is lease land or crown land or is the land already in a mortgage so it cannot be mortgage again ??? anyone knows

It mean u hadda walk with cash and the seller will walk with the land and meet yuh lamentable a night and u buy it straight cash.

Deddddddddd


ROFL

[pugboy]

coonilal did that with land that was flipped into hdc

when an ad for land state " Cash buyer only" what does this mean? i realize it means they want cash but is there something wrong with the land such as it is lease land or crown land or is the land already in a mortgage so it cannot be mortgage again ??? anyone knows

It means the land has no town and country approvals so you can't get financing such as a mortgage to purchase.

Since no mortgage from any financial institution, you can only buy with cash.

Doesn't always mean the land is bad. There are examples where the seller doesn't have the funds to get approvals so the buyer purchases in cash and takes on the burden to get approvals. The buyer then sells at a higher price or obtain financing to build.

[matix]

when an ad for land state " Cash buyer only" what does this mean? i realize it means they want cash but is there something wrong with the land such as it is lease land or crown land or is the land already in a mortgage so it cannot be mortgage again ??? anyone knows

It mean u hadda walk with cash and the seller will walk with the land and meet yuh lamentable a night and u buy it straight cash.

Too funny

[timelapse]

Land for cash only to me usually means no T&C approval, therefore no mortgage is possible. Golden rule when purchasing land, make sure you see a deed and whose name is on it. Don't deal with anybody other than that person unless they clearly delegate a person/company acting on their behalf. This is not always a bad thing if you have the cash and you aren't planning to take a mortgage to build. In plenty cases , I see people building jusso and T&C could firetruck themselves

[VexXx Dogg]

Plenty fake deeds and multi copy deeds outside eh.

Trust nothing and nobody. make sure you spend the coin and get your own lawyer to handle business when buying property.

[88sins]

when an ad for land state " Cash buyer only" what does this mean? i realize it means they want cash but is there something wrong with the land such as it is lease land or crown land or is the land already in a mortgage so it cannot be mortgage again ??? anyone knows

When people here say cash buyer only, they does be trying to say any of a few different things. Sometimes they mean you pay them directly without lawyers or banks involved.
Sometimes they mean exactly that, liquid cash only, and usually if they mean exactly that is some bobol going on, the most common nowadays being legal issues or fraud.
Could be that the title not in order, could be that it's already got a mortgage on it and the vendor is trying to sell it and take all the money and buss out without paying the off the mortgage. Only they would know and you would find out after. Just be careful out here, it have plenty scamps trying all kinda tricks.





A guy tried to sell me some vacant land, saying he have a deed, and selling to a "cash buyer only". I asked him for the deed, he pull out a deed of lease, and trying hard to convince me he's the owner, and that was an actual deed to prove ownership.
Little did he know, I track down the owner and made the deal to buy it it, and let him know after, deed with the actual owner signing soon, and registering next day, and after that I won't renewing the lease (that was to expire in about 2 years), nor will I be giving him permission to build anything, so his only option was either:

take whatever the owner give him to buy out the balance on his lease
or
I wait 2 years and let his lease expire and he can then fack off with nothin
or
fraud squad get involved and he ketch a case and I buy it anyway (he was claiming to be the owner with authority to sell it when he knew he wasn't). Imagine how amazed he was to hear himself say his own name, with his own voice, in multiple recorded phone convos, in which he claiming to own something he doesn't.

Guess which option he took



@the honorable
The bank does indeed finance the purchase of land without T&C approval, once the vendor has a clear traceable title, aka a legitimate deed of conveyance, and you have a recent valuation. They will even finance the purchase if there is a mortgage on it, they just won't pay all the money to the vendor. They'll pay the mortgage holder first, and then the vendor will get what's left, and they won't finance it if the vendor wants more than the land is worth.

What they WON'T finance is a mortgage to build without T&C and regional corporation approval, approved building plans, etc.

[Chimera]

Yes plenty outright fake deeds.

Make sure you get your own lawyer involved before paying a single cent

[shake d livin wake d dead]

Trinidad is one place where real estate is NEVER affected by poor economic conditions. If anything,land price does go up

[bluefete]

Trinidad is one place where real estate is NEVER affected by poor economic conditions. If anything,land price does go up

THIS RIGHT HERE!

[PariaMan]

All that changes is the rate at which price increases

[VexXx Dogg]

Trinidad is one place where real estate is NEVER affected by poor economic conditions. If anything,land price does go up

Because Trinidad is small, and the population is expanding. Land is a diminishing resource.

Global trends will affect the cost of building, but land?

Land is god in Trinbago. Buy as early as you can afford.

[The_Honourable]

@the honorable
The bank does indeed finance the purchase of land without T&C approval, once the vendor has a clear traceable title, aka a legitimate deed of conveyance, and you have a recent valuation. They will even finance the purchase if there is a mortgage on it, they just won't pay all the money to the vendor. They'll pay the mortgage holder first, and then the vendor will get what's left, and they won't finance it if the vendor wants more than the land is worth.

What they WON'T finance is a mortgage to build without T&C and regional corporation approval, approved building plans, etc.

Thanks for the clarity 88.

As OP mentioned "cash buy", my experience is buyers are usually looking for land with the intent to develop. Agreed, once the bank knows this and the land has no approvals they blank you. The seller probably encountered this by himself when he attempted to develop, or in a previous transaction where the buyer needed financing to develop. Under one of those circumstances that the seller or the agent comes after and advertises "cash buy" to get rid of it. The other reasons you explained also legit.

If you just buying the land and you plan to develop after the mortgage is paid off, then yes all you need is good title and a valuation.

[88sins]

Or, he can finance the land, go through the process of getting the relevant approvals, then take a bridging finance mortgage for the construction. That's an option also.


A time I called about a piece of land fs somewhere in grande area, when I ask for documentation, d man say he eh kno about any documents.
So when I ask him "what documents you giving me to prove that I own that land after I give you my money?"

d man have the belly to say "a receipt", with a attitude, like that's all I supposed to get and nothing else and disrespectful to want more than that

[timelapse]

Honourable, if you looking for land in central, send me a PM.

[88sins]

Honourable, if you looking for land in central, send me a PM.

Whereabouts in central bai? I might be interested

[The_Honourable]

Or, he can finance the land, go through the process of getting the relevant approvals, then take a bridging finance mortgage for the construction. That's an option also.


A time I called about a piece of land fs somewhere in grande area, when I ask for documentation, d man say he eh kno about any documents.
So when I ask him "what documents you giving me to prove that I own that land after I give you my money?"

d man have the belly to say "a receipt", with a attitude, like that's all I supposed to get and nothing else and disrespectful to want more than that

wwaaaiiiittt you get the receipt answer too?

Have a piece of land, had a dilapidated structure on it. Said to myself when I get outline approvals i'll do all the required works including removal of structure.

One day somebody demolish the structure just leaving the old foundation. Mystery man start bringing people to measure whole time. Drove up to make enquiries, he say he buy the land decades ago and "I have all my papers". When i asked him to prove it, he told me he doh have to prove anything to anybody. No problem. Found out his name, sent a lawyer letter and he ignored it saying that he's a blessed man, God doh like ugly and people like to fight the black man down. Mr. Man start to build... dropped an injunction on him so fast he didn't ketch himself. When he submitted his 2 page defence to the court, he attached one exhibit... a receipt

Without a hearing the Judge made the injunction permanent. Assessment of damages ongoing. Got a bulldozer and mash up the foundation where someone used it for backfill.

Turned out he bought the house in the 80's then migrated in the 90's. His mother lived in it for a while and she died. House fell into disrepair after 20 years vacant. Previous land owner had a rental arrangement with the mother and ended it when she kicked the bucket and nobody came forward. Mr. Man now retired come back trini to build and wanted to have a happily ever after.

At least he help clear up the spot thanks

[Chimera]

All that money and time you spend on lawyer and injunction? When you could have skipped straight to the bulldozer and let he spend lawyer money to try to stop you?

[fireworks]

Anybody looking for land to buy in point Fortin area.?

Please call 3205403

[The_Honourable]

All that money and time you spend on lawyer and injunction? When you could have skipped straight to the bulldozer and let he spend lawyer money to try to stop you?

True... looking back now and having the facts after the incident it's easy to say that. Having experience in land matters, i have seen and read strange judgements coming from our courts.

One common theme I noticed is that the other person can be wrong and strong, if you don't follow the process you will get shaft by the courts.

Suppose Mr. Man did have a lease through his mother from the previous owner that is legally enforceable? There are leases out there with a clause stating that if the lessor or lessee dies, the lease continues under the respective legal personal representative. What made my case stronger was that he broke down the house so his only hope which is the receipt he had wasn't enforceable at all.

When he lost the injunction, he didn't bother to fight anymore so the substantive case went into default. Those costs plus the injunction costs awarded by the court made up for my upfront costs with a court order in my favor. Damages is bonus money now and the case only lasted 6 months.

[88sins]

All that money and time you spend on lawyer and injunction? [u]When you could have skipped straight to the bulldozer and let he spend lawyer money to try to stop you?[/u]

Bruh
It have a right way, and a wrong way, to do literally everything under the sun.

dat what you talking about dey, is d wrong way, and it have more problems in that than I think yuh willing to get into

[Chimera]

Depends on the situation.

But many times the court will fhk you.

And make u spend money doing it


U cud go to court for years and spend money behind lawyers for years and win your case ans get judgment and the otherside don't have a cent to pay u....



Right now I at the beginning of a personal injury claim against bankers insurance where they offer me $2500 to settle a claim....


But this is a big insurance company and they have money to pay so I will take them for a nice ride.


When it done I will post up everything to show how insurance companies try to rob u and pressure u and trick you and lie to you.



I've had my fair share or court cases.....justice is for the rich.

[Chimera]

All that money and time you spend on lawyer and injunction? When you could have skipped straight to the bulldozer and let he spend lawyer money to try to stop you?

True... looking back now and having the facts after the incident it's easy to say that. Having experience in land matters, i have seen and read strange judgements coming from our courts.

One common theme I noticed is that the other person can be wrong and strong, if you don't follow the process you will get shaft by the courts.

Suppose Mr. Man did have a lease through his mother from the previous owner that is legally enforceable? There are leases out there with a clause stating that if the lessor or lessee dies, the lease continues under the respective legal personal representative. What made my case stronger was that he broke down the house so his only hope which is the receipt he had wasn't enforceable at all.

When he lost the injunction, he didn't bother to fight anymore so the substantive case went into default. Those costs plus the injunction costs awarded by the court made up for my upfront costs with a court order in my favor. Damages is bonus money now and the case only lasted 6 months.

So how much u had to put out up front to fight? Injunction was a 40k?

[pugboy]

injunctions are always premium price for some reason

[The_Honourable]

All that money and time you spend on lawyer and injunction? When you could have skipped straight to the bulldozer and let he spend lawyer money to try to stop you?

True... looking back now and having the facts after the incident it's easy to say that. Having experience in land matters, i have seen and read strange judgements coming from our courts.

One common theme I noticed is that the other person can be wrong and strong, if you don't follow the process you will get shaft by the courts.

Suppose Mr. Man did have a lease through his mother from the previous owner that is legally enforceable? There are leases out there with a clause stating that if the lessor or lessee dies, the lease continues under the respective legal personal representative. What made my case stronger was that he broke down the house so his only hope which is the receipt he had wasn't enforceable at all.

When he lost the injunction, he didn't bother to fight anymore so the substantive case went into default. Those costs plus the injunction costs awarded by the court made up for my upfront costs with a court order in my favor. Damages is bonus money now and the case only lasted 6 months.

So how much u had to put out up front to fight? Injunction was a 40k?

NAAAHHHHHH!!! about 18k.

injunctions are always premium price for some reason

Yes since an injunction means you want immediate action, attorney's time is taken away from other matters to solely focus on your case which involves preparation, researching and filing. Then you taking the judge away from his matters to solely focus on yours to make an Order which can happen at anytime. My documents was filed on a friday if i recall, judge made an initial order from the court on a sunday evening.

[pugboy]

it is prob a lot more now

[The_Honourable]

it is prob a lot more now

My court action was a few years ago.

It depends on the type of matter, the attorney you select and if you have all relevant documents in an order. If you and your attorney already have a relationship, that can reduce costs a bit.

If I took my matter to a senior council for example i'm probably looking at 25k upwards. The more complex the matter, the more hours involved meaning the attorney charging higher. My case was pretty simple, who is the real landowner and if the defendant suppose to be on the land or not. Compare that to for example an injunction by the PSA against the government over the implementation of the TTRA, or an injunction by the Port Authority against sickout action by port workers, or an injunction to prevent the Central Bank from approving the sale of Clico's insurance assets to Sagicor.

[pugboy]

padna a sc starts at 6 figures

[bluefete]

Trinidad is one place where real estate is NEVER affected by poor economic conditions. If anything,land price does go up

Because Trinidad is small, and the population is expanding. Land is a diminishing resource.

Global trends will affect the cost of building, but land?

Land is god in Trinbago. Buy as early as you can afford.

You left out the most important part.

The underground economy - drug money in cash - still rules in real estate.

[The_Honourable]

padna a sc starts at 6 figures

It's according to the type of case, how complex it is and who you suing.

Yuh suing a lil pleb or the state?

[shake d livin wake d dead]

I have a couple approved lots in biche and one lot in Mayaro if anyone interested... Pm for details.