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I loathe the process of having to buy a new car. Dealing with pushy, overbearing car salesmen can be extremely frustrating. As a result, I do whatever I can to avoid buying a car. I perform all recommended DIY car maintenance checks, I keep my vehicle for as long as I can, and I consolidate my trips both to save on gas and decrease wear and tear on my car.

However, buying a car at some point in time is a reality that we all have to face. I’ve compiled a list of several important car buying steps that you should follow. Heeding the advice in this article will help you save money, get the best deal, and hopefully, reduce the amount of stress involved with purchasing a vehicle.

Important Tips for Buying a Car

1. Do Your Research

The most important thing to know before you buy a car is that knowledge is power. It’s a mistake to arrive at a car lot without first researching the car you want to buy. You can find out just about anything you want to know about a car online. Auto Trader, Consumer Reports, Kelley Blue Book, and the Yahoo! Autos section are great places to start researching cars in your price range.

Also, if you are considering buying a new car, your goal is to find the “invoice” price of the car, not the MSRP. The “invoice” price is what the dealer paid the manufacturer for the car. This research will come in handy once the price negotiations begin.

On the other hand, if you are thinking about buying a used car, research the recent resale prices for that specific car model. This data will give you major bargaining power. If you plan to trade in your current car, research market values for your vehicle, too. Knowing the value of your trade-in can also be a powerful bargaining tool.

2. Look into Pre-financing Options

Many people obtain financing from the car dealership, but this isn’t fiscally responsible. Dealership interest rates are typically much higher than loan rates obtained from banks and credit unions. Your bank or credit union is one of the best places to start researching car loan rates, and you can obtain “relationship discounts” that you won’t find anywhere else.

Although you may not find the best deals online, you can also use the Internet to review current interest rates. Websites like MoneyAisle can provide up to date information when you need to research car loans. Finally, once you obtain a quote from any financial institution, get the quote in writing. You can then present this quote to the dealership and use it as leverage to negotiate a lower interest rate.

3. Shop Around

Unless there is an emergency situation, shop around before you buy a car. I have an established rule in place whenever I shop for a car: I always make sure that I walk out of at least one dealership. This way, I always know their rock-bottom price, often given to me just before I leave. It might also make sense to explore out-of-town car dealerships. Dealerships price their vehicles differently depending upon their location.

4. Negotiate Terms

To me, buying a car is either a chess match, or it’s a war. Next to buying a house, purchasing a new car is one of the most important investments you will make in life. In fact, you may be paying off this car for the next four, five, or six years.

Let the salespeople know up front that you’re not going to be taken for a ride. Do everything you can do to negotiate the car loan and knock the purchase price down. Start with a ridiculous number, and work backwards. If the salesperson gives you an offer that includes a monthly payment of a certain amount based on a 60-month loan, tell them you want the same payment with a 48-month loan.

Walk into the dealership with confidence, stick to your guns, and don’t feel bad about walking away from any offers. It might also be helpful to practice your negotiation strategies and tactics to prepare.

5. Look at Both New and Used Cars

In the past, buying a gently used car was the best way to save money when purchasing a vehicle. A big reason behind this logic is that new cars depreciate considerably the moment they are taken home from the dealership.

Unfortunately, the supply of used cars has decreased dramatically after many were removed as part of the “Cash for Clunkers” program. In addition, more people are holding onto their cars for longer periods of time before looking for a replacement. As a result, prices for used cars have increased significantly, making new cars a more realistic option.

Ultimately, make sure to go into the buying process with an open mind, considering both new and used cars and running the numbers before making your final decision.

6. Buy Based on Purchase Price, Not on Monthly Payments

Car dealers are notorious for offering a very attractive monthly payment to potential buyers. Do not be misled. If this “wonderful” payment is attached to a 72-month loan, then it’s really not that attractive at all.

Be sure to always negotiate based on the purchase price of the car, and not the monthly payment. Also make sure that you know the “full” purchase price of any car that you buy. There could be many extra, hidden costs factored into the price including various taxes, car preparation and delivery fees, and dealership costs that you won’t know about unless you ask.

Buying a House in Jamaica

Prospective buyers fall into three market segments: local residents, the Jamaican Diaspora, and foreigners. Buying and selling real estate in Jamaica is marked by an absence of standardized contract. Thus the process is heavily dependent upon the involvement of lawyers.

The Meaning of Conveyancing:

The exchange or transfer of real estate is known as conveyancing. That is, to transfer or deliver land or property to another or to perform an act that is intended to create one or more property interests regardless of whether the act is actually effective. The usual means of transfer is by deed-written instrument on paper.

Conveyancing can take three forms. A primary or an original conveyance is one in which an estate such as feoffment, gift, lease, exchange or partition is done. A secondary conveyance is one that follows an earlier conveyance and serves only to enlarge, confirm, alter, restrain, restore, or transfer the interest created by the primary conveyance. A voluntary conveyance is one made without valuable consideration.

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Other terms that you may come across are:
mesne conveyance- an intermediate conveyance
present conveyance- one that takes effect at once as opposed to the future
conveyancer-a lawyer who does conveyancing
conveyee-one to whom property is transferred is conveyed
conveyor- one who transfers or delivers title to another.

The Five Stages of Conveyancing:

In brief, there are five stages of the conveyancing process:

1. Pre-contract negotiations
2. Exchange of Contracts
3. Pre-Completion Procedures
4. Completion
5. Post-Completion
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Pre-Contract Negotiations- Stage 1
The buyer and the seller must work out their respective positions. It is not the duty or role of the lawyer to undertake negotiations. The operative word is KNOW in the context of what you the buyer are buying and what you the seller are selling.

The objective is to arrive at all the terms especially the price and the extent of the property that is being sold and conversely bought. The parties must discuss and agree to any and all conditions such as key dates when contracts are to be exchanged and the completion date.

Exchange of Contracts-Stage 2

After the parties agree upon the terms, then the services of an attorney should be utilized to draw or write the sale-purchase agreement or other modes of transfer. The identities of the parties must be mutually verified. Attorneys should check for conflict of interests before deciding on accepting a party as his or her client. Most attorneys in Jamaica will insist on receiving written instructions from their client.

Buyers would be prudent to perform the followings steps at this stage:

i Secure mortgage commitment pre-qualification or firm commitment
ii Make searches of title records
iii. Pre-purchase inspection- engineer’s report by buyer
iv. Secure insurance to commence on signing contract, if the risk of loss of of the property passes on signing contract.

v. Secure deposit

Sellers would be wise to check the buyer’s finances to ensure that the transaction can be completed as intended. In some instances, sellers may decide to finance the transaction and accept a mortgage from the buyer.

After these preliminaries are done, a draft contract is prepared by the seller or her attorney that is sent to the buyer or his attorney for signing. It is customary for the buyer to make revisions, which are usually done through the post. Upon the resolution of all terms, the stage is set for the signing of the contracts and payment of the deposit to the seller or his attorney. We would recommend that the deposit should be no more than 10 percent of the selling price. If the deposit exceeds 10 percent of the contract price, then special care must be taken to designate that amount as an additional deposit. It is customary for the vendor’s or seller’s attorney to act as the facilitator of the conveyance or carriage of sale with responsibility for the execution of the pre-completion formalities listed in the stage 3. The completion of this stage is marked by the physical exchange of contracts.

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Pre-Completion Procedures-Stage 3

This stage is marked by the following formalities being completed:

i. Agreement is submitted to the Stamp Duty and Transfer Tax Division of the Tax Administration Office- commonly called the “stamp office”- for the assessment of transfer tax and stamp duty payable;
ii. Payment of Stamp Duty as a percentage of the price is split or shared by the parties;
iii. Seller alone pays the transfer tax;
iv. The executed instrument of transfer is accompanied by the original duplicate title for submission to Office of Registrar of Titles to record the new owner and mortgage(s), if any, and;
v. Secure title insurance- optional.

Additional Steps to be taken if Purchase is being Financed or Mortgaged:

i. (a) If part of the purchase price is funded by a third party, that is, the grant of a mortgage, then the buyer or purchaser would immediately take steps to finalize his mortgage arrangements and get a letter of commitment that is presented to the seller’s attorney within the time stipulated in the contract. The buyer pays all fees and duties associated with the mortgage and in due course executes a note followed by a mortgage deed/Instrument of Mortgage. These documents are prepared and presented for execution by the lending institution or mortgagee or its attorney.

(b) If the transaction is an all cash deal, then the buyer pays the balance of the purchase price and both parties execute the Instrument of Transfer for presentation to the Office of Registrar of Titles.

The pre-completion procedures are characterized by intensive so-called back office work being done to prepare all the title and mortgage registration documents, e.g. making arrangements for the net transfer of funds between the parties and securing funding of new note and simultaneous pay-off of old indebtedness.

The use of title insurance is relatively new in Jamaica and buyers should consider getting this form of insurance protects against title defects, legal defense costs and indemnity up to the amount of the title insurance.

Completion-Stage 4

This is the stage where all the paperwork is signed and the relevant documents submitted to the Office of the Registrar of Titles. After the transfer is registered, a buyer should arrange for a last minute inspection or walk-through of the property to ensure that the property is in the same condition as it was when the contract was entered into by the parties.

After the transfer is registered, you may now be said to be the owner of the property with or without a mortgage. The time for completion of the first three stages is usually fixed at 90 days. If the transaction or conveyance is a cash sale, it is customary to allow 60 days for completion.

At this point in the sale process, the buyer’s attorney will have prepared letters addressed to the various utilities and land tax office regarding the transfer and for the various utilities to register or commence service in the name of the buyer, now owner. Care must be taken that final utility readings are done on or as soon as possible after the execution of the transfer. Failure by the vendor or seller to do this could result in being billed for use or consumption by the new owner.

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Post-Completion or Closing-Stage 5

The buyer’s attorney ensures that the transfer is completed and the duplicate certificate of title is accurate. Further, the title reflects the discharge of any prior mortgage(s) and the accuracy of any new indebtedness or mortgage. After inspection, the owner is given his certificate of title or a certified copy of the title if the lending institution kept the original certificate of title. The post-completion process should take less than 3 months.

Conclusion:

Conveyancing in Jamaica is attorney driven. Although the process appears to be simple it can be quite intimidating because of the large amount of paperwork involved. Standardized contracts do not exist so you must be prepared to negotiate and draft a satisfactory contract. The time for completion of the sale is usually set at 90 days if a mortgaged is involved. The time limit for the completion of a cash based deal is usually set at 60 days
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NHT to Identify Low Cost Housing in Barbican

On September 21, 2017, Prime Minister Andrew Holness gave a directive for the National Housing Trust (NHT) to identify land in the Barbican area.

This is to address housing concerns for people who are currently not receiving NHT benefits via the form of low cost housing.

He was addressing residents at a mini town hall meeting hosted by the Office of the Prime Minister in Barbican square to outline plans for the Barbican roadway improvement project.

The prime minister gave the directive after expressing concerns over the housing conditions in some sections of Barbican, such as Grant's Pen.

The town hall meeting was addressed by communications manager for the National Works Agency Stephen Shaw, Member of Parliament Delroy Chuck, and minister without portfolio in the Ministry of Economic Growth and Job Creation Dr Horace Chang.

The US$4.4-million Barbican project, when completed, will allow for better traffic management and the enhancement of commercial activities in that area. The project is to be completed by December.

How many Triangles are in the Image

98% of persons cant solve the above question on the number of triangles found in the photo.

The answer is obvious once you take a careful look. However as you can imagine, many persons wont break down the complex view into smaller chunks and solve mathematically.

Lets look at how this is done:

Break up the shape into segments

The easiest way to do this is to identify the base of where each triangle is and split by this. You will notice that the main triangle now has 3 sections: the top, middle and bottom

Look at the top triangle

Notice that the top, there is a main outer triangle, and you can get 5 more triangles from the inside. This makes 6 triangles at the top in total!

Use math to solve the rest

Since there are 3 segments like this, then 3 X 6 = 18. There are a total of 18 triangles that you can find in total.

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Are you a Genius?

If you are a math genius, then this brain teaser should be easy enough to solve!

Look at the image and recognize the pattern. If you can figure out the pattern then you can derive the answer

Lets look at how the answer is solved:

First, if you look at the first sequences, then you shall notice that the values are being multiplied by an incremental number.

On the left, you will see the sequence 2,3,4,5,6 so you just need to know what value is being multiplied by to get the answer after the equal sign.

Lets now see how we can figure out the value being multiplied by using basic mathematics and continuing the sequence all the way to 9 to solve for that answer:

2 X 3 = 6

3 X 4 = 12

4 X 5 = 20

5 X 6 = 30

6 X 7 = 42

7 X 8= 56

8 X 9= 72

9 X 10 = 90

So as you can see, the correct answer is 90! If this was what you got, then comment and share this using the below and like our page for more!