BUYING A PROPERTY
Having viewed several properties and finally deciding on the perfect one is only the beginning of the buying process. We’d like to help you reduce as many challenges as we can. So, let us help you plan your next move and reduce some of the stress involved. Our concierge is here to assist you.
- BE SURE YOU ARE READY
- Get yourself pre-qualified and pre-approved by a local Mortgage Lender now.
- In recent years, lending institutions have established the “Gross Debt Service Ratio” a relationship between annual income and cost of servicing a mortgage.
- This is usually in the 30% to 35% range of annual income to pre-qualify.
- Get today’s mortgage rates, connect with local lenders and stay informed, let us show you how.
- LOOKING
- What is your motive for buying a home?
- Is it pet-friendly?
- What are the crime rates?
- How about the schools in the area?
- How close is it to banking, shopping and other convenient stores?
- Find your perfect neighbourhood. We are here to help you every step of the way.
- CHOOSE A HOME, MAKE AN OFFER
- Find your perfect home.
- First impressions do count.
- Age and history of the property is important.
- Unique features matter.
- Gated community.
- Safety and Security is a must.
- Property’s true value.
- Obtain a recent Valuation Report (6 months or less)
- Should we buy then?
- Is this good value by comparison to others we have seen?
- Make an offer
- In Trinidad and Tobago, Offer Letter and Sale/Purchase Agreement is usually handled separately.
- The general practice is to submit an offer in writing. We will guide you through this process as it involves careful considerations.
- Once a written offer has been accepted, then a formal Sale/Purchase Agreement is prepared for signature.
- LEGAL
- Buyer’s right to legal advice.
- Buying a house isn’t a handshake deal.
- Always seek legal counsel, it is your right.
- Sale Agreement Process.
- Once the final version of the sale agreement is prepared and approved by all parties, an official signing of the sale agreement at the attorney’s office is required.
- A deposit of 10% is usually required by the purchaser, to be paid and customarily held in an escrow account by a stakeholder until completion of the sale.
- Conveyance and customary closing in 90 days and balance of payment.
- Financial Intelligence Unit (FIU) of Trinidad and Tobago mandates file transaction records for all sales and rentals executed in accordance with FIU compliance protocols.
- Buyer’s right to legal advice.
- CLOSING AND POSSESSION
- Closing Costs
- Conveyance Fees are generally calculated based on the cost of the house and is an additional cost.
- Stamp Duty Fees are payable to the Government and is also calculated on the cost of the house.
- Deed of Mortgage and Stamp Duty on the Deed of Mortgage is usually prepared by an attorney and is based on the amount of money borrowed.
- Title searches fees vary and are approximately TT$3,000.00.
- Valuation fees are usually ¼ of 1% of the value of the property, plus VAT at 12.5%.
- Mortgage lending fees vary between 1/3 – 2% of the amount borrowed.
- Prior to completion, the sale shall be subject to the title being in order and the property shall be sold free from all encumbrances, liens, charges, rates and taxes and with vacant possession.
- Closing Costs
Stamp Duty on Residential Properties
| Value | Rates |
| Up to $850,000 | 0.0% |
| More than $850,000 but not exceeding $1,250,000 | 3.0% |
| More than $1,250,000 but not exceeding $1,750,000 | 5.0% |
| More than $1,750,000 | 7.5% |
Stamp Duty on Residential Land
| Value | Rates |
| Up to $450,000 | 0.0% |
| More than $450,000 but not exceeding $650,000 | 2.0% |
| More than $650,000 but not exceeding $850,000 | 5.0% |
| More than $1,750,000 | 7.0% |
Stamp Duty on Commercial Land
| Value | Rates |
| Up to $300,000 | 2.0% |
| More than $300,000 but not exceeding $400,000 | 5.0% |
| More than $400,000 | 7.0% |
Agricultural land less than one (1) acre is exempt from Stamp Duty
- FOREIGN BUYERS
- Foreign Investment Act (1990) permits foreign nationals who wish to buy property in Trinidad and Tobago to purchase:
- Up to one (1) acre of land for residential purposes and
- Up to five (5) acres of land for commercial purposes without applying for a foreign investor licence.
- For any more than this, a licence is required.
- However, in Tobago, all purchases by foreign investors are subject to licence and further restricted to designated development areas.
- Foreign Investment Act (1990) permits foreign nationals who wish to buy property in Trinidad and Tobago to purchase:
AMMENITIES
OUR PREFERRED VENDOR LIST
- Mortgage lenders
- Valuators
- Attorneys at Law
- Home Buyer Insurance
- Moving Companies
- Kitchen and Bathrooms Cabinetry
- Heating and Air Conditioning
- Pool Companies
- Painting
- Plumbers
- Electrical
- Pest Inspection Services
This list of services is provided for your information only. No guarantees are made as to these services. You are encouraged to investigate each business thoroughly before making your own decision. The Rates and services offered are negotiated separately and individually with each company. Rodriguez Realty makes no representations or claims of the workmanship of these companies. However, we have used these companies in one way or the other and understand that each individual will have a personal experience.