Buying

Buying Property in T&T

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 may have budgeted for it, but many times, in the quest for the perfect home, several of the costs...

Closing the Deal

After an offer is accepted by the buyer, a Purchase Agreement is then prepared and is executed when the buyer pays a 10% deposit to "seal the deal" and take the property off the market. Following the execution on the purchase agreement, the buyer will need a copy of the deed; the last paid land and building tax receipt; a cadastral sheet; a Water & Sewage Authority (WASA) Clearance Certificate. These...

Closings Costs Explained

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 1.50% $100,000 - $500,000 0.75% On amount exceeding $100,000 plus...

Conveyancing in T&T

Conveyancing is the process by which the ownership of land or property is transferred from one person to another. In Trinidad and Tobago there are two systems under which land is registered: the common law system and the Torrens registration system (Real Property Act system). The system of registration that your transaction falls under depends on the document showing ownership of the land or property. If...

First Time Buyers Guide

First time home buyers should always shop around. Read the loan papers carefully for a list of all conditions that must be met before the home closing. Don't wait for the last moment. Conditions by the lender may require a home inspection, termite inspection, required insurance polices, survey, etc. These requirements are meant for the lender's protection and may lead to untimely delays if they are not...

Foreign Investors Acquiring Property

Acquisition of Real Estate in Trinidad In Trinidad, the Aliens (Landholding) Act, Ch. 58:02 was repealed in 1990 and the Foreign Investment Act, 1990 relaxed the restrictions on ownership of real estate by foreigners and improved the conditions for foreign investment. Generally, the Foreign Investment Act, 1990 (sections 6 & 7) allows foreign investors in Trinidad (including individuals and companies)...

Getting Started Buying

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. Obtaining a Loan Whether you are seeking pre-approval or have agreed on a purchase...

Getting the Mortgage

Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared. Once a simple task that meant comparing fixed rates from among perhaps a dozen or fewer savings and loan companies, the mortgage hunt today is like finding your way through a maze. There are dozens of loan types and hundreds of loan programs available through mortgage brokers,...

Home Types Comparison

Generally, the available types of Homes are: Apartment, Condominium, Townhouse and (Detached) Home. The major differences between these types of Homes are Ownership and Responsibility. For Rentals, the Owner has the Ownership and Responsibility of the Rental property (rather than Renter). Following are some Advantages and Disadvantages of these Home Types and their comparisons... Apartment: A type of...

How Much Can I Borrow?

When considering purchasing property, several basic questions may arise in the mind of the prospective buyer, whether it is a $2M or $200K purchase being considered. Some of these might include 1). What is the most I can borrow? 2). How much will I pay monthly? 3). What is the interest rate? Although the thought of purchasing a home is viewed with enthusiasm and excitement, the mortgage process can...

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