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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 $1,500
Over $500,000 0.50% On amount exceeding $500,000 plus $4,500

RPO (Real Property Ordinance) Deeds

0 – $25,000 $500
Over $25,000 Minus $25,000, divide by 5000, multiply by 30, add 500

 

Stamp Duty (relating to Conveyance)

Residential Land with House/Building thereon:

Less than $850,000 Exempt
$850,000 – $1,250,000 3.0%
$1,250,000 – $1,750,000 5.0% On amount exceeding $1,250,000 plus $12,000
Over $1,750,000 7.5% On amount exceeding $1,750,000 plus $37,000

 

Residential Land only:

Less than $450,000 Exempt
$450,000 – $650,000 2.0%
$650,000 – $850,000 5.0% On amount exceeding $650,000 plus $4,000
Over $850,000 7.0% On amount exceeding $850,000 plus $14,000

 

Commercial Property (with or without a Building thereon):

0 – $300,000 2.0% of the whole
$300,000 – $400,000 5.0% of the whole
Over $400,000 7.0% of the whole

 

Stamp Duty (relating to Mortgage)

Buying Residential property (with a house thereon):

If borrowing less than $850,000 Exempt
If borrowing less than $850,000 but more than the Purchase price 0.4% on amount in excess of Purchase price
If borrowing more than $850,000 but less than Purchase price 0.2% of the whole
If borrowing more than $850,000 and more than Purchase price 0.2% on Purchase price plus 0.4% on amount exceeding Purchase price

 

[info]Land only, Commercial Property or Property already owned: 4.0% of the whole.[/info]

Some Examples:

House & Land (Old Law) Mortgage (80%)
Purchase Price $1,500,000 $1,200,000
Legal Fees $9,500 $4,000
VAT $1,425 $600
Stamp Duty (based on property value) $24,500 $2,400
Registration $100 $100
Disbursements approx.. $1,500 $500

Total approx..

$37,025

$7,600

Fees & Stamp Duty on some common values, Residential (Old Law) Conveyance only:

Fee Stamp Duty
$750,000 $5,750 Exempt
$1,000,000 $7,000 $4,500
$2,000,o00 $12,000 $55,750
$3,000,000 $17,000 $130,750

 

 

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