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 |
Land only, Commercial Property or Property already owned: 4.0% of the whole.
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 |