Buying Process
The process of buying property is usually an enormous undertaking. At Terra Caribbean we understand this; and our objective is to make it as easy as possible for you. With over 80 years of real estate experience in Trinidad and Tobago, our highly-skilled team at Terra Caribbean helps you streamline the entire purchase process so you can find your ideal home, without stress or worry. Below are a few insights worth noting.
Key Insights:
Standard Purchase Procedure:
- Written offer and acceptance (in some cases a reservation agreement may apply)
- Appointment of an attorney-at-law
- Exchange of contracts for sale and payment of a 10% deposit to an escrow agent
- Current Valuation Report (up to six months)
- Conveyance and payment of 90% remaining balance within 90 days.
(In the case of off-plan developments, stage payments based on construction progress may apply.)
- Stamp Duty is payable by the Purchaser, upon registration of the title document.
- Real Estate is and FIU (Financial Intelligence Unit) regulated industry in Trinidad and Tobago. As such, both purchasers and vendors are asked to comply in accordance with the law of Trinidad and Toabgo.
Foreign Purchasers:
Foreign investors in Trinidad (including individuals and companies) can purchase:
- up to one (1) acre of land for residential purposes; and
- up to five (5) acres for commercial purposes.
without a foreign investment licence.
However, purchasing land in Tobago and in excess of the stipulated acreages mentioned above in Trinidad, the foreign investor must obtain a licence to purchase.
Transaction Costs:
- Attorney fees are vary in accordance with the value of the actual mortgage.
- Titles and Searches on properties cost approximately TT$2,000 and TT$3,000.
- Valuation Reports conducted by Terra Caribbean are usually 0.25% of the value of the property plus 12.5% VAT. Special cases apply where the property value is below a particular threshold.
- Stamp Duty
The Stamp Duty on Residential Property (with a house) varies as follows:
|
Value of Property
|
Applicable Rate
|
|
Up to $850,000 = $0
|
0%
|
|
$850,001 - $1,250,000 = $12,000
|
3%
|
|
$1,250,001 - $1,750,001 = $25,000
|
5%
|
|
Over $1,750,000
|
7.5%
|
The Stamp Duty on Residential Land is as follows:
|
Value of Property
|
Applicable Rate
|
|
Up to $450,000 = $0
|
0%
|
|
$450,001 - $650,000 = $4,000
|
2%
|
|
$650,001 - $850,000 = $10,000
|
5%
|
|
Over $850,000
|
7%
|
The Stamp Duty on Commercial Property (Land and/or Building) is as follows:
|
Value of Property
|
Applicable Rate
|
|
$0 - $300,000
|
2%
|
|
$300,001 - $400,000
|
5% on full amount
|
|
Over $400,000
|
7% on full amount
|
The Stamp Duty on Agricultural Land (more than 1 acre) is as follows:
|
Value of Property
|
Applicable Rate
|
|
Up to $450,000 = $0
|
0%
|
|
$450,001 - $650,000 = $4,000
|
2%
|
|
$650,001 - $850,000 = $10,000
|
5%
|
|
Over $850,000
|
7%
|
Agricultural Land less than 1 acre is exempt from Stamp Duty.
