My Fleep:
Real Estate
Real Estate
Buying Property in Trinidad and Tobago
Overseas buyers searching for luxury property in the
Caribbean should take a good look at Tobago. This small
island has so many benefits that overseas investors have
been buying land in Tobago at an alarming rate. The
Trinidad and Tobago Government have now started a licensing
system to monitor international buyers so that the small
island does not become so expensive that local people could
not buy property on their island. So why is Tobago so
popular?
Tobago is still an unspoilt place of natural beauty eco
tourism alongside beach holiday is part of its attraction.
Real estate in Tobago is still relatively inexpensive
compared to islands such as Barbados for example. The
tropical climate, easy access and strong, well-rounded
economy combine to make it one of the best investments in
the Caribbean.
The process of buying land and property in Trinidad and
Tobago is straightforward and similar to many other
Caribbean nations. Foreigners and foreign companies may
purchase up to one acre of residential land and/or up to
five acres of commercial land without applying for a
license. Any purchases over these amounts and you must
apply for an Alien Landholder License through the
government.
When you find your desired property and agree on terms with
the seller, you both sign a Sales Agreement. The buyer pays
a 10% deposit to be held in escrow and the contract is
binding on both parties. Traditionally the final payment is
paid on closing 90 days from the signing of the Sales
Agreement to allow time for all the necessary searches and
records work.
After signing the Sales Agreement, the buyer instructs a
local lawyer to perform a title search. At the same time,
your lawyer should conduct a record search from the
utilities and Water and Sewage Authority (WASA) and make
sure all taxes are paid. Getting clearance from WASA is
probably the longest part of this process, and can take as
long as six weeks. It will also cost TT$ 575 for the
certificate. Once the title of the property is verified and
all records checked, you may proceed to closing.
Closing Fees include a Stamp Duty, any legal fees,
typically 1-2%, and insurance costs for the dwelling. A
Memorandum of Stamp Duty should go to the Board of Inland
Revenue for assessment of Stamp Duty prior to closing so
you will know how much to pay. After closing you take the
memorandum to the Board of Inland Revenue and pay the duty.
Upon payment, the Memorandum of Transfer is stamped and you
can now present this for registration with the Land
Registry.
The Land Registry prepares a Return of Ownership form,
showing change in ownership for paying property taxes. This
document is filed with the District Revenue Office and you
are done
----------------------------------------------------
Nicholas Marr is a lifetime property investor and CEO of
Marr International Ltd a UK based property marketing
company that is responsible for the international real
estate web site at http://www.homesgofast.com
Overseas buyers searching for luxury property in the
Caribbean should take a good look at Tobago. This small
island has so many benefits that overseas investors have
been buying land in Tobago at an alarming rate. The
Trinidad and Tobago Government have now started a licensing
system to monitor international buyers so that the small
island does not become so expensive that local people could
not buy property on their island. So why is Tobago so
popular?
Tobago is still an unspoilt place of natural beauty eco
tourism alongside beach holiday is part of its attraction.
Real estate in Tobago is still relatively inexpensive
compared to islands such as Barbados for example. The
tropical climate, easy access and strong, well-rounded
economy combine to make it one of the best investments in
the Caribbean.
The process of buying land and property in Trinidad and
Tobago is straightforward and similar to many other
Caribbean nations. Foreigners and foreign companies may
purchase up to one acre of residential land and/or up to
five acres of commercial land without applying for a
license. Any purchases over these amounts and you must
apply for an Alien Landholder License through the
government.
When you find your desired property and agree on terms with
the seller, you both sign a Sales Agreement. The buyer pays
a 10% deposit to be held in escrow and the contract is
binding on both parties. Traditionally the final payment is
paid on closing 90 days from the signing of the Sales
Agreement to allow time for all the necessary searches and
records work.
After signing the Sales Agreement, the buyer instructs a
local lawyer to perform a title search. At the same time,
your lawyer should conduct a record search from the
utilities and Water and Sewage Authority (WASA) and make
sure all taxes are paid. Getting clearance from WASA is
probably the longest part of this process, and can take as
long as six weeks. It will also cost TT$ 575 for the
certificate. Once the title of the property is verified and
all records checked, you may proceed to closing.
Closing Fees include a Stamp Duty, any legal fees,
typically 1-2%, and insurance costs for the dwelling. A
Memorandum of Stamp Duty should go to the Board of Inland
Revenue for assessment of Stamp Duty prior to closing so
you will know how much to pay. After closing you take the
memorandum to the Board of Inland Revenue and pay the duty.
Upon payment, the Memorandum of Transfer is stamped and you
can now present this for registration with the Land
Registry.
The Land Registry prepares a Return of Ownership form,
showing change in ownership for paying property taxes. This
document is filed with the District Revenue Office and you
are done
----------------------------------------------------
Nicholas Marr is a lifetime property investor and CEO of
Marr International Ltd a UK based property marketing
company that is responsible for the international real
estate web site at http://www.homesgofast.com