We will conduct all searches for properties that work with your criteria and will suggest a number of options to satisfy your housing & lifestyle needs, including types of property, different neighbourhoods, types of amenities, and layout configurations.
- Buyers should seek pre approval for a mortgage before you start looking
- If you are not a Trinidad and Tobago national, a license to own property in Tobago will be required prior to purchasing.
- Evaluate your budget – know what you want to spend as well as monthly expenditures (i.e.; maintenance or common charges, monthly mortgage payment, utilities, etc) and cater for closing costs (i.e.; Searches, Legal fees, Stamp Duty, Mortgage Fees, Valuation Fees)
- Select an attorney. Generally, in a sales transaction, an attorney represents each buyer and seller
- Prioritise your needs – space, views, amenities, etc.
- Identify your timeline for moving
- Explore different neighbourhoods to identify your preferred needs
- Evaluate amenities in terms of your needs (i.e.; if an apartment building ; pet policy, storage facilities, etc.)
- Find a home. Depending on your criteria this could be anywhere from 1 week – 2 months
- Research recent sales of comparable properties
- Ask when last work was done on the home and if the work was anything major
- Inspect the home or get an estimate for any future work that you’d consider doing to the home (renovations, etc) – hire a professional
- Provided you have found a suitable home, make an offer on the home once you have spoken to a bank/ mortgage broker (if financing)
- Your offer will be placed through your agent, who will intern present your written offer to either the seller’s agent or to the seller directly. The seller may “counter” your offer. Which may lead to further negotiation until you booth meet at a suitable price and terms.
- After your offer is made a sales agreement would then be drawn up and signed by both the buyer and seller. At the time you will usually be required to present a deposit of 10% of the purchase price
- The buyer’s attorney would then do a Title Search at the Land Registry Department to make sure the seller has a proper title
- The attorney applies for a Certificate of Assessment at the District Revenue office. This confirms the seller is the legal owner of the property along with identifying WASA lines on the land
- The seller applies for a WASA clearance which confirms that the seller doesn’t owe any payments to WASA
- The Board of Inland Revenue is given the Deed of Memorandum of Transfer, the valuation, utility rates, land and building tax receipts for assessment
- The buyer’s attorney arranges the disbursement of funds to the vendor. Both parties sign and execute the Deed/Memorandum of transfer
- The signed Deed/Memorandum of transfer is submitted to the Board of Inland Revenue where stamp duty is paid by the purchaser and the document is stamped
- The Deed/Memorandum of transfer and the original duplicate Certificate of Title are submitted to the Land Registry Department for registration
- The Land Registry Department prepares the form to show change of ownership for the purpose of property taxes.
The typical timeframe for the entire process is 90 days.