When Searching for Land For Sale in Trinidad and Tobago. When you are looking for a house and land for sale in Trinidad and Tobago, there are several factors that you need to take into consideration from the start. You would want this transaction to run smoothly, and in this article, we would give you an idea of what to expect when searching for land for sale in Trinidad and Tobago. Here are some of the things you need to look at:
- Processes for conveyancing transactions
- Issues concerning Foreign Investment.
- Systems of Land Title in Trinidad and Tobago.
- Taxes on the transfer or sale of real estate.
- Land Taxes and new laws of Trinidad and Tobago.
- Issues with the development of land and change of use.
Land for sale in Trinidad- Conveyance
Process of Conveyance of Land for Sale in Trinidad and Tobago.
The acquisition of Real Estate in Trinidad and Tobago is made formal and begins with the entering into a Sale Agreement.
The purpose of going into such an agreement is to give the Buyer a chance to carry out due diligence on the Land listed for sale, such as verifying the legal owner utilizing a Title search. By the laws of Trinidad and Tobago, a Sale Agreement must be made in writing and signed by both the Buyer and Seller.
While there is no specific form of the contract, a sale agreement usually contains:
- The legal Names of both Buyer and Seller;
- A detailed property description of the Land;
- The Purchase price of the Property/Land;
- The period to close contract (which is normally 90 days);
- all documents which the Seller is required to produce before closing; and
- any terms relating to the purchase and sale transaction.
Land for Sale in Trinidad -Finding the Right Buyer
If a Real Estate Agent is employed to find a suitable buyer for the Land, the agent often uses their agreement for sale. However, it is recommended that the Buyer ensures that the deal is reviewed by their attorney before it is signed off. Alternatively, the Buyer or Seller may engage the services of an attorney to prepare an agreement.
In this case, where a Real Estate Agent is used to procure a buyer, their commission on this transaction is usually 3-5% of the Selling price of the Land.
Documents Required For Selling Land in Trinidad and Tobago
For most of the transactions concerning conveyance, the Seller is required to procure the following documents for the Buyer and his/her attorney (where possible):
- The title of the report by which the Seller acquired the Land
- If the Land is registered under the Real Property Act, the duplicate original Certificate of Title will also be required;
- Duly executed instruments of the release of all outstanding mortgages on the Land;
- Current receipts and bills for WASA,
- Lands/Buildings Taxes and a WASA Clearance Certificate;
For Leasehold Properties (Land for sale Trinidad and Tobago) :
- Up to date receipts for rent of land and condominium charges; and permission of the lessor; and the Share Certificate of the Sellers’s interest in the management company;
- If the Seller is a company, a seled and signed and dated by-laws of the Company and the current Annual Return; and
- If the Land was recently developed by the Seller, the Final approval or Completion Certificate from the Local Regional Authority.