How to buy land in Central Trinidad
Central Trinidad is another good option if you are looking for a place to buy your properties. Both locals and foreigners find this area stable because of the rising economy, carnival festivals, and major shopping areas. When looking for land for sale in Central Trinidad, there are certain things you have to keep in mind for your peace of mind. A fast developing area is between Soogrim Trace, Endeavour, and Price Plaza Chaguanas. There are also outlying areas such as Lange Park and Caroni Savannah Road, which is also a good investment. There are also very reasonable plots located between Freeport and Gasparillo for both residential and agricultural.
Establish the Vendors’ Right to Sell the Land
When looking for land for sale in Central Trinidad, there can be registered or unregistered parcels of land. If the property is unregistered, the seller must present a proper title to the land in order to conduct a search. The sale can be made by a registered deed when an investigation, usually by an attorney, is done to the sellers’ title. When conveyancing is done- meaning to transfer to land to the new owner, the property must be registered with the registrar general who would provide a certificate of title to the property. Endorsements then pass this title on the document itself, which is sufficient evidence of the person who as ownership or title of the property.
If you are an ex-pat that would like to purchase land, you can use your time here for vacation, but you are only allowed up to 3 months with or without your visa. It depends on the area you are from. You can also apply for an extension if you wish to move to the island.
Foreigners must apply for a development license.
For foreigners who want to invest in more than 5 acres, you should apply for a development license. The process is usually done through the Tourism Development Company (TDC). If this is your first time buying land in Central Trinidad, the company will assist you in understanding and knowing the fiscal incentives that you can avail of. Some ex-pats find this challenging, as applying for a license does not always mean that you will be approved. There are instances of rejection, and it depends on certain factors considered by TDC.
Agreement between you and the seller
An agreement between you and the seller must be made before you make any payment, especially in terms of pricing. If the purchase agreement is required, and you will need a 10% deposit to be taken as an escrow. This amount will be reserved and is usually deducted to the total price of the property you are going to acquire. The typical Sales Agreement in Central Trinidad states that you and the seller have 90 days to work on everything to close the sale.
It is also essential to determine that the seller has paid all rates (usually water) and taxes. It is also highly recommended that the buyer does a site visit of the property to do a physical inspection to ensure that no other persons are occupying the land with rights over it.
Finally, when making the purchase agreement between the buyer and seller, which is usually done by an attorney, there is a deposit of ten percent given as consideration. This is generally required to enter into a purchase agreement. At which time, the buyer will have a timeframe of ninety days to pay the balance of the value of the property. This deposit is usually lost if the purchaser does not complete the sale owing to his own fault. However, it must be returned if the vendor is found to have a “bad” title to the property.
Preparing your documents for the sale
Before you can acquire land in the area, you have to make sure that you have the papers you need. You should keep the original ones since brokers and realtors require you to present your original documents. You also need copies of them when submitting the necessary files during the drafting of the sales agreement. When preparing for the document, you can also consider hiring a lawyer or someone whom you can consult to legally. With the help of a professional, you can ensure that the property you are about to acquire does not bear any encumbrance. So, if you can invest in legal fees, it’s better for your peace of mind.
There is a lot of land for sale in Central Trinidad, but you have to be careful during the buying process. You will invest money, time, and effort to make sure that everything is smoothly transacted. After that, you can already enjoy the benefits of living on the island.
- 2,024,366.00|2,024,366.00 2,024,366/2024366
- 2,024,366.00|2,024,366.00 2,024,366/2024366