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The_Honourable wrote:Not a problem once 1. you are the owner identified in the Certificate of Title (CT), and 2. You have the original CT in your possession.
You go to a lawyer who will create an agreement under RPO law titled (stand to be corrected) a Memorandum of Transfer. Once the parties sign, the document together with the original CT will be registered at the RPO (now RPA) section of the Registrar General Department, Port of Spain. A sum determined by the attorney on the property will be paid to the land assurance fund (a compensation fund and similar to stamp duty). Once no queries are identified, an endorsement under the memo identified in the document will be made behind the CT stating the new owner. Process usually takes three months for the endorsement to be successful at the RPO/RPA office.
Subdivision is not a problem. A new CT will be generated once the subdivision is successful and sold. The parent CT will just show as an endorsement that part of the lands was sold to the new owner under CT number Volume 123 Folio 456 etc.
I'm not an attorney but i'm familiar with RPO docs as i have in my possession. You need to go to an attorney to clarify and confirm.
ProtonPowder wrote:According to general estimates, conveyance costs under new law are ~0.8% of the market value of the parcel.
It will need a fresh valuation, which is an additional cost of 0.25-0.33% of the market value, as well as stamp duty, applicable if residential land alone >450k, or house and land >850k.
shake d livin wake d dead wrote:ProtonPowder wrote:According to general estimates, conveyance costs under new law are ~0.8% of the market value of the parcel.
It will need a fresh valuation, which is an additional cost of 0.25-0.33% of the market value, as well as stamp duty, applicable if residential land alone >450k, or house and land >850k.
Stamp duty takes effect when cost of land is 500k or more
Ghisyawan wrote:Can anyone advise on the following: I have a parcel of RPO land that is on my name as well as my father’s name as JOINT TENANTS. He executed a Memorandum of Transfer but was unable to have the MOT registered since he died. Can this be considered as remaking the tenancy and can the MOT still be executed?
Ghisyawan wrote:Thanks for the info
His intention was to transfer his 50% share to someone else. Does the preparation of the MOT confirms that he has severed the tenancy ?. There is no court order and the land is 6,000 sq. Feet. I can confirm that there are no new endorsements on the CT
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