Land Prices

[rspann]

TT Real Estate Laws

Legal Advice
It is advisable to hire a lawyer although this incur additional expense. An experienced real estate lawyer can help you evaluate offers (those with a variety of conditions), protect your interests throughout the entire transaction, act as an escrow agent to hold the down payment, evaluate complex mortgages and/or leases with options to buy, review contracts and handle your home's closing process. They can also tell you what things, by law, you must disclose to buyers prior to a sale and can also help you avoid inadvertently discriminating against any potential buyers.
Land Title Systems
In Trinidad & Tobago there exists two systems of land law. One commonly referred to as the "Old Law" system and the other a system of registered land titles under the Real Property Ordinance (R.P.O.), Chapter 27 No. 11 of the Laws of Trinidad and Tobago.

The R.P.O. system of conveyancing is based on the well known Torrens System (named after Sir Robert Torrens) which sought to abolish the necessity for Title Searches by providing that for every parcel of land under the system there should be a Certificate of Title. All dealings e.g. transfers; mortgages; leases or other encumbrances with respect to the particular piece or parcel of R.P.O. land must be recorded on the Certificate of Title. The title of a vendor therefore can easily be ascertained by looking at his Certificate of Title.

Under the R.P.O. system title is guaranteed by the State, and if someone is fraudulently deprived of his interest in R.P.O. land he can claim compensation under a land assurance fund.

Notwithstanding the particular advantages of the R.P.O. system and despite the fact that there is provision for lands under the Old Law system to be brought under the R.P.O. system most land in Trinidad and Tobago is still held under the Old Law system. This system is based primarily on English Common Law and has been modified from time to time by local statutes.


Estates in Land
An estate in land is a measure of the duration of the quantity of ownership or interest in land. An estate may be Freehold or Leasehold.
A Freehold Estate is an absolute interest in land capable of perpetual existence whereas a Leasehold interest is a term of years arising where property has been demised to a person for a certain number of years.

In transferring one's estate in land the form of document used will vary according to whether it is freehold or leasehold and also whether it is Old Law or R.P.O.

A freehold estate is transferred by a Deed of Conveyance (Old Law) and in the case of R.P.O. by a Memorandum of Transfer. A leasehold interest is transferred by a Deed of Assignment (Old Law) and in the case of the R.P.O. by a Memorandum of Transfer.

Although a leasehold interest is not of unlimited duration as is in the case of a freehold estate, it is not uncommon to find leasehold interests for periods such as 199 years or even 999 years.


Agreement for Sale
Although there is no requirement for parties to enter into a formal agreement for the sale and purchase of land, it is advisable to do so.

To be enforceable an agreement for sale must be in writing and signed by all parties. There is no prescribed form but the agreement must include a description of the property; the parties (i.e. the vendor and purchaser) must be identified and the purchase price or consideration must be stated.

Apart from these three essential elements the agreement will usually provide for a 10 % deposit to be paid by the Purchaser and for completion within 90 days. The terms of the agreement however are entirely within the control of the parties.


Title Searches
Once the agreement for sale has been signed the Purchaser's Attorney-at-Law must investigate the title to the property to ensure that the Vendor possesses a good marketable title. In order to ensure good title the Purchaser's attorney or his Title Clerk must undertake a search at the Registry of Deeds at the Registrar General's Department where all original deeds are lodged. An abstract of title will be prepared which consists of a list of all documents or events affecting the land and generally sets out the history of ownership of the land for the past twenty (20) years. The abstract of title will commence with what is called a root of title. The root of title must be at least twenty (20) years old. From the root of title to the present all documents found must form an unbroken chain ending in the vendor. All mortgages found in the chain must have corresponding releases.

In many cases a vendor may enter into an agreement to sell land which is still subject to a mortgage. In such a case the vendor must provide a copy of the release of the mortgage executed in escrow by the Lender together with a statement from the Lender as to the amount required to effect the release as well as a note of the its Attorney's fees for preparing the release. Once these things are presented the Purchaser's Attorney may withhold from the balance of the purchase price an amount required to liquidate the mortgage and settle the fees of the Attorney for the Lender.

Under the R.P.O. system title searches are much easier. It involves an examination of the endorsements made on the Certificate of Title. An investigation of these endorsements will quickly confirm who is the present owner of the land and whether there are any mortgages or other encumbrances affecting the land.

Apart from title searches the Purchaser's Attorney must ensure that there are no judgments registered against the vendor or any previous owner of the property for the past twelve (12) years. A judgment registered against a vendor will entitle the judgment creditor (the person who obtained the judgment) to apply to the Court for an order to sell the vendor's property to satisfy the judgment. This can be done even after the property has been transferred to a third party i.e. the Purchaser.

Title searches usually take between two to three weeks to be completed.


Transfer of Real Estate
In most cases the Purchaser's Attorney is responsible for preparing the relevant instrument of transfer. In other cases, such as where the Purchaser is taking a new lease of a property, the vendor's Attorney will prepare the instrument i.e. the Lease. In both instances however the Purchaser will bear the costs.

Once the title to the property is in order the relevant transfer document may be completed. Upon closing the vendor must provide the following documents:

Lands and Building Taxes receipt or House Rates receipts showing that the payment was made for the current year and that it was assessed in the name of the vendor;
Water and Sewerage Rates receipt for the current period;
Water and Sewerage Clearance Certificate confirming that there are no outstanding rates affecting the property;
Town and Country Planning Approval and a Completion Certificate in the case of recently built houses, or a sub-division approval in the case of recently subdivided lands;
Releases for all outstanding mortgages duly executed in escrow together with a statement showing the amount required to liquidate the mortgage and a note of the Attorney's fee for the preparation of the Release.

In the case of Leasehold Properties and Condominium/Townhouse Schemes the following additional documents may be required:

Lease rent receipt;
Lessor's consent to the assignment where necessary;
Current maintenance charges receipt where applicable;
Share Certificate in the name of the vendor evidencing the vendor's share(s) in the property management company;
Articles of Incorporation and By-Laws of the Management Company;
Duly executed Share Transfer.


Registration
It is only after stamping that the instruments may be registered. Under the Old Law System registration is not compulsory. A purchaser can show good title by producing his original executed deed. However it is advisable not only to have one's deed registered but also to have it registered expeditiously. Every deed that is registered has priority over all other deeds or conveyances of the same property and over all judgment creditors. It is provided by law that an unregistered deed shall be deemed to be fraudulent and void as against any other purchaser for value or mortgagee without notice of the unregistered deed. As a result a subsequent disposition of the same property once registered will rank in priority to the unregistered disposition even though the latter may be first in time.

Under the R.P.O. system the situation is quite different. Registration is mandatory. The Real Property Ordinance provides that no instrument shall be effective to pass any estate or interest in lands until registered under the Ordinance.

Once the instrument has been registered the purchaser's Attorney will usually prepare a Return of Ownership Form which the Purchaser must take to the Warden's Office or the District Revenue Office for the particular area in which the land is situated to have their records updated. The property will thereafter be assessed for Lands and Buildings Taxes in the name of the Purchaser.


Foreigners
The Foreign Investment Act of 1990 limits foreign equity participation in local companies to the extent that a foreign investor is permitted to own 100 percent of the share capital in a private company, but a license is required to own more than 30 percent of the share capital of a public company. The Foreign Investment Act also limits foreign ownership of land to one acre for residential purposes and five acres for trade purposes without a license. In the past, the government generally has freely granted waivers on corporate equity and land ownership restrictions. License applications are subject to review and approval/denial by the Ministry of Finance (in Trinidad) or Tobago House of Assembly (in Tobago).

In cases where no licence is necessary the Act provides that the purchase consideration must be paid in an internationally traded currency through a person authorised by law as a dealer in that currency (e.g. local banks). Further the foreigner and his Attorney must deliver to the Minister of Finance a Notice specifying the name and address and nationality of the investor, the date and registration particulars of the instrument by which he became owner and evidence that the purchase price was in fact paid in an internationally traded currency.

Note: The above information is not provided by way of legal advice and any person interested in purchasing or otherwise dealing with real property should contact an attorney-at-law for advice in relation to the specific matter or transaction.

When purchasing a property, one should be fully aware of all the hidden costs which WILL arise from the transaction.


Stamp Duties n accordance with the Stamp Duty Legislation in Trinidad & Tobago, a number of documents require stamping. Some of these include: Deeds of Conveyance; Deeds of Gift; Deeds of Mortgage; Release of Mortgage Loan; Release of Life Insurance Policies; Powers of Attorney; Transfer of Shares; Deeds of Lease; Deed Polls; Bonds – Performance and other wise; Deeds of any other kind.


WHERE AVAILABLE:

The Stamp Duty Section
Inland Revenue Division
Trinidad House,
Ground Floor, Edward Street
Port of Spain

South Regional Office
Cipero Street
San Fernando

Tobago Regional Office
Sangster’s Mall
Scarborough
Tobago.

STAMPING OF DOCUMENTS
All documents to be stamped are provided by the individual. Requisition Forms which are to be completed are available at the Stamp Duty Section.

Payments can be made by certified cheques, cash and LINX (Debit Card drawn on a T&T bank account).
Individuals should seek assessment of documents for stamping from the staff at the stamp duty section prior to completion of payment cheques.

Deed of Conveyance or Gift
This deed is used where residential property changes ownership. Residential Property is deemed to be land upon which a house has been built and used wholly or mainly for residential purposes.

WITH EFFECT FROM OCTOBER 1ST 2008, the stamp duty applicable on deeds executed for the transfer of residential properties will be as follows –

RESIDENTIAL PROPERTY (including dwelling house)

The sale or other disposal of residential properties valued at $850,000 or less SHALL BE EXEMPT from stamp duty.

The following rates of stamp duty SHALL BE payable on the sale or other disposal of residential properties (with dwelling house) whose values exceed $850,000:

For every dollar of the first $400,000 in excess of $850,000 – 3%
For every dollar of the next $500,000 – 5%
For every dollar thereafter – 7.5%
RESIDENTIAL PROPERTY (land only)

The sale or disposal of residential land valued at $450,000 or less shall be EXEMPT from Stamp Duty.

For every dollar of the first $200,000 in excess of $450,000 – 2%
For every dollar of the next $200,000 in excess of $650,000 – 5%
For every dollar thereafter in excess of $850,000 – 7%
N.B: RATES FOR COMMERCIAL / AGRICULTURAL PROPERTIES REMAIN UNCHANGED.

Once the appropriate stamp duty has been paid, as certified by an embossed stamp affixed by the Board of Inland Revenue, the original

transfer documents are lodged with the Registrar General’s Department and a registered copy will be delivered to the Purchaser as proof of his ownership of the land. The registration fee payable for the old law system is typically TT$100.00 and TT$50.00 for the R.P.A. system.

Deed of Residential Mortgage
This deed is used in the purchase and/or construction of a residential property. Property valued up to $315,000 are exempt from stamp duty.

Where the value exceeds $315,000 stamp duty is payable on the full amount at the rate of 50¢ for every $250.00 or part thereof.

Bonds
Performance Bonds are stamped at the rate of 50¢ for every $250.00 or part thereof.

Estate Bond
The stamp duty on an Estate Bond is at the fixed rate of $10.00

Tender Bond
The stamp duty on a Tender bond is at the fixed rate of $25.00

Transfer of Shares
When shares are being transferred the Company’s Auditor must be provide a Valuation Report.

The stamp duty charged is the greater of – 5% of the value of the shares transferred or 5% of the consideration given, where the company is registered on the Stock Exchange. Where the company is not registered on the stock exchange, the stamp duty charged is the greater of – $5.00 per $1000. of the consideration given or $5.00 per $1000 of the value of the shares transferred.

Source: Ministry of Finance

[*KRONIK*]

Good info spann

[matr1x]

You would be surprised how many rpo lands have people attempting the make a separate deed for house and sell the house alone

[The_Honourable]

You would be surprised how many rpo lands have people attempting the make a separate deed for house and sell the house alone

Is it illegal? People could forge and get thru? RPO registry at legal affairs POS does accept that? I would like to think if the owner selling the house, the land must go with it and the updates on the Certificate of Title (CT)?

I'm also thinking you can't interchange between CT and Conveyance deeds?

[matr1x]

People doh check and when time to sell they find out is rpo land and their deed invalid. If the sale goes through correct channels, this scam is discovered

[The_Honourable]

People doh check and when time to sell they find out is rpo land and their deed invalid. If the sale goes through correct channels, this scam is discovered

ahh! Thanks bro

[matr1x]

In a case where a deed for a house is held and the land is not yet rpo approved, but is eventually done, there are 2 options

1) owner of house can offer the land rpo owner to buy the land
2) the land owner can offer to buy the house.

One way or another, on rpo lands a separate deed for a house with a different owner cannot exist

[sinister_14]

Any one has land in marabella or claxton bay for sale...

[francis1979]

Can you provide guidance on purchasing pre-approved land?

Things that can be checked to minimize risk

[urbandilema]

Can you provide guidance on purchasing pre-approved land?

Things that can be checked to minimize risk

Read above op u go see the info

[supernedd]

land prices will go down soon, people generally not spending again, so in time sellers will have to drop their prices

we in 2018 . i see no difference in price. sigh . i hate this place

[supernedd]

This was the same misconception that partly lead to the housing bubble in America in 2008.They said property prices will never go down and in fact it did.

I being a property owner will hate hearing the price of my property depreciates but that will be the reality 3mths ,6mths and 1 year and beyond from now.

Trinidad financial crisis with respect to lol oil prices may be a new normal .Multinational companies are actually packing up for good because they cannot make a decent return on their investment, remember they were here to make a profit and they dont see prices going up in the near future .Foreign investment have stop and foreign exchange saving are being depleted .

Real tough times are ahead but we have to see the sliver lining behind the dark cloud.We as an economy have failed to diversify away from oil and gas,we have failed to expand on our down stream industry ,
But the economy has to reset itself. The hike in forex will make import more expensive thereby pushing up the prices of foreign goods making local product cheaper ...

Farming may be a good business venture because the price of local produce will be in greater demand.

trinis too lazy to farm

[supernedd]

Well we all understand and how our economy is shaping we our children become adults pressure for them.my dad paid 150k where we live in the heart of sando on the late 90s and the same every area where he grow up goes to 500k.so imagine the rate wen our kids and he future have build their homes and family.i rather take the pain of the bank than let the future generation be in fear.

same thing i does be telling all my friends .. they always coasting n say nah that land too far although it cheap .. i say 10yrs from now when u kid is an adult . all over will be populated n that land value will reach the sky . n u would vex u aint get piece

[supernedd]

There are still deals if you really look. The thing is most people want land in the already built up areas, which is mostly expensive. Look just outside the built up areas and often you get some cheap deals. A village or town grows from its outskirts, so any land you buy now is sure to be valuable in the next few years.
I bought land for peanuts years ago that can be sold for top dollar today. It just takes a little patience. Good examples are Aranguez and Joyce Rd, Chandanergore and Penal.. A few years ago land was $20g to $40g per acre ,now it's almost a million in Aranguez per lot, and $500g per lot in the other two areas. Men who bought five to ten years ago, rolling in cash now.

Hmm still wished it was me who invested those years ago..wen I finished school I end up changing fields during that time and most of my cash end up in exams as well being unknown of how dark the future had become.i was young and foolish.how u say the outside village to a town will be increasing in growth and eventually on time become built up..
Great advice u said though wish I had time travel

me too .. i now start to see some money n land price in fairly busy areas . d price out of my reach . i need a time machine. lol

[supernedd]

govt jus need to build proper roads to all areas .. bet all over will be busy . lol .. cause almost everybody have a vehicle

[SNIPER 3000]

One lot for sale in Cedros, cheap, pm me if you interested.

[blitzer]

I think some people are charging very ridiculous prices for their land. I think in this country there should be some measure of price regularising and control with regards to goods and services. Honest and hard working people are being left at the mercy of these unscrupulous persons. We ALL realistically deserve to be able to own property without having to pay for it for the rest of our lives. It should not be an entitlement to select individuals, whom in most instances boast that they have acquired it through hard work. We all work hard in our respective endeavours and fields. What really differentiates us as human beings in terms of success in my simple view is LUCK.

[urbandilema]

I think some people are charging very ridiculous prices for their land. I think in this country there should be some measure of price regularising and control with regards to goods and services. Honest and hard working people are being left at the mercy of these unscrupulous persons. We ALL realistically deserve to be able to own property without having to pay for it for the rest of our lives. It should not be an entitlement to select individuals, whom in most instances boast that they have acquired it through hard work. We all work hard in our respective endeavours and fields. What really differentiates us as human beings in terms of success in my simple view is LUCK.

Always remember Trinidad is a very corrupt place and lastly "supply vs demand"

[ProtonPowder]

I think some people are charging very ridiculous prices for their land. I think in this country there should be some measure of price regularising and control with regards to goods and services. Honest and hard working people are being left at the mercy of these unscrupulous persons. We ALL realistically deserve to be able to own property without having to pay for it for the rest of our lives. It should not be an entitlement to select individuals, whom in most instances boast that they have acquired it through hard work. We all work hard in our respective endeavours and fields. What really differentiates us as human beings in terms of success in my simple view is LUCK.

Things to note:
Trinidad is a tiny country, not much land, small finite supply in places you actually want to live.

Land/real estate is a fantastic way to launder money. You could take a 1 lot with a 140sqm house and charge 2M for it in the middle of rural nowhere. Stamp duty go realise something wrong, send it to valuations in ministry of finance but charge you stamp duty on the 2m anyway, no criminal investigations.

People can ask for anything they like. Cost, value and price are 3 very different things when dealing with sales, and extremely true for house/land.

Local mortgage lenders nowhere near as reckless as american ones. People get foreclosed on sometimes, but that nonsense about subprime lending and reselling debts dont really happen here as overtly. Property bubbles wont collapse.

Finally: and my favourite: Stamp duty/valuations not that smart. They using very inflated comparables for their reports, and just driving up "accepted" land prices by the month. They dont do this intentionally, they just dont think very mathematically at all.

[urbandilema]

I think some people are charging very ridiculous prices for their land. I think in this country there should be some measure of price regularising and control with regards to goods and services. Honest and hard working people are being left at the mercy of these unscrupulous persons. We ALL realistically deserve to be able to own property without having to pay for it for the rest of our lives. It should not be an entitlement to select individuals, whom in most instances boast that they have acquired it through hard work. We all work hard in our respective endeavours and fields. What really differentiates us as human beings in terms of success in my simple view is LUCK.

Things to note:
Trinidad is a tiny country, not much land, small finite supply in places you actually want to live.

Land/real estate is a fantastic way to launder money. You could take a 1 lot with a 140sqm house and charge 2M for it in the middle of rural nowhere. Stamp duty go realise something wrong, send it to valuations in ministry of finance but charge you stamp duty on the 2m anyway, no criminal investigations.

People can ask for anything they like. Cost, value and price are 3 very different things when dealing with sales, and extremely true for house/land.

Local mortgage lenders nowhere near as reckless as american ones. People get foreclosed on sometimes, but that nonsense about subprime lending and reselling debts dont really happen here as overtly. Property bubbles wont collapse.

Finally: and my favourite: Stamp duty/valuations not that smart. They using very inflated comparables for their reports, and just driving up "accepted" land prices by the month. They dont do this intentionally, they just dont think very mathematically at all.

I like how u use finite..reminded me of a great movie which came out recent where the main villain snapped the whole universe to dust
Secondly totally agree I believe how it is going prices won't stay down.For example where I live with my parents the house and land was originally purchased at 150k and that's about 2 mins from the heart of San Fernando.Fastforward in time a neighbour sold his house due settling his divorce the house went for 1.5million..
Lastly the Realtors will be always be greedy people and Jack the price so there can get their cuts.Real estate has spread onto social media where it's easy to advertise but the prices have been overly and severely marked up.

[The_Honourable]

There are greedy realtors but for this downturn a lot of them had to humble themselves. Remember they want to get their commission as fast as possible so they would not want a property sitting on the market for months or even years.

Then we have the owners who are unreasonable even if the agent/s advise the owner to drop the price. If the owners not getting their way, they will just leave it unless they in some serious debt.

[matr1x]

I think some people are charging very ridiculous prices for their land. I think in this country there should be some measure of price regularising and control with regards to goods and services. Honest and hard working people are being left at the mercy of these unscrupulous persons. We ALL realistically deserve to be able to own property without having to pay for it for the rest of our lives. It should not be an entitlement to select individuals, whom in most instances boast that they have acquired it through hard work. We all work hard in our respective endeavours and fields. What really differentiates us as human beings in terms of success in my simple view is LUCK.

Sorry, but hard luck. What I choose to sell my land at is my business. My partner sell his 400k land for 1.2mil in less than a year. Dat is profit!!!