Frequently Asked Questions

Yes, unless you are in possession of cash to purchase the property, you must be fully approved by a financial institution(s) in order to view and make an offer on a property of your choice. If you are interested in starting this process give us a call, message or email and we will provide the required resources.

You can add a listing on our website, contact us at 771-3333 or 771-8899 or via email deed2deedtt@gmail.com. We can arrange a site visit of your property and specifics of our contract. Our listing period is usually 3-6 months depending on the property and client needs.

Our commission rate is 3% for properties valued at 1 million and above and 5% for properties valued less than 1 million. For rentals the commission is first month’s rent. Short term rentals would be 10% of the income earned during that period. For commercial properties deposits are usually 20% 

A deposit is made to secure the property the buyer is interested in and capable of purchasing. When a deposit is made on a property, the property is taken off the market and is made unavailable to other potential buyers. At this point the buyer and vendor enter into a legally binding agreement with specified terms and conditions to be satisfied by both parties signifying the start of the sales process. If these terms and conditions are not met by the vendor, the deposit will be refunded to the buyer. In an instance where the buyer fails to meet the agreed terms, the deposit is forfeited.

For residential properties the standard deposit is 10% of the accepted price of the property. In some instances the vendor may accept less.

Upon the purchase of a leasehold property, ownership will be granted to the owner for a stipulated or remaining amount of time such as 999 years or the remaining of a 999 year lease with the opportunity to renew at the end. It is common for gated communities, townhouses, apartments and condos to be leasehold properties. Upon the purchase of a freehold property, ownership will be granted perpetually. 

Having a valuation done from your financial institution’s panel of valuators is strongly recommended as it justifies your asking price and significantly reduces the time your property is on the market. In some instances it can also reduce the closing time for the sale process with the document already on hand.

The buyer(s) will need to have these documents in order to begin the pre-approval process and sale process:

  • 2 Forms ID
  • Confirmation of Savings
  • Job Letter
  • Recent Pay Slip
  • If self-employed, evidence to support income ie 12 months bank statements
  • Builder’s Risk and Home Insurance Coverage
  • Know Your Client Form
  • Proof of Address
  • Source of Funds Declaration Form

Buyers who do not reside in Trinidad and Tobago will need to provide the following to their financial institution

  • 2 Forms Valid ID (to be notarized)
  • Trinidad & Tobago to provide confirmation via Birth Certificate and / or T&T Passport or ID Card
  • Job Letter (to be notarized)
  • Copies of Filed Income Tax (at least 2 years) (to be notarized for)
  • Credit Report

The vendor(s) is obligated to provide the following:

  • Deed of the property in the vendor’s name(s)
  • Land and Building Taxes
  • WASA Clearance Certificate
  • Valid Valuation Report
  • Regional Corporation Approval
  • Covenants, Conditions, and Restrictions (If Applicable)
  • Share Certificate ( in the case of Townhouses/Apartments)
  • Paid Up to Date Utility Rates
  • Completion Certificate
  • Land Survey Report (If Applicable)
  • Lease Rent Fees Paid Up to Date (If Applicable)
  • Letter of Consent to Sell (If Applicable)
  • Power of Attorney (If Applicable) 

The only expense the vendor bears during the sales process are:

  • Preparation of the property for sale; this includes but is not limited to painting, power washing, renovations etc.
  • Valuation for aid in the determination of the asking price
  • WASA Clearance Certificate, Land and Building Tax paid up to 2009, any outstanding bills utility or otherwise
  • Commission owed to your real estate agent upon closing of the sale

Vendors sometimes prepare the Agreement for Sale, fees associated with obtaining documents to facilitate the sale

The purchaser would bear the cost of the following:

  • Deposit to take the property off the market
  • Legal fees associated with the sale and closing of the sale
  • When the vendor does not provide such, a valuation is necessary
  • Stamp Duties – first time home buyers are exempted from stamp duties for properties valued at $1.5M and under
  • Property Insurance
  • Moving Costs

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