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 [email protected] 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:
Buyers who do not reside in Trinidad and Tobago will need to provide the following to their financial institution
The vendor(s) is obligated to provide the following:
The only expense the vendor bears during the sales process are:
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: