Leasehold Properties

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1. Rent receipt.
2. Lessor’s consent (where necessary).

Where consent of Lessor is necessary e.g. for State Leasehold properties: ((Consent from Commissioner of State Lands)
1. Copy of the Head Lease.
2. Copy of birth certificate or passport of the purchaser (indicating that purchaser is a citizen of Trinidad and Tobago).
3. Receipts for rates, taxes and ease rent.
In the case of State leases, the Commissioner of State Lands requires time to process applications for consents to assignments of leases, so this should be applied for promptly.

LEASE HOLD PROPERTIES
1. Rent receipt issued by the Lessor.
2. Lessor’s consent (where necessary).
3. For Leasehold Developments:
(i) Maintenance fees charges receiptor “service charges” receipt issued by the Management
Company and letter indicating that there are no arrears or outstanding charges to the date of
(ii) Original share certificate of lessee in the Management Company.
(iii) A copy of the Articles and Bye-laws of the Management Company.
In the case of some Leasehold Development Schemes, any unit being sold must first be offered to the other owners in the complex who have the right of first refusal. (Check and arrange)

OTHER DOCUMENTS THAT MAYBE REQUIRED
1. Where “development” of land has taken place. Final approvals from:
a. Town and Country Planning Division of the Ministry of Planning and Development
b. Water and Sewerage Authority
c. Local Authority or Regional Corporation
d. Other applicable approvals depending on type of “development”.

Note: Planning approvals and Completion Certificates are required for “development” on land which includes (inter alia) subdivision of land; and construction of new buildings or alterations
Approvals may also be required by other government agencies for certain types of activity e.g.
Certificate of Environmental Clearance required under the Certificate of Environmental
Clearance Rules 2001. A building engineer may advise on all necessary approvals for a
given project.

2. Death certificate of joint owner where necessary e.g. where vendor owner property jointly with his/her spouse and spouse is now deceased.
3. If any of the parties has appointed an attorney to act on his/her behalf, a copy of the relevant Power of attorney registered in Trinidad and Tobago.
4. If the vendor is acting as Personal Representative, (i.e. on behalf of the estate of a deceased person), The Grant of Probate or Grant Letters of Administration or other appropriate grant of administration in favour of the vendor issued by the Probate Registry.
5. If purchaser is a foreign investor, for the purpose of the Foreign Investment Act:

  1. copy of Purchaser’s passport showing country of citizenship; and (2) evidence (e.g. deposit slips) showing that purchaser’s payments were made in an internationally traded currency (e.g. US Dollars) through a licensed bank in Trinidad and Tobago.


  2. WHERE THE VENDOR OR THE PURCHASER IS A COMPANY
    1. The Certificate of Incorporation of the company.
    2. The Articles of the company.
    3. Notice of the situation of the company’s registered office.
    4. Notice of the company’s directors and secretary.
    5. Current Annual Return as filed in the Companies Registry.

COSTS AND PROCEDURES FOR PROPERTY CONVEYANCING
PROFESSIONAL CHARGES:
For preparing Conveyances of Mortgages:
(a) Where title of real property comprised therein is investigated and deduced, the following scale of charges shall be applicable:

Consideration or amount secured
Not exceeding $100,000.00
Exceeding $100,000.00 and not exceeding $500,000.00
Exceeding $500,000.00 and not exceeding $20,000,000.00
Exceeding $20,000,000.00

Scale of Charges
11/2% of the consideration with a minimum fee of $400.00
1 1/2% of the first $100,000.00 and 3/4% of the consideration in excess of $100,000.00
The same charge as on a consideration of
$500,000.00 plus 1/2% on the excess beyond
$500,000.00
The fee charged shall be calculated by

(b) Where title to real property is not investigated or deduced, one-half only of the above fees shall be charged
One-half of the mortgage fee will be charged by attorneys in transactions in which the same attorneys are preparing both the assurance and the mortgage.

The purchaser pays the conveyanCing costs and has the right to select the attorney. However, where there is to be a mortgage, the Mortgagee has the right to select the attorney to handle the mortgage. If the purchaser is prepared to use the same attorney as the Mortgagee, one-hall the mortgage fee will normally be charged. (Discuss this with the attorney before hand). It is up to the purchaser to decide if his best interest will be served in such circumstances:
usually there is little chance of persuading mortgage institutions to vary their established mortgage contract terms, so no conflict of interest should arise, and time will be saved.

As regards the vendor, it is not essential for him to appoint his own attorney to handle the transaction on his behalf and he can thereby avoid any legal costs. However, it is not unusual, and indeed we would recommend, that the vendor have his own attorney prepare or revise the Contract for Sale, as if there is a default by the purchaser or any dispute, his attorney may be at a disadvantage in not having been in the picture from the start. The attorney may make a small charge for the preparation or revision of the Contract for Sale but where he is involved in acting for the vendor to see the transaction through to its completion, he may charge up to half the conveyaflcing fee.
Fees for preparing Release of Mortgage, Debenture or Charge, (Paid for by the vendor) the following scale of charges shall be applicable:

Amount Secured
Not exceed $25,000.00
Exceeding $25,000.00

Scale of Charges
$250.00
The same charge as where the amount secured does not exceed $25,000.00 and also $15.00 for every $5,000.00 or part thereof of the amount secured in excess of $25,000.00 up to a maximum fee of $1 0,000.00
Management company Share Transfer Fee - determined based on value of share (For purchaser’s account)

STAMP DUTIES: (Paid by the purchaser)
On Conveyances for Residential Properties:
i) Values up to $450,000.00 - exempt
(ii) 5% on the next $100,000.00
(iii) 7.5% on the next $100,000.00
(iv) 10% on the amount in excess of $650,000.00

Stamp Duty On Property priced at”
$400,000 = $5,000 $500,000 = $12,500
$600,oo0 $22,500 $700,000 = $32,500
$800,000 $42,500 $900,000 = $52,500

Where a property is being sold with furniture, appliances, air-conditioning units etc., it is advisable to deduct the value of these from the property value as no stamp duty is payable on these items.

On Conveyances for Non-Residential Properties:
(i) Sale price under $300,000.00 - 2%
(ii) Sale price $300,000 to $400,000.00 - 5% on entire amount
(iii) Sale price over $400,000.00 - 7% on entire amount

On Mortgages and Mortgage Bills of Sale - 0.4% of mortgage loan consideration. On residential properties only there is no Stamp Duty on mortgages up to $315,000.00. On mortgage loans exceeding $315,000.00, where the property involved is or includes a dwelling house, the Board of Inland Revenue has discretion to charge stamp duty at 0.2%.

On Releases - $0.25 per $500.00 or part thereof.

Management Company Share Transfers - $5.00

Title Search Fee - (approximate) RPO title usually about $300.00. Others $500.00 to $1 000.00

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