Transferring Property in Trinidad and Tobago" width="450" height="238" />Transferring Property in Trinidad and Tobago" width="450" height="238" />
In Trinidad, property is held either under the Common Law – through a Deed with a Deed Number – or under the Real Property Ordinance – through a Certificate of Title.
The difference between the two methods is mainly procedural and an attorney-at-law will be able to explain the necessary intricacies depending on your requirements.
However, the most transactions involving property involve transfers of one kind or the other, sometimes with monetary consideration and sometimes without.
3) Following a Grant of Probate.
4) Under the terms of an Order of the Court.
The format of the appropriate transfer is a matter for your attorney-at-law and does not differ substantially save and except that sales involve stipulating a sum to be paid, grants of probate need to be properly recited as must any Court Order.
The most common transfers are either gifts or sales.
Usually, the parties enter into a written agreement for the sale of land which stipulates conditions to be satisfied prior to the transfer of title, the quantum of the sale and the down payment which is to be paid. Furthermore, the agreement will also detail the time period for the completion of the sale.
For Deeds of Gift, an agreement is rarely done.
It is always advisable to do a search on any property to ensure that there are no outstanding issues with respect to title and any judgments against the owners. These are quite often major stumbling blocks and should be clarified at the earliest.
There is a tendency for those transferring property by Gift, to dispense with this step. This may be a false economy as title problems may pose a risk to the recipient.
The time period between the signing of the Agreement for Sale and the signing of the Deed itself is usually used for the completion of a title search.
Deeds of Gift always require a valuation to be done in writing and submitted to the Board of Inland Revenue.
The value of your land or the price at which it is being sold determines your legal fees as well as any Stamp Duty that may be payable.
A valuation must be done by a proper valuator and usually involves a site visit and photographs are taken of the site.
It should be noted, while a valuation is required, the State – through its appropriate agency – can opt to value the property themselves if dissatisfied with the valuation you submit.
Stamp duty is a tax paid to the State and depends on the value of your land.
There are exemptions for residential land up to a value $450,000 in value and for buildings and land, up to a value of $850,000.
The quantum of Stamp Duty is scalable and your attorney-at-law will be able to advise you of your costs.
If you wish to do a transfer of property, seek legal advice and ensure that you have title to the subject property.
Your lawyer will play a key role in ensuring the smooth transfer of property and will be able to advise you on teach step.
If you desire to make a property transfer, seek legal assistance and the process will proceed smoothly.
