Purchasing a New Home

Deciding to buy a home or property is one of the most important decisions you will ever make. We can assist you through the important steps in purchasing your home. Before you start looking at properties it helps to sit down and think about what type of property you wish to purchase ( residential/ commercial/ land), your purchasing ability to do so & how to get pre-qualified with a financial institution.

After getting yourself pre-qualified & concreting a transaction, most financial institutions generally require from you, copies of the following:-

• Signed Agreement of Sale together with the proof of the down payment made ( held in Escrow)
• Copy of Deed/ Certificate of Title
• Valuation Report ( If available)
• Updated lease receipts for leased lands or gated compounds (If Applicable)
• Up to date Land and Building Taxes (2009) & Up to date Wasa Bill with payment receipt
• Certificate of Payment & an updated Wasa Clearance Certificate
• Up to date T&Tec Bill with payment receipt
• Two forms of Valid Identification
• The Redemption Statement - The Mortgagee's Statement of the amount required to release the existing Mortgage if the property is currently mortgaged
• Completion Certificate for the Property ( If applicable)
• Copies of the Death certificate, Will & an agreement to sell a property will also be required if one of the named individuals on the deed has passed

First Time Home Owners:-

First time home buyers should always look at their financial options available & the interests rates offered. Your Loan documents must be read carefully as they state a list of all conditions that must be met before a home is purchased.

Getting the Mortgage

Attaining a mortgage is the first step in the process of acquiring a home. Once a simple task that meant comparing fixed rates from among various loan companies; the mortgage hunt can be quite a task! There are many types of loans available through mortgage brokers, bankers, lenders, credit unions and finance companies.

Property Valuation

Property Valuation is the process of estimating the value of the property. There are several methods utilized by Valuators to ascertain the value of one’s property. One of the most commonly used methods is the Sales Comparison Method. This approach utilizes data from the sales of similar properties to estimate the market value of a piece of real estate. Adjustments to the calculated value are made to account for specific defects or advantages in the property under consideration. Your financial institution normally has a list of valuators to select from.

To find out the true worth of your property we generally advise, when looking to sell, you have a valuation done by a valuator who is recognized by all major financial institutions in T&T

Closing Cost

The following are the closing costs involved in a transaction:-

1. The attorney’s fees for the deed of Conveyance which transfers the house to your name. It is based on the cost of the house and generally it is 1.5% on the 1st 100,000; .75% on the next 400,000 and .5% on the balance plus you have to add vat.
2. The Stamp duty on the deed of conveyance - Effective January 2021, all first time home buyers are exempt from stamp duties for properties valued up to TT$2M.

The following rates of stamp duty are payable on the sale or of residential properties (with a 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 is 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%

Commercial / Investment Property / Estates

1. The sale or disposal of commercial /investment properties/ estates valued from $300,000 & in excess of TT$400,000 ranges from 2% -7%
2. The attorney's fees for preparing the deed of mortgage- This is based on the amount of money you borrow. See (1) above.
3. Valuation fees (if a valuation has not been done, then your bankers will make a request to have one done ) it is usually between 1/3 to 1/5 of 1% of the value of the property plus 15% vat
4. Mortgage lending institution fee ( generally varies between 1/3 - 2% of the amount borrowed)
5. Mortgage Indemnity fee. The calculation of this depends on several circumstances, it can be either 1.5% of the loan amount or 18.5% (of which 6% is a government charge) of the amount on which the mortgage indemnity is taken. Your loan officer would advise you on this.

Selling a Property

It is important that in making that decision to sell, Home Owners put together copies of the documents highlighted above to be provided upon signing of the Purchase Agreement

A good agent will help you sell your property; Provide comparable sales data to determine the proper selling price and keep the deal together throughout the transaction to make sure that the sale closes.

Reasons why properties do not sell

It is important to understand that properties do Not sell or are on the market for a long time because of the following reasons:-

• It is in poor condition.
• The property is priced too high.
• There exists a poor housing market.

Sprucing up areas that need improvement generally pays for itself, especially in areas of higher priced homes. It is always best to avoid a negative home inspection.

Our Services Offered

We have been in operation for over fifteen (15) yrs & continue to work throughout Trinidad & Tobago, attending to our client's needs in the following areas.

• The selling, renting & management of residential/ commercial properties/ lands
• The Building/Renovation of properties & other General Contracting Services
• Offering of Real Estate Consultancy Services & General Contracting Consultancy Services

Our properties are seen via the World Wide Web, and we have clients locally, internationally & in the Caribbean.

1. A listing document is normally signed with a property owner authorizing JFYPC Ltd to sell, rent or manage their property; The company expends the costs upfront to advertise the property through all channels of communication/ media & this costs is only recoverable upon the sale or rental via its agreed commission when the property is sold / rented ( Copy of deed together with two forms of valid ID must be presented from a Vendor)
2. PKTT department- Contractual agreements normally varies since each project is unique
3. Our Consultancy services (Real Estate/ General Contracting) rates starts from TT$350 (in office) – TT$500 (on site); this can also vary according to the nature of the service provided.

Some of our services offered are

• Site visits to ascertain market value to sell or rent a residential/commercial property/lands.
• Advise on the effective use of Living space & inform of its potential.
• The advice on the use of proper material types.
• Property Construction/ renovation budget cuts without affecting quality and compromising safety.
• The handling of Construction from foundation to finish.[etc.]

Contact Information

Just For You Property Consultants Ltd.
Office: No 70 Old SMR Chaguanas
TEL: 1-868-234-6677, Speak with an agent 1-868-748-5471
EMAIL: This email address is being protected from spambots. You need JavaScript enabled to view it.