Frequently Asked Questions

Answer: It is advisable to list with only one Agent as they will put more effort into marketing your property. This will more likely get you a quicker sale/rental if they have it exclusively.

Having several Agents handling one property leads to confusion as many ads appear for the same property, sometimes with different prices. Prospective purchasers may misinterpret these ads and visit the same property with more than one Agent.

When you list your property exclusively with one Agent, they will circulate the listing to others who work through them, giving you extensive market coverage.

Answer: It is advisable to have your property cleaned and painted and the garden tidy. If areas need serious repairs, i.e., leaks in the roof, termite damage, rust, etc., these should be repaired, not passed on to the new owner or tenant.

If you are serious about selling, it is also recommended that you start packing away the ‘clutter’ in anticipation of moving. There’s no second chance for a first impression! Your agent is the best person to advise you on how to present the property for showing the best.

Answer: Everyone wants the most value for their property. Therefore, the best way to determine if you are under-selling or pricing your property out of the market is to have it evaluated. Listing your property with your agent using a guestimate selling price is not recommended. Your agent can recommend reputable evaluators who the banks accept.

Answer: The seller (or vendor) is responsible for all costs related to the release of any existing mortgage on the property, obtaining consent to sell from the lessor (if the property is leasehold), and settling any outstanding charges related to TTEC, WASA, the Homeowners’ Association (HOA), or other property-related liabilities.

Answer: In real estate transactions, the party responsible for paying the costs associated with the agreement for sale can vary depending on various factors and negotiations between the parties involved. Generally, the buyer is responsible for covering the expenses related to preparing the agreement, such as legal fees or document preparation fees.

However, it is important to note that specific arrangements can differ, and it is recommended to consult with a real estate professional or attorney for precise information based on the specific circumstances of the transaction.

Answer: Once an Agent introduces a buyer and the Buyer and Seller(s) sign a Sale/Purchase Agreement, the Agent is entitled to be paid a commission out of the final proceeds of the transaction.

It is recommended that the deposit paid on the sale be held in escrow until completion of the transaction. This should be discussed with your Agent when listing the property.

There is no law governing this practice, and some Sellers still insist that the deposit is paid to them, in which case the Agent may insist on being paid at that time.

Answer: If you signed an exclusive contract with an Agent giving them the authority to sell/rent your property, and within the agreement period, you sell it on your own, yes, the Agent is entitled to the commission.

SOLD Caribbean Agents have a standard exclusive listing contract that outlines these terms and conditions – One of the terms is that anyone approaching you directly must be referred to the Agent.

If you have not signed an exclusive contract and the Agent knows that you are also listing your property to sell/rent on your own or with other Agents, then no commission is due.

Answer: From the Agent’s point of view, they were hired to find a buyer, and if their fee is due once a Sale/Purchase Agreement is signed, the fact that your title is defective is no fault of theirs. They may agree under the circumstances to compromise on a lower fee, but they have provided a service and are entitled to be paid.

Answer: Serious offers should always be made in writing. An offer should outline the terms and conditions of the purchase and give a time limit. Quite often, a buyer may make a lower offer for a property to increase if the Seller turns it down. This leaves the door open for the Seller to accept another offer, sometimes for very little higher.

In the Real Estate industry, it is considered unethical to reveal one Buyer’s offer to another person in the hope of getting a higher offer, so make sure a trustworthy Agent handles your transaction. If several prospects are interested, they should all be asked to submit their offer, and the highest bidder closes the deal.

Answer: No; if the will is not probated and you have not acquired a Deed of Assent, you cannot sell the property.

Answer: Yes, you can. However, the mortgage must be settled upon sale. The purchaser’s bank will request a Settlement Letter from your mortgage provider. The amount owed will be paid directly to your mortgage lender by the purchaser’s mortgage provider from the sale proceeds. Your attorney will coordinate the disbursement to ensure the mortgage is cleared before or at the time of closing.

Answer: Getting pre-qualified before viewing a property is a crucial step in the home-buying process.

Pre-qualification helps you determine how much you can afford to spend on a home and gives you a good idea of what kind of mortgage terms you may qualify for.

By getting pre-qualified, you can narrow your search to properties within your budget, saving time and effort. Additionally, pre-qualification can give you an advantage when making an offer on a property because it shows the seller that you are a serious buyer who has already taken steps to secure financing.

Moreover, pre-qualification can also help you identify any issues that need to be addressed before you start house hunting, such as your credit score or debt-to-income ratio. This gives you time to resolve potential problems and improve your financial standing before making offers.

Overall, getting pre-qualified before viewing a property can save you time, effort, and money and help you make informed decisions throughout the home-buying process.

Answer: To purchase a property with cash, a ready willing and able letter (RWA) or Bank Confirmation Letter needs to be provided from your financial institution. This document provides verification to the seller that you can purchase the property.

If purchasing through your company, Management Accounts for the last three years are required.

You will also need to complete Know Your Customer (KYC) form and Source of Funds documents.

These requests are per our legal obligations and customer due diligence requirements according to Regulation 15 and 16 of the Financial Obligation Regulation 2020 (as amended).

Answer: The buyer is responsible for the cost of the conveyance and all legal fees associated with securing their mortgage. The seller (or vendor) is responsible for all costs related to the release of any existing mortgage on the property, obtaining consent to sell from the lessor (if the property is leasehold), and settling any outstanding charges related to TTEC, WASA, the Homeowners’ Association (HOA), or other property-related liabilities.

Answer: Stamp Duty is a tax charged by the Government on the purchase of a property or on the transfer of a property from one person to another. First-time homebuyers are exempt from taxes on purchases up to $2,000,000.00.

The two types of legal ownership of a property are Freehold and Leasehold, with Freehold property being a property or land that is owned or inherited for life. Contrarily, a property is referred to as Leasehold property if purchased through a lease.

A Freehold property is one you can purchase outright for a continuous period of time, including the land and the building.

Contrarily, a lease is an agreement that grants another person or entity the right to occupy any property for a specified period, and a property that is transferred through a lease is known as a Leasehold property.

Answer: There are two main systems of land title: the Common Law System and the Registered Land Title System (RPA).

• Under the Common Law System, land ownership is proven through a “chain of title”—a series of deeds that must be checked to confirm ownership. A key document, called a “good root of title,” must be at least 20 years old. This system requires a full title search.

• The RPA System simplifies things. Ownership is proven by a Certificate of Title issued and registered by the State. There is no need to search through past deeds because the Register is legally reliable. This system is more secure and easier to work with.

In addition, Deeds of Lease apply to leasehold properties, where someone leases land (often from the State or a private lessor) for a fixed term while owning any structures on it.

Comparison of Land Title Systems in Trinidad and Tobago

Answer: No, we do not offer rent-to-own properties. This type of arrangement has become very rare due to the upfront cost of the construction of the home, the time for the owner to secure their return on investment (ROI) and the many risks associated with tenants during the term of the agreement. Most of the risks are on the owner and not the tenant, making this arrangement high-risk and unsustainable.

Answer: If a buyer cannot get a mortgage and the agreement is conditional upon financing, the contract may be cancelled. If the condition is not included, the buyer risks losing their deposit. Therefore, it is important to get pre-approved before entering into an agreement to purchase.

Answer: Yes, foreign nationals can buy property in Trinidad and Tobago, but they must apply for a Minister’s Licence under the Foreign Investment Act if they intend to purchase:

• Land exceeding one acre
• Property in designated areas or sensitive zones (e.g., coastal or agricultural land)

This licence is obtained through an application to the Ministry of Finance – Investments Division. Legal assistance is recommended to ensure compliance.
For purchasing a house, if the land area is under one acre and not in a restricted zone, a licence may not be required. However, legal guidance is still advised to confirm requirements based on the specific location and use of the property.

Answer: This is not as easy as you may think. An agreement for Sale is a legally-binding agreement. There may be certain contingencies where cancellation is acceptable, but for any other reason, there are consequences (mainly loss of deposit), and such a decision should not be taken lightly.

Remember that the seller has taken their property off the market and may have entered into a contract to purchase another property. If you do not follow through with the purchase, your decision may affect many more people than just the seller.

Answer: It is recommended that the deposit be held in escrow until the completion of the sale. Most Agents have a separate Client account where they will hold the deposit in trust, and on closing, it will be handed over to the Seller with accrued interest.

Most Sale/Purchase Agreements have a clause that if there is a problem with the title, the deposit must be refunded to the Buyer with interest. On the other hand, if the Buyer cannot close, the Seller is entitled to forfeit the deposit.

Answer: There have been notable cases in Trinidad and Tobago, including delayed or incomplete projects in areas such as Las Lomas, Chaguanas, Freeport, and Santa Cruz, where buyers were left waiting for years or unable to proceed with construction due to the developers’ unresolved financial, land title or regulatory issues.

• Always check the land approvals (Town and Country Planning Division and Regional Corporation)
• Infrastructure availability (roads, water, electricity)
• Verify the completion timeline and monitor the progress

It is strongly recommended to purchase from developers with a proven track record of delivery.

Many buyers have lost money or ended up with undeveloped land by investing early with developers who failed to complete projects as promised.

Additionally, some lands sold at pre-sale cannot qualify for mortgage financing due to inadequate approvals or infrastructure.

Answer: Many developers pre-sell lots before construction begins. They usually will have the ‘outline approvals’ from Town & Country and a development plan showing the layout, sizes of the lots and requirements to obtain a final approval.

The developer must follow Town & Country and Regional Corporation requirements (which include roads, drainage, etc.) before receiving final approvals and a completion certificate from the Regional Corporation. Usually, the Sale/Purchase Agreement allows for delays.

The buyer is generally given the option to cancel the deal and have their deposit refunded if they do not wish to wait, or they can resell to another party.

When the market is active, the land value may increase since payment of the deposit, so selling it may bring you a profit.

Discuss this with the developer if there are any stipulations about reselling in the Agreements.

Answer: If the owner is alive, this is done through a Deed of Gift or Sale. Stamp Duty may still apply. If the owner is deceased, their will must be probated before the property can be transferred.

Answer: This is dependent on your lease terms. Most landlords require 30-60 days’ notice, and early termination may come with a penalty. In all fairness, if you have a Lease, you should not break it; your Landlord has probably estimated their income for the lease term and may have made financial commitments based on this. You leaving early means they are out of pocket.

Sometimes circumstances change, and it is not feasible to stay, but remember, the landlord now has to find another tenant to take your place, which may take more than one month.

Answer: If you rented the property as a residence, you must get permission from the Landlord if you want to use it for any other purpose. If it is a leasehold property, his Lease may stipulate that it can only be used for ‘residential purposes, and you will then jeopardise his position with the Lessor.

Answer: It is the Landlord’s responsibility to hand over the property in a good tenantable condition, i.e., thoroughly cleaned, including the garden. The electrics and plumbing should also be checked, and all air conditioning units should be serviced or repaired before the tenant moves in.

Answer: Once both parties sign a document and monetary consideration is made, this constitutes a legal contract, and you probably had grounds to enforce the agreement. Unfortunately, this would have been a lengthy (and expensive) ordeal, and you obviously would not want to live in a property where you and the landlord are in disagreement from the beginning. So, sometimes even if you are in the right, it is easier to move on.

Answer: Landlords generally cannot increase rent until the lease expires, unless a clause allows it. Rent may be increased at the end of the lease period or under specific conditions outlined in the agreement.

Common reasons for a rent increase include:

• Rising maintenance or property management costs
• Increases in property taxes or insurance
• Significant upgrades or renovations to the property
• Adjustments to meet current market rates

Landlords must provide proper notice, and any increase must be reasonable and in compliance with tenancy laws.

Answer: The tenant is responsible for the day-to-day upkeep of the premises as outlined in the lease. You may issue a written notice to remedy the breach, terminate the lease, or take legal action if the damage is serious or ongoing.