Real Estate Costs

An estimate of costs is key to planning any property acquisition.

The purchase of a home requires careful financial planning. Whether you are the purchaser of the property or you are the mortgage officer seeking to finance an acquisition by a client, one of the first questions that we receive is to provide an estimate of the costs that will be involved in the transaction. In Trinidad and Tobago the main costs incurred will be the stamp duty payable on the transaction (which will be based on the Stamp Duty Act Chapter 76:01) and the legal fees (which will be based on the Legal Profession Act Chapter 90:03).

In order to assist, we have provided a stamp duty and fee calculator which can provide clients with an estimate of the stamp duty and legal fees that may be incurred in a transaction for the acquisition of residential property. The calculator is only meant to provide a general estimate for initial planning purposes as a transaction can be structured in various ways which may result in different costs being incurred. By way of example, the property could be commercial and not residential, the transaction could be structured as a company sale or your attorney may provide a discount to their fees. The calculator also does not provide an estimate of disbursements such as search costs and registration fees which will vary with each transaction. We therefore encourage you to contact your attorney for a definitive quote once you have decided to proceed with a transaction.

In order to use the calculator you will need to:

  1. Select whether the property is governed by Common Law (in which case you may see documents such as a Deed of Conveyance, Deed of Assignment or Deed of Lease) or governed by Real Property Act (in which case you may see documents such as a Certificate of Title or a Memorandum of Transfer). If you are unsure, we suggest that for the purposes of the estimate you select Common Law.
  2. Select whether this is the first time you are purchasing a home.
  3. Select whether the property is residential land only or is there a home already constructed on the land.
  4. Select whether a mortgage will be taken to acquire the property.
  5. Insert the value of the property.
  6. Insert the amount being borrowed under the mortgage.