Conduct title search at the Land Registry
Agency: Land Registry Department
There are two systems of law under which land is held in Trinidad and Tobago: the old or Common Law system of conveyancing, and the Torrens system of registered conveyancing (The Real Property Act system – RPA). Most of land in Trinidad (about 70%) is still held under the old law system. The two systems exist side by side and it is not uncommon to find one property consisting of lands held under both systems. The registration system used is dependent on where the property is located. The deeds registration system, established under the Common Law system, was the initial property registration system and then RPA was introduced and the property in the city of Port of Spain is predominantly still held under it. This is the reason why the calculations of the time and cost in the DB Report reflect the Common Law system. Under RPA, all dealings with land or property are endorsed in a document called a Certificate of Title, so it is also referred to as the Title system, and the Common Law system is referred to as the Deeds system. Title searches are carried out under both systems as a routine part of the property registration system. The search under RPA is quicker and less expensive as the certificate of title provides all the information on the previous owners on it. In the case of the Deeds registration, one is required to do a search for a minimum of 20 years. The search is done manually and entails longer time and higher costs. A search clerk conducts the title search at the Land Registry by examining the Index of Deeds and Country Books relating to parcel of land. The Land Registry created an online database which is in the testing stage and, thus, only grants access to search clerks.
Time and cost: 11 days, TTD 1,250 (TDD 500-2,000 (includes charges for document searches, copies of each page of document, certification of each copy)
Obtain the Certificate of Assessment from the District Revenue Office
Agency: District Revenue Office / City Corporation / Borough Corporation
The application for Certificate of Assessment is to facilitate acquisition of WASA lines on properties in Procedure 4. The certificate is needed to verify that the applicant owns the property.
Time and cost: 11 days, TTD 10
Conduct companies search at the Companies’ Registries
Agency: Company Registry
Searches should also be performed on the companies which are parties to the transaction. Lawyers will usually use two resources to conduct companies searches : (1) the online registry at https://rgd.legalaffairs.gov.tt/ and (2) the Companies’ Registry. Common practice is to consult a company’s online file and what is termed the physical file that is held at the Companies Registry. Downloading a company file from the online registry costs TT$20.00 while physical searches can cost anywhere around TT$500 – $2,000.00. A standard company’s search will usually take approximately one week. The company search is done by first downloading the Company’s file from the Online Companies’ Registry and, later, having a search clerk review the physical file at the Companies’ Registry to ensure that the online file is accurate. Once the Company’s file has been obtained, the attorney can confirm whether any charges exist which may affect the relevant property as well as, for the purposes of execution, the directors of the company can be identified.
Time and cost: Less than 1 day (online), TTD 500 (TDD 20 per download)
Obtain the Clearance Certificate from the Water and Sewerage Authority (WASA)
Agency: Water and Sewerage Authority (WASA)
The vendor requests the clearance certificate from WASA (the application form is obtained online at http://www.wasa.gov.tt/Forms/Clearance%20Certificate%20Form.pdf). This is to confirm that there are no outstanding rates due in respect of the property. The required documents are:
- Up to date Certificate of Assessment from the District Revenue Office (not older than three (3) months)- obtained in procedure 3;
- A sketch showing clear directions to property;
- WASA bill (if any);
- The clearance fee (revised April 1st 2009).
Commercial properties cost $862.50 (VAT inclusive)
(B3, B4, C1, C2, C3, C4)
- Valid identification (ID card/Driver’s permit/Passport);
- Application form from any Customer Service Centre or download the Clearance Certificate application form.
At this point, the purchaser’s attorney would also request up-to-date receipts from the vendor, showing that all land and building taxes have been paid.
Time and cost: 7 days, TTD 862.5 (WASA Clearance Certificate for commercial property)
Send the memorandum of the transfer to the Board of Inland Revenue for Stamp Duty assessment
Agency: Inland Revenue
The Memorandum of Transfer (RPO lands) or Deed (Common Law system) are sent to the Board of Inland Revenue (BIR) along with the utility rates and land and building taxes and property valuation for assessment. The last payment collected for Lands and Buildings Taxes was for the year 2009, so the 2009 receipts are used for all transactions. The assessment of stamp duty is determined by the type of property. The amount due is written on the document and then paid to the Board of Inland Revenue in Procedure 7.
Time and cost: 4 days, no charge
After closing the deal, swear affidavits of witnesses
Agency: Commissioner of Affidavits
One of the witnesses to the execution of the memorandum of transfer signs before the Commissioner of Affidavits.
Time and cost: 1 day, TTD 12.5 (TDD 5 per affidavit + TDD 2.50 exhibit fee)
Present memorandum of transfer to be stamped at the Board of Inland Revenue
Agency: Inland Revenue
The amount of stamp duty is a percentage of the value of the property.
Time and cost: 1 day, TTD 396,971.23
Stamp Duty paid according to the following scale for non-residential properties:
- Consideration Rate Up to $300,000.00 TT 2%
- Next $100,000.00 TT 5% on the full amount
- Over $400,000.00 TT 7% on the full amount
The above rates for non-residential transfers are to be applied to the total consideration. For example if the consideration is $350,000.00 the stamp duty payable will be 5% of $350,000.00 = $17,500.00.
Submit the Deed or the Memorandum of the Transfer for the registration and endorsement with the Land Registry
Agency: Land Registry Department
For the RPA property, the Memorandum of Transfer and the original duplicate certificate of title are submitted to the Land Registry and for property under the Common Law system, the Deed is submitted. The Memorandum or Deed is given a unique bar-code number upon registration. With respect to the Memorandum, the volume and folio number where the transaction can be found are provided. The registration/endorsement of the Instrument (Memorandum or Deed) may take 2-3 months in the case of RPA and less time unser the Common Law System.
Time and cost: 38 days, TTD 102
“Registration fee:
- Memorandum of Transfer and Certificate of Title (RPA): TDD $50
- Deed (Common Law): TDD $100 + TDD 2 per page (copy of title deed)”
Registry prepares the return of the ownership form, showing the change in ownership for the purpose of property taxes
Agency: Land Registry Department
Property under the old law system: A certified copy of the Deed is obtained from The Registrar General’s Department at TTD 2 per page and TTD 5 certify/binding. Time is usually 1-2 months. The certified copy of the Deed or Memorandum is then submitted to the Port of Spain City Corporation and the purchaser’s representative will fill out a form. Property under the RPA system A certified copy of the Memorandum is obtained from The Registrar General’s Department as mentioned above and The Registrar General prepares the Return of Ownership Form which is free and process takes 2-4 months and this form is taken by the Purchaser’s representative to the Port of Spain City Corporation and the return is then done.
Time and cost: 14 days, TTD 9 (TTD 2 per page and TTD 5 to certify Deed/Binding for Certified Deed)
