Searches are conducted at the Registrar General’s Department to trace the Vendor’s title and confirm whether the Vendor holds good and marketable title to the property. Under this system, original deeds are lodged at the Deeds Registry of the Registrar General’s Department. Most of the land in Trinidad & Tobago is still held under the old law system which is based on the English common law as modified from time to time by statute, including the Conveyancing and Law of Property Act, Chapter 56:01. The application form for a Licence is available for download from the website of the Ministry of Finance and can be found by clicking on the following link: “Application Form to Hold Interest in Property under the Foreign Investment Act, 1990”. If a foreign investor wishes to purchase land in excess of the stipulated acreages mentioned above, he must apply for a licence from the President of Trinidad and Tobago in order to do so.Īn application for a licence under the Foreign Investment Act must indicate inter alia the proposed land use and must comply with the controls and restrictions of the relevant planning and environmental authorities. Currently, however, no areas in Trinidad have yet been identified. It should also be noted that the Minister of Finance may by Order prescribe areas in Trinidad in which a foreign investor may not acquire land without obtaining a licence pursuant to section 6(2) of the Foreign Investment Act. evidence of his/her payment in foreign currency.the date and registration particulars of the deed and/or instrument by which he became the owner of the property and. the purpose for which the property is acquired.nationality and any former nationality.Upon the vesting of land in a foreign investor, the investor must, through his Attorney/Agent, deliver to the Minister of Finance, a Notice specifying the particulars of the transaction, including: One exception to such requirement is in the case of a purchaser that is a locally incorporated company (but deemed a foreign investor due to its shares being owned by foreign investors), where such purchaser finances the consideration from capital reserves or retained earnings. However, the legislation requires that the purchase price for the acquisition by the foreign investor be paid in an internationally traded currency through a bank or other entity authorised by law as a dealer in that currency. acquire all the shares in a private company incorporated in Trinidad and Tobago where the sole asset that the private company owns is real estate once such real estate does not exceed the limit set out above.incorporate a private company in Trinidad and Tobago to hold the real estate or.In addition, a foreign investor may do the following without a foreign investment licence: up to five (5) acres for commercial purposes.up to one (1) acre of land for residential purposes and.Generally, the Foreign Investment Act (sections 6 & 7) allows foreign investors in Trinidad (including individuals and companies) to purchase without a foreign investment licence: Where a real estate agent has been retained by the Vendor, a commission, usually in the order of three to five per cent of the purchase price, is payable by the Vendor. Alternatively, the Vendor or Purchaser may engage an Attorney to prepare the agreement. However, it is advisable that the Purchaser ensures that the agreement is approved by their Attorney before it is signed. Where a real estate agent is employed to sell and on behalf of a Vendor, the agent often uses their form of agreement for sale for the transaction. any terms relating to the sale and purchase transaction.all documents which the vendor is required to produce prior to closing and.the time period for completion (which is typically 90 days).While there is no fixed form of contract, an agreement for sale usually contains: Under Trinidad & Tobago law, an agreement for sale must be both made in writing and signed by both parties (the Vendor and the Purchaser). The purpose of entering into the agreement is to provide the Purchaser with an opportunity to carry out due diligence on the related property, such as conducting title searches to verify, amongst other things, the legal owner of the property. Agency, Distributorship and Franchise ArrangementsĪ transaction for the acquisition of real property in Trinidad and Tobago is formalised and begins with the entering into of an agreement for sale.Fundamental Changes and Minority Protection.
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