Buying and selling properties in Tobago

SELLING YOUR PROPERTY IN TOBAGO

If you have a property of any type in Tobago which you want to list for sale, either exclusively or non-exclusively, we can feature it on our website with its international coverage, add it to our internal listings which are sent to all internet enquirers, we can erect signage on it if appropriate and advertise it in our local national media at optimum times in the year when Tobago is at its most busy with visitor arrivals.

• Email us ideally with initial information on yourself and the property.
• Follow up with copies of your title deed, the latest land tax receipt and a survey plan or cadastral if you have one.
• Show us, or allow us to view your property, take photographs, and then recommend a selling price based on our professional knowledge of the Tobago market. We will then jointly sign a contract stating the terms of our agreement and the commission rates, selling price etc.
• We recommend an exclusive listing contract which can be simply terminated if necessary by 30 days written notice. This exclusive contract will allow us to register the listing with our national Association and have the listing circulated to the 50 Broker members who work largely in Trinidad, so coverage of your property will be greatly enhanced. An exclusive contract also give us, your only Broker, much greater incentive to promote your property knowing that we are in control and will eventually earn commission and recover our investment in the marketing. And you too benefit from having to work with only one professional agent who has your best interests at heart!
• SeaJade will actively promote, and advertise your property, bringing to you all offers received and/or market feedback. When an offer is accepted by you, SeaJade will negotiate and draw up a Sales Agreement, accept the 10% deposit as Stakeholder into our client (escrow) account and facilitate the purchaser’s attorney until completion of the sale. We will stick with you to the end!!
• For the foreign seller, repatriation of proceeds of sale is legally permitted, but in 2015 foreign exchange began to get scarce and by early 2016 almost all foreign reserves were exhausted. What this means to a seller from overseas is that he/she will be unable to convert a payment in TT dollars to a currency of his/her choice and may be faced with the slow transfer of funds, over time, as currency becomes available. Alternatively, a buyer may be sought who has access to funds outside of T&T so that payment for the property can be made in that currency direct to the country of origin of the seller. Clearly this is not a permanent situation and should be checked at the time a transaction is being considered..

Look at the "nitty-gritty" before you make any decision to buy!

• Citizens of Trinidad and Tobago are permitted to buy property freely, but should always work with a professional Broker to guide them through what can be a challenging process. At this time, real estate agents are not required by law to be educated or registered/licensed so “caveat emptor”!
• Foreign nationals, according to the Foreign Investment Act of 1990, are currently permitted to buy up to one acre (one parcel only) for a private dwelling house and up to five acres for commercial purposes - but you must first apply for a license to purchase if you are buying in Tobago (not Trinidad). This need for a licence in Tobago was introduced in February 2007 and under the terms of the Cabinet Order, an automatic licence (subject only to proof of good character) will be granted on application for all purchases by foreign nationals within Designated Development Areas. Purchases outside of these areas will be discretionary and dealt with on a case by case basis. Application forms are available online from the Ministry of Finance and applications can be made through your real estate Agent or your local Attorney. Out of an abundance of caution, and because the time to issue a licence is not guaranteed, all Sale Agreements entered into by a foreign national should clearly state that the purchase is subject to licence.
• The Designated Development Areas where foreign investment is permitted are broadly described in the licensing Regulations and Guidelines as shown on the website of the Ministry of Finance, and include :
  • Englishman's Bay Estate; Culloden Estate; parts of Arnos Vale; parts of Grafton; Mount Irvine Estate; Buccoo Estate; Golden Grove Estate; Lowlands Estate including Tobago Plantations Resort; Diamond Estate including Indigo Bay Resort; parts of Bacolet Estate.
    UPDATE: Since this list was published on the Ministry of Finance website, an additional DDA has been created in Crown Point, but only applies to tourism property such as hotels and larger guest houses in the immediate area of the airport.
• Should you inherit a property in Tobago, you have one year to apply for a licence to own it, or to put it on the market for sale. Remember that it is the buyer who is licensed, not the property.
• Foreign nationals wishing to invest in larger properties of over five acres can apply for a development licence through the Tourism Development Company (TDC). Again, a professional real estate Agent can help you deal with TDC who will facilitate all applications and advise on matters such as fiscal incentives for hotel and resort developments.
• Foreign nationals must purchase in an internationally-traded foreign currency and proof of transfer of funds is needed by the Ministry of Finance. Your attorney will handle this along with registration of title. Permission to buy land does not confer residency. Buying a commercial property does not confer the right to work (earn an income) in Trinidad and Tobago. Work permits are needed for any work that lasts longer than 30 days.
• If you are intending to live in Tobago, foreign nationals should contact the Trinidad & Tobago High Commission in their country for information on immigration and/or work permit requirements.
• If you are planning to come on holiday to enjoy your new property, a non-resident is usually allowed up to three months in T & T, with or without the need for a visa, which depends on your country of origin. Discretionary extensions can be applied for.