The Inez Bacolet Tobago

PSCU Credit Union is delighted to offer this exclusive opportunity to acquire land in the beautiful Inez Development Bacolet, Tobago. This is a once-in-a-lifetime chance to own a piece of paradise in one of the most sought-after locations in the Caribbean.

With its stunning natural beauty, turquoise waters, and vibrant culture, Tobago is the perfect place to build your dream home or vacation getaway. Take advantage of this amazing opportunity today and let us help you make your dream a reality.

The Inez Bacolet Tobago

Notice

The Inez Bacolet land Ariel view

PSCU promotional video – The Inez Bacolet land

Required documents for Mortgages for those interested in accessing this facility

  • PSCU Credit Union Membership.
  • Job Letter – a breakdown of your income / allowances.
  • A recent salary slip and bank statements to reflect income.
  • Self-employed- certified statement of income / last six months
    bank statements.
  • 2 Forms of valid picture National ID.
  • If a non-resident copy of the passport.
  • Statement of indebtedness for all existing loans
  • Statement of savings
  • 2 most recent utility bills (T&TEC, WASA, Internet)
    • If utility bill not in members name, an authorization letter from owner with a copy of owner’s valid picture ID.
  • 10% deposit.
  • Source of funds form to be completed at office. If pre-approved by Bank, copy of letter.
  • BIR Number.
  • Credit Check fee.
  • Loan fee 1.2% of amount being borrowed, legal costs for the
    execution of the deed of mortgage.
  • Life / term insurance.

DOCUMENTS TO BE PROVIDED BY PSCU

  • A copy of the deed and/or deed of mortgage.
  • Original up to date receipts for Land & Building Taxes, WASA clearance.
  • Valuation report

Planning To Build Your Own Home?

What documents to bring:

If you plan to build your own house or construct a building, more planning and documentation are involved. In most cases the following documents are also required:

  • Pre-construction valuation of the property
  • Your building plan (ask your architect)
  • Builders’ estimate
  • Town & Country planning /local government approvals

Stamp Duty Rates from October 1st, 2008

WITH EFFECT FROM OCTOBER 1ST 2008, the stamp duty applicable on deeds executed for the transfer of residential properties will be as follows:

Residential Property – Land Only

The sale of residential land valued at $450,000 or less shall be EXEMPT from Stamp Duty.

  • For every dollar of the first $200,000 in excess of $450,000 – 2%
  • For every dollar of the next $200,000 in excess of $650,000 – 5%
  • For every dollar thereafter in excess of $850,000 – 7%

Residential Property – Land + A Dwelling House

(Apartment, Condo, Villa, Town House, etc)

(Apartment, Condo, Villa, Town House, etc) The sale of residential properties valued at $850,000 or less SHALL BE EXEMPT from stamp duty.

The following rates of stamp duty SHALL BE payable on the sale or other disposal of residential properties (with dwelling house) whose values exceed $850,000:

  • For every dollar of the first $400,000 in excess of $850,000 – 3%
  • For every dollar of the next $500,000 – 5%
  • For every dollar thereafter – 7.5%

N.B: RATES FOR COMMERCIAL / AGRICULTURAL PROPERTIES REMAIN UNCHANGED

Frequently asked questions

Urban-Rural Area.

You can contact our representative Ms. Lisa Mayers in Tobago for viewing of the property.

Contact information: Cell: 788-4297 Email: lisamayers@gmail.com

This is an opportunity for PSCU to acquire a profit by investing in this project. This will ultimately redound to a better financial position for the Credit Union.

Property Management Limited (PML), the subsidiary of PSCU will be managing this project.

These options are the various models that can be used to ensure a profit for the Credit Union.

Yes, your Credit Union can assist you in acquiring the land.

A Certificate of Comfort (COC) is a document which gives a squatter a personal right to protection from ejectment from State Land. If a squatter with a Certificate of Comfort has to be relocated, the Certificate of Comfort provides a guarantee that a lot will be provided. It does not convey/give a squatter any interest in the state land that is occupied.

Under the provisions of the State Land (Regularization of Tenure) Act No 25 of 1998, a squatter who was illegally occupying State Lands prior to January 01, 1998 could only have applied for a Certificate of Comfort (COC) in the prescribed statutory format on or before October 27, 2000. This would have been the first step in a three-stage regularization process to obtain security of tenure by way of a Deed of Lease.

Please note, however, that while the COC gives a squatter a personal right to protection from ejectment from State Land, it does not convey/give a squatter any right, legal interest or title to State Land.

The seller of a property will apply for a WASA clearance. This confirms that the seller does not owe any payments to WASA.

Your attorney usually prepares the documents that require stamping and will make payment on your behalf. The documents are presented to the Inland Revenue Division by the attorney for stamping together with the necessary fees. The documents will be processed & stamped.

You must pay Stamp Duty when buying real estate or a home. Your attorney that is involved in these transactions can tell you which documents require stamping.

Paying Stamp Duty

Stamp Duty is a tax that you must pay when carrying out certain transactions that require legal documents. Deeds of Conveyance, Deeds of Mortgage, Release of Mortgage Loan, Deeds of Lease, and any other deeds, require “stamping”, which means you must pay duty.

PSCU Become a Member

Become a member today!

PSCU’s membership offers the most affordable options to help you save, borrow, and manage your finances.

keyboard_arrow_up