The Inez Bacolet Tobago – Resources Page - PSCU Credit Union Co-Operative Society Ltd.

The Inez Bacolet Tobago – Resources Page

INTRODUCTION

Dear Members,

Inez Development, Bacolet Tobago. A Slice of Paradise!

PSCU Credit Union is pleased to announce its latest initiative, The Bacolet Land Development Project in Tobago. This initiative is a land acquisition initiative, that allows PSCU to offer an affordable housing development options to our members for building and investment.

The Inez Development will allow our members to invest in land and build their dream homes while becoming part of an elite community, which will be outfitted with all amenities including an entertainment center, supermarket, pharmacy, hotel, restaurant and many more.

Members have the option to purchase the land via the following mediums

Cash
Competitive and affordable Mortgage from PSCU.
A mortgage from any other financial institution is preferred.

So, what are you waiting on? Contact your nearest PSCU branch for further information on how to get started, and obtain your share in the slice of Tobago paradise!

PURCHASING INFORMATION, CADASTRAL & PRICING

CLICK here!

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 ONY

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)

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

FAQs

The Inez Bacolet Tobago – Land For Sale

WHAT KIND OF AREA IS BACOET?

HOW CAN I VIEW THE PROPERTY?

WHAT IS THE OPPORTUNITY COST?

WHO WILL MANAGE THIS PROJECT?

WHAT DO THE DIFFERENT OPTIONS PRESENTED REPRESENT?

WHAT KIND OF AREA IS BACOET?

Urban-Rural Area

HOW CAN I VIEW THE PROPERTY?

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

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

WHAT IS THE OPPORTUNITY COST?

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.

WHO WILL MANAGE THIS PROJECT?

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

WHAT DO THE DIFFERENT OPTIONS PRESENTED REPRESENT?

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

CAN THE CREDIT UNION MORTGAGE THE LAND FOR ME?

WHAT IS A CERTIFICATE OF COMFORT (COC)?

WASA CLEARANCE, WHAT IS IT AND WHEN TO APPLY?

HOW DO I PAY MY STAMP DUTY?

WHEN DO I NEED TO PAY STAMP DUTY?

CAN THE CREDIT UNION MORTGAGE THE LAND FOR ME?

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

WHAT IS A CERTIFICATE OF COMFORT (COC)?

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.

WASA CLEARANCE, WHAT IS IT AND WHEN TO APPLY?

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

HOW DO I PAY MY STAMP DUTY?

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.

WHEN DO I NEED TO PAY STAMP DUTY?

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.