The seller of a property will apply for a WASA clearance. This confirms that the seller does not owe any payments to WASA.
When to apply?
Normally the seller will apply for a WASA Clearance after the purchaser made an offer and the seller accepted the offer.
To get your pre-qualifications or financial pre-approvals : Most financial institutions will require one or all of these documents. Please note this is a guideline not a definite list, every financial institution might ask for additional or other documents as well.
Required document list:
Most financial institutions will require one or all of these documents. Please note this is a guideline not a definite list, every financial institution might ask for additional or other documents as well.
- Employment Letter – a break down of your income / allowances. Your length of service.
- A recent salary slip
- Self employed? Certified statement of income
- A Copy of the deed and or deed of mortgage
- Valuation report done by a an official Evaluator, ask your financial institute for the list
- Valid ID and or proof of citizenship
- Your latest receipts of house/property rents and water/sewage bill
- If you have an existing loan: Statement on existing loan(s)
- Financial assets and liabilities (when you own a property or car etc.)
- Credit history
- Bank statements and or credit union statements for savings and loans
- Offer letter
- Inland Revenue Office Certificate of Assessment
- WASA Clearance Certificate letter
- If you buy a property less than 4 years old: A Completion Certificate from the Regional Corporation
Planning to build your own home – what document to bring:
If you plan to build your own house or construct a building, more planning and documentation is involved. In most cases these following document are also required:
- Pre-construction valuation of the property
- Your building plan (Ask your architect)
- Builders’ estimate
- and Town & Country planning / local government approvals
The Inland Revenue Department of Tobago is officially called Inland Revenue Division and is located in Scarborough. Here is the address:
Inland Revenue Division
Sangsters Mall, Scarborough, Tobago (Victor Bruce Building – Ground Floor)
Tel.: 1868-639-2410 or 1868-639-2538
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.
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.
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.