When Purchasing Land:

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The documents required for the purchase of land are the same as for the purchase of a home.  They include Final Approval from all Statutory Authorities, Completion Certificates and Land and Building Tax Receipts.

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Building Your Home:

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If you own or are buying land to build your own home, you will be required to facilitate Bridging Financing. The purpose of this financing is to bridge the gap between construction and completion of your home by providing the necessary funds during the construction process.

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Unlike the procedure when purchasing your home, you will need to supply additional documents before the application form can be completed. These documents will confirm the level of financing you require.

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The documents required for home construction are the same as for purchasing a home, in addition to the following:

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1. Approved building plans.

2. A detailed Builder's estimate.

3. A Quantity Surveyor's report.

4. A building contract (if applicable).

5. The full name and address of the Builder's bankers, as well as two written references on the Builder.

6. Projected Valuation Report.

 

Upon completion of the building, a Completion Certificate from the Local Government Authority and an Electrical Inspection Certificate from T&TEC will be required.

 

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Purchasing A Townhouse / Condominium:

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If you are purchasing a townhouse or a condominium, you will need to provide the same documents required for purchasing a home, as well as the following:

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1. Articles of Association of the Administrative Company.

2. A copy of the blanket homeowners' insurance policy issued in the name of the administrative company (if applicable).

3. If the unit is being purchased from the developers, the agreement must contain details of all applicable maintenance charges.

4. A copy of the share certificate pertaining to the unit. The original certificate must be produced to the Attorneys when the purchase is being concluded.

5. Valuation Report

 

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Document Collection & Cost Saving:

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1. The search to be conducted on the Deed can be a lengthy process, so we suggest that you obtain your purchase agreement and title document and submit these as soon as possible to your Sales Officer so that the searches can commence while you gather the other documents.

2. You will need the up-to-date receipts for the land and building taxes and WASA rates in order to get your WASA Clearance Certificate. So gather these before going to WASA's office.

3. Determine from the Bank's panel (if you are securing your financing through same), the best Valuer to conduct a Valuation Report for your property. If this Valuation was prepared within 12 months of the application you will not have to get another report, which saves you hassle and costs.

4. Although you have the option of using your own Attorney to prepare the Deed of Mortgage (if applicable) you can save money if you use one of the Bank's Attorneys for preparation of same. With using the same attorney, you will only have to pay 50% of the attorney fees for the Deed of Mortgage and you will only have to pay the search fee once.

 

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Disbursement Stage

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Purchasing your home/land

At this stage you must have already provided all the documents, insurances and obtained the Deed of Conveyance. To draw down on your loan you are required to sign the Deed of Mortgage. The attorney/s will be paid by you for his/their services as well as for any stamp duty that may apply to the two Deeds. These legal documents will then be stamped by the Board of Inland Revenue.

 

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Documents Required: (After Disbursement)

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Land and Building Register

The attorney who prepared your Deed of Conveyance or Lease, as applicable, will provide a Return of Ownership which must be taken to the District Revenue Office for recording the transfer of ownership in the Land and Building Register. A number is allocated by the District Revenue Office, which must be quoted when future land/building taxes are being paid.

 

Utilities

The District Revenue Officer will then provide you with a form to take to WASA to have an account opened in your name.

In the case of T&TEC, in order to obtain a transfer of the electrical supply in your name on an existing building, the following must be provided:

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1. Valid ID (passport, driver's permit or national identification card).

2. Correct address of property.

3. Proof of ownership, i.e. title deed.

4. Letter from an attorney or mortgage company verifying transfer/purchase of property.

5. Meter number and current reading.

 

Building your home

If the Bank is providing construction or bridging finance, our officials will visit your site at intervals to monitor that the construction is progressing in line with the funds spent and in accordance with the approved building plans.

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Documents required:

Completion Certificate

When the construction phase is complete, an application must be made to the Local Government Authority for a Completion Certificate. This Certificate confirms that the building has been completed to the building plans that were approved in the initial application to the Town and Country Planning Division and Local Government Authority. An Electrical Inspection Certificate must also be submitted. A re-inspection Valuation Report may be required as well.

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Costs Required:

Site Visit Fee

A fee of $150- $200 is payable for each site visit conducted by Bank officials.