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G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Newsletters MARKET CONDITIONS MAY 2025 MARKET CONDITIONS MAY 2023 MARKET CONDITIONS MARCH 2022 MARKET CONDITIONS APRIL 2021 MARKET CONDITIONS MARCH 2020 MARKET CONDITIONS MARCH 2019 MARKET CONDITIONS APRIL 2024 MARKET CONDITIONS OCTOBER 2022 MARKET CONDITIONS NOVEMBER 2021 MARKET CONDITIONS JANUARY 2021 MARKET CONDITIONS SEPTEMBER 2019 MARKET CONDITIONS JANUARY 2019 MARKET CONDITIONS OCTOBER 2023 MARKET CONDITIONS JULY 2022 MARKET CONDITIONS JUNE 2021 MARKET CONDITIONS JULY 2020 MARKET CONDITIONS MAY 2019 MARKET CONDITIONS MARCH 2018

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Conditions of Engagement 1. IDENTIFICATION AND STATUS OF THE VALUER: The firm, G.A. Farrell & Associates Limited is registered for regulation by RICS, #011832. Its registered valuers and authorised signatories are Derek de Gannes MRICS #0090434, Ryan Chin MRICS #1157370, Sunil Lalloo FRICS #6398772, David Bally FRICS #1235531, Leslie Sylvester MRICS #6615072, Gerald Lue Affat MRICS #1128320 and Damion Phagoo MRICS #5037559. Declaration of independence and objectivity: We will act as an independent external valuer and have the skills, understanding and current local knowledge of the particular market to undertake this valuation competently, objectively and without bias. We confirm that we have had no recent prior, present or possible future material involvement with the property and client, and we are not aware of any conflict of interest. 2. BASES OF VALUE: Market Value: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion; Market Rent (if applicable): The estimated amount for which a property would be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion; Equitable Value (if applicable): The estimated price for the transfer of an asset or liability between identified knowledgeable and willing parties that reflects the respective interests of those parties. 3. VALUATION DATE: This is the date on which the opinion of value applies which will be the date of the inspection. 4. INFORMATION / DOCUMENTS PROVIDED: Note: We assume documents and information provided and relied upon are true and correct. 5. INSURANCE RECOMMENDATION: We will include in a report for mortgage purposes and when required, a replacement cost as new of the building only as follows: the calculation of the cost to replace the building excluding retaining and boundary walls / fences, hard-standings, swimming pools and other water features, professional fees, site clearance and VAT; 6. ASSUMPTIONS: In the preparation of the report, it will be assumed that: A good and marketable title is available; Vacant possession is available unless otherwise stated in the report; Planning permissions and statutory requirements for the existing building and its use including any extensions or alterations have been granted; Statutory approvals have been or would be granted for the existing or highest and best use of the site; There are no deleterious or hazardous materials; There is no contamination; There are no unusual or onerous outgoings and restrictive covenants; There are no encumbrances or encroachments; All parts of the property which are covered, unexposed or inaccessible are in satisfactory repair and condition and an inspection of those parts which have not been inspected, or a survey inspection carried out, would not reveal material defects or cause the valuer to alter the valuation materially; There are rights to use the roads, drains and all communal areas and facilities; No account has been taken of any additional bid by a prospective purchaser with a special interest; All information, data, title documents and plans provided by the client and mortgage applicant which were relied upon by the valuer are true and correct; There are no outstanding taxes, rates or charges associated with the property; The services and any associated controls or software are in working order or free from defect; The building and other improvements are structurally sound; Where the property is part of a building and/or development (e.g. industrial condominium): There is a properly formed and operated management company; The cost of repairs and maintenance to the building and grounds are shared equitably; The leases of all the properties in the building/development are materially the same and there are suitable, enforceable covenants between leaseholders; There are no substantial defects, or other matters requiring expenditure (in excess of the current amount or assumed amount of service charge payable on an annual basis), expected to result in charges to the leaseholder and; Where the subject property forms part of a mixed development, there will be no significant changes in the existing pattern of use; Note: Some assumptions would not be applicable for replacement cost assessments. 7. SPECIAL ASSUMPTIONS: Where applicable, the proposed building or work would be completed in accordance with the plans and specifications supplied; and Planning permissions and statutory requirements have been, or will be granted for the proposed building or work; Note: Other applicable assumptions may be required and if so, would be agreed in writing prior to completion of the Report. 8. HIGHEST AND BEST USE: It is expressly agreed that in the absence of authoritative information and/or formal advice from any planning authority or related State body, the valuer will make an assumption as to the highest and best use of the property considering, but not limited to, the characteristics of the property including its current use and the character of the neighbourhood. If subsequent investigation by a suitably qualified professional reveals that such use is not allowed by the relevant authorities, the opinion of value could be significantly affected, and the valuer shall not be liable for any such difference. Should any planning permission document, status-of-land letter, completion certificate and/or an approved development plan be provided prior to the completion of this valuation assignment, it will be assumed that the information contained therein is true and correct and no further investigation will be conducted. It is strongly recommended that a suitably qualified professional verify that all relevant approvals have been or would be granted, wherever applicable. 9. CURRENCY: The opinion of the valuer will be expressed in Trinidad and Tobago Dollars (TT$); 10. EXTENT OF INVESTIGATIONS: A visual inspection of the parts of the property which is visible at the various floor levels will be carried out and not a structural survey therefore, covered, unexposed or in accessible parts will not be inspected and services will not be tested; A land survey will not be undertaken therefore we cannot determine the legal boundaries and size of the site; A soil survey into the type and stability of the soil and an investigation into whether or not the soil is contaminated will not be undertaken; The basis of the size of the building(s) will be in accordance with International Property Measurement Standards: All Buildings dated 15th January 2023; Covered and enclosed areas will be separated from covered and open sided areas. Measurements and statement of areas will be reviewed when the International Property Measurement Standards for all non-residential property has been published; and No investigation will be undertaken with the land registry, regional corporations, public utilities, town planning department or any other government body in preparation of this report; 11. RESTRICTION ON USE: The valuation report will be provided for your benefit alone and solely for the purposes of the instruction to which it relates. The valuation report, which will be prepared in accordance with these terms of engagement, is not a Court document and is not to be used in any Court proceedings. On acceptance of these terms of engagement, the parties have accepted that no representative of this firm will give testimony or appear in Court by reason of having prepared a valuation of the property; 12. RESTRICTIONS ON PUBLICATION: The whole or part of the report or any reference to it shall not be included in any published document, circular or statement, nor published in any way without the prior written approval form the valuation firm of the form and context in which it may appear; 13. THIRD PARTY LIABILITY: Our valuation may not be used or relied upon by any third party, even if that third party pays all or part of our fees, or is permitted to see a copy of our valuation report. If we do provide written consent to a third party relying on our valuation, any such party is deemed to have accepted the terms of our engagement. 14. CONFIDENTIALITY: The valuation report will be confidential to the client and it or any part thereof may not be disclosed or included in any published document or statement without our previous written permission. 15. EXCLUDED LOCALITIES: Valuation assignments will not be undertaken in dangerous areas. A dangerous area is defined as a crime hotspot and/or an area with a perceived above-average risk to life and limb; 16. DATA: Data derived from the valuation assignment will be used by the valuer in his professional work and shared on a confidential basis with other valuation professionals but not given to other parties. 17. COMPLIANCE: The valuation will be undertaken in accordance with RICS Valuation – Global Standards December 2024 (Effective from 31 January 2025). Compliance with these standards may be monitored under RICS' conduct and disciplinary regulations. 18. DESCRIPTION OF REPORT: The valuation report will conform with the requirements of IVS 106 Reporting; Standard residential properties for mortgage purposes will be completed using the ISTT's Standard Residential Mortgage Valuation Report; Non-standard residential/commercial/industrial properties will be consistent with our current customary format; The report will not contain sales and rent comparables; capitalisation rates; and the calculation of the value; 19. TERMS OF BUSINESS: Fees are due within 30 working days from the date that the client is notified of the completion of the report. Values will not be disclosed nor reports delivered until settlement of our fees. A full refund is only applicable where no work has been undertaken. In event of termination of our engagement prior to the completion of the valuation but after the execution of this Agreement the deposit or part thereof is forfeitable at the discretion of the firm as being reasonable compensation for work done as at that date; 20. DELIVERY: Upon receipt of all required documents and access, delivery of the final report will take approximately 10 working days (excluding weekends and public holidays). Depending on the property type and location, additional time may be required. 21. AMENDMENT: This Agreement may be amended only by an instrument in writing signed by duly authorised representatives of each of the parties; 22. INVALIDITY OF ANY PROVISION: If any of the provisions of this Agreement is or becomes invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. The parties shall nevertheless negotiate in good faith in order to agree the terms of a mutually satisfactory provision, achieving as nearly as possible, the same commercial effect, to be substituted for the provision so found to be void or unenforceable. 23. LIABILITY: Any liability on the part of the Company for breach of any provisions of this Agreement, giving rise to liability or forming any cause of action whatsoever shall be limited to the Client's actual direct, provable damages in an amount not to exceed the total amount paid to the Company in respect of Fees. The Client agrees that in no event will the Company be liable for damages in respect of incidental, punitive, exemplary, indirect, special or consequential damages, including but not limited to loss of business revenue, lost profits, failure to realise expected savings, or loss of business opportunity. The Client further agrees that in no event will the Company's directors, officers, or employees be liable for any damages arising out of or related to this Agreement. The Clients have confirmed that they have sought their own legal advice as regards this provision and they are satisfied that this provision is fair and reasonable. 24. SIGNIFICANT ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) FACTORS: Any significant ESG-related factors that may impact the valuation would be considered, in so far as they are reasonably identifiable and quantifiable. It should be noted that the valuation would not constitute an ESG risk assessment or ESG rating. 25. COMPLAINTS HANDLING PROCEDURE (CHP): The Complaint’s Review Period’ - In the event of a dispute arising out of or related to this Agreement the Client must complete and submit the Complaints Form, a copy of which would be provided upon request. Subsequently, a Director/Senior Valuer will respond to your complaint within 5-7 working days; If the issue is not resolved via the Complaints Review Period either of the parties to this Agreement shall submit the dispute to non-binding mediation using the services provided by the Trinidad & Tobago Dispute Resolution Centre (‘the DRC”) and shall make a good –faith effort to resolve the dispute through the mediation process in accordance with the rules of the DRC. Each party shall bear its own costs in respect of the mediation; In the event the parties are unable to resolve their dispute through mediation after 14 days from the reference to mediation or such further period as the parties may mutually agree in writing, such dispute shall be settled exclusively and finally by binding arbitrator to be jointly appointed by the parties; In the event either Party fails to agree to the appointment of an arbitrator such arbitrator shall be appointed, upon application by the interested party, by the DRC. The award of the arbitrator shall be final and shall not be subject to any appeal or challenge whatsoever. The arbitrator will not be required to file his award with anybody or authority whatsoever. In the event arbitration proceedings are initiated under this arbitrator clause, pending such proceedings and until a final award is rendered pursuant thereto, any subsequent controversy arising between the Parties shall be exclusively submitted for final decision by the arbitrator in the arbitrator proceedings already pending. The arbitration proceedings shall be conducted in accordance with the Arbitration Act Chapter 5:01 of the Laws of Trinidad and Tobago or any statutory modification thereof.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. WELCOME TO G.A. Farrell & Associates Ltd Leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. LEARN MORE Ariapita Avenue, Port of Spain We value the following property types Shopping Malls Hotels Commercial Residential Land Special Purpose VALUATION REQUEST MAKE A REQUEST MAKE A PAYMENT MAKE A PAYMENT METHODOLOGY LEARN MORE With your assistance, G. A. Farrell & Associates Limited provides assistance with funding to charitable Organizations including the following Princess Elizabeth Centre | Tritscher Home for Men | Guardian Neediest Cases Fund | Lady Hochoy Home Society of St. Vincent de Paul | John Hayes Kidney Foundation JOIN OUR MAILING LIST Sign up today to get the latest valuation news. Join Thanks for subscribing!

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Valuation Request MAKING A VALUATION REQUEST A 4-STEP PROCESS 1 2 3 4 Thank you for considering our firm to prepare a valuation report on your property. The following will acquaint you with the steps that will be necessary when requesting a valuation. Submit A Valution Request Submit a Valuation Request Your Valuation Request may be submitted using one of the following methods: Via our website: Please complete our Online Valuation Request Form , submit the required supporting documents, and pay the deposit via the ‘Services’ tab above. Our Administrative Staff will contact you if any additional information is needed. Visiting our Branch : Our Administrative Staff will collect all necessary information, documents, and payments at the branch most convenient to you. You may also complete the Fillable Valuation Request Form in advance and bring it with you when visiting our branch. Note: Gathering the required information may take a few minutes. We appreciate your patience, as this ensures all details are accurately recorded. Documents to be provided: (Please note that additional documents may be required based on the purpose of valuation) A copy of a valid form of Identification (ID, DP or Passport) A copy of Deed / Title document or any Lease(s) A copy of Survey Plan / Cadastral Sheet (mandatory for Vacant Parcels of Land) If available, any Town & Country Planning Approvals A copy of the Agreement of Sale, if available For a Proposed Building / Extension or Proposed Works: Copy of approved Building Plans, where applicable Quantity Surveyor’s Report (Please confirm if one is required by the Lending Institution) and / or Builder’s Estimate Deposit & Fee Structure PROPERTY TYPE FEE STRUCTURE DEPOSIT AMOUNT MINIMUM FEE Residential $2,200 for the first $500,000 of the opinion of market value and ¼ of 1% of the excess over $500,000 plus VAT $2,475.00 $2,200 plus VAT Agricultural & Residential* (Specific Remote Areas) $3,000 for the first $500,000 of the opinion of market value and ¼ of 1% of the excess over $500,000 plus VAT $3,375.00 $3,000 plus VAT Agricultural Land (Subject to review) $2,500 for the first $500,000 of the opinion of market value and ¼ of 1% of the excess over $500,000 plus VAT $2,812.50 $2,500 plus VAT Mixed-Use $4,000 for the first $800,000 of the opinion of market value and ¼ of 1% of the excess over $800,000 plus VAT $4,500.00 $4,000 plus VAT Commercial (Land only) $4,000 for the first $500,000 of the opinion of market value and ¼ of 1% of the excess over $500,000 plus VAT $4,500.00 $4,000 plus VAT Commercial (Building & Land) $4,000 for the first $500,000 of the opinion of market value and ¼ of 1% of the excess over $500,000 plus VAT $5,625.00 $5,000 plus VAT Note: The deposit amount will be deducted from the total cost and is applicable for properties below a value of $5M. Fees for opinion of market values estimated to be $5M and over are to be determined by our Director. Payments can be made via cash, credit card, debit card, cheque, online banking or direct deposit. *Remote areas include the immediate villages/environs of the stated areas stated below: Region Locations Tobago Charlotteville, Speyside, Delaford, Kings Bay, Bloody Bay, L'anse Fourmi, Hermitage, Campbleton Northwestern & Offshore Areas Blanchisseuse, Brasso Seco, Down D Islands (Gasparee, Monos) Southern & Southwestern Trinidad Icacos, Cedros, Moruga (Basse Terre, Bois Jean Jean, Gran Chemin, La Lune, Marac) Eastern Trinidad Balandra, Rampanalgas, Cumana Northeastern Trinidad Matelot, Toco, Grande Riviere, Sans Souci, L'Anse Noir Site Inspection 2. Site Inspection Once we have received your request, deposit, and all required documents, our Valuation Officer will contact you or your appointed access person within approximately five (5) working days to schedule an inspection of the property. Please note that all rooms must be inspected. If any room or apartment interior is not accessible, this will be clearly stated in the report. Additionally, we kindly ask that all dogs, regardless of size, be secured before our Valuation Officer arrives. Upon arrival, our Valuation Officer will first measure the exterior of the property before proceeding to the interior. External and internal photographs will also be taken as part of the valuation process. 3. Report Preparation Report Preparation Once all required information has been provided and barring any unforeseen circumstances, your Valuation Report should be ready approximately five (5) working days after the inspection. The timeframe may vary depending on the type and location of the property, as a thorough analysis is necessary to determine an accurate opinion of value. In the valuation process, three (3) primary methodologies (or approaches) are used to determine value: the Market Approach (also known as the Direct Market Comparison Approach), the Income Approach, and the Cost Approach. All approaches will be considered in valuing your property, with one or more applied as appropriate. Collection 4. Collection Once your Valuation Report is completed, we will notify you of any outstanding balance. Upon full settlement, a digital copy will be emailed to you. If you require a physical copy, please let us know, and we will make the necessary arrangements after payment is received in full. Note: Values will not be disclosed nor reports delivered until settlement of our fees.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. FAQs Note: ‘End-user’ refers to the actual person or entity that will be relying on the Valuation Report e.g. a lending institution or statutory body. What are the requirements to make a Valuation Request? For a typical Valuation Request, we require the following documents: A copy of a valid form of Identification (ID, DP or Passport) A copy of Deed / Title document or any Lease(s) A copy of Survey Plan / Cadastral Sheet Please note that additional documents may be required based on the type of property and/or the purpose of valuation. What is the fee for a standard residential valuation request? Our fee is dependent on the value of the property and in most cases, the following fee structure applies: $2,200 for the first $500,000 of the opinion of market value and ¼ of 1% of the excess over $500,000 plus VAT, subject to a minimum fee of $2,200 plus VAT. For example, if a property is valued at $1M, our fee would be $3,450 plus VAT @ 12.5%. Therefore, the total cost would be $3,881.25. Please note that our fees may vary based on the type of property and/or the purpose of valuation. How long is a Valuation Report valid? Typically, a valuation report is valid for six (6) months however, it depends on the requirements of the ‘end-user’ and their informed opinion of the validity of the Valuation Report as time passes. Where are you located? We have five (5) branches located throughout Trinidad & Tobago and they are as follows: #23 Ariapita Avenue, Port of Spain, Trinidad, W.I. #51 Harris Street, San Fernando, Trinidad, W.I. 1st Floor, No. 9, Mulchan Seuchan Road, Chaguanas, Trinidad, W.I. #51-59 Tumpuna Road, Shops of Arima, Inner Mall Shops, Arima, Trinidad, W.I. Unit 5, Tateco Building, Wilson Road, Scarborough, Tobago, W.I. What is the turnaround time for a standard Valuation Request? Upon receipt of all required documents and access, delivery of the final report will take approximately 10 working days (excluding weekends and public holidays). Depending on the property type and location, additional time may be required. Why would I need to have my property valued? You may require a Valuation Report for various reasons, some of which are noted as follows: An opinion of what you should pay if you are purchasing a property Mortgage purposes for a long-term loan To determine a replacement cost of a building for Insurance purposes To finance the Construction of a new building If selling a property, to have an opinion of the sale price for marketing purposes An accurate assessment of the applicable Stamp Duty Tax (e.g. when transferring ownership of a property) A record of Assets for accounting purposes such as in a Balance Sheet Statutory requirements – Probating a will or litigation Are your Reports accepted by ‘end-users’? Yes, we are on the panel of approved service providers to all the major Mortgage Lending Institutions and Statutory Bodies. What are the methods of payment? Payment can be made at our offices (San Fernando, Chaguanas, Port of Spain, Arima or Tobago) via cash, debit card, credit card (also, over the phone or via our website), cheque, online transfer or bank deposit. Do I need to make an appointment before visiting the office? It depends on the purpose of your visit. Generally speaking, no appointment is required to visit our office. Our offices are open Monday to Friday from 8:00am to 4:00pm (GMT-4), excluding Public Holidays. For the purpose of requesting a valuation, you may opt to do this online via our online form here . Can someone (otherwise called an agent) make a valuation request on my behalf, I being the client? Yes, someone can make a valuation request on your behalf however, we require a valid photo ID from you, the Client as well as the Agent. What are the requirements to collect a completed Valuation Report? In order to collect the completed Valuation Report, the outstanding balance on fees must be settled in full. Kindly note if someone (an Agent) is collecting the Valuation Report on your behalf, we require a letter authorising the Agent to collect on the client’s behalf as well as a copy of a valid photo ID for the Agent. Do you value agricultural land? Yes, we value agricultural lands generally once there is a motorable access to the lands and Cadastral Survey Plan is available. As such, all requests will be screened prior to acceptance. Kindly note that we only value the surface rights (i.e. freehold or leasehold interest) and not what is grown in the lands such as crops and timber trees. What are comparables? RICS Valuation – Global Standards December 2024 defines Comparables as “an item of information used during the valuation process as evidence to support the valuation of another, similar item. Comparable evidence comprises a range of relevant data used by the valuer to support a valuation.” The primary source of comparables is Agreements-of-Sale. If I instruct that I need my Valuation Report to come in at a particular figure, can the company facilitate this? It would be unethical to accept such an instruction. Our Valuation Opinion is based on consideration of all relevant factors including the analysis of comparables (defined above). It would go against best practice to report a valuation opinion that does not follow this process. This is supported by the fact that G. A. Farrell & Associates Limited is a RICS-regulated firm with a duty to uphold international standards [RICS – Royal Institution of Chartered Surveyors]. When conducting a site visit, does the Valuation Officer need access to all rooms? Yes. Access to all areas of a building allows for a complete visual inspection of the premises which contributes to a realistic and reasonable assessment of the market value of the property. If I commissioned a Valuation Report to determine a price for my property, can a prospective purchaser use this Valuation Report e.g. to secure a mortgage? As per international standards, a Valuation Report can only be done for one specific purpose. As with the example above, a Valuation Report done for the specific purpose of sale, should not be used for mortgage purposes. We recommend that a prospective purchaser secure his / her own Valuation report. I did a valuation of my property previously and I need an updated Valuation Report. Can the date on my initial Valuation Report be changed? The initial Valuation Report would have been done at a specific date. If we changed the date on the Valuation Report to a later date, this means that the same Valuation Report exists at two different dates. This would be unethical and therefore, we cannot simply change the date on a pre-existing Valuation Report. As such, we advise that a new Valuation Report be commissioned. If my property was already valued in the past by G.A. Farrell & Associates Limited, what will it cost to get an updated Valuation Report? In cases where we have done a Valuation Report on the same property within the last three (3) years, and for the same client, a discount of up to 30% of the fee is given, subject to the applicable minimum fee. For properties valued within the last four (4) to six (6) years, and for the same client, a discount of up to 15% of the fee is given, subject to the applicable minimum fee. Do you also prepare Quantity Surveyor’s Reports? Yes, we do prepare Quantity Surveyor’s Reports on structures that have not exceeded its foundation stage of construction. However, please confirm with your lending institution that we are on their panel of approved Quantity Surveyors. If you require both a Proposed Building Valuation and a Quantity Surveyor’s Report, confirm also with your lending institution that they will accept both Reports from our firm. Do you conduct valuations for properties without Town and Country Planning Division (TCPD) approvals? In the absence of TCPD approvals, once reasonable and practical, we can value the property, but our opinion of value would be based on the following assumption: “All relevant approvals have been obtained from the relevant authorities.” How should I choose a valuation firm? It is important that when a valuation report for a specific purpose is required, you ensure that the Valuation Firm selected is approved by the ‘end-user’. Qualified Valuers will be chartered (i.e. have a professional RICS designation, MRICS or FRICS), a RICS-registered Valuer and may also be a full member of the Institute of Surveyors of Trinidad & Tobago (ISTT), as evidenced by the designation, MISTT.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Contact Us We trust all the information provided to you proves to be helpful. Should you require any further assistance you may contact us at: contactus@gafarrell.com . For resumes or applications, kindly submit to hr@gafarrell.com .

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Our Policies Limiting Conditions & Assumptions Read More Anti-Bribery & Corruption Policy Read More Complaints Handling Procedure (CHP) Read More

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Online Valuation Form

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G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Make A Payment Make a payment for your valuation request. Type of Payment Choose an option Valuation in Name of Reference Number Amount to be paid Address of property to be valued Additional Comments Make Payment

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Insurance How Much Insurance Do I Need? For most people, the answer to this question is obtained when they first buy their home. At that time, a valuation is customarily done and the valuation report will state the sum recommended for insurance. If they are getting a mortgage loan, the Bank will usually insist that the house be insured for a sum not less than that stated in the valuation report.Unfortunately, thousands live in their home for several years and never change the amount of their house insurance. In a time of increasing costs, this can be very dangerous to a homeowner. It is like playing Russian roulette.Let’s examine a case where a homeowner Mr. I. N. Trouble buys a property for $600,000 at which time the cost to replace the building is $400,000. At that time, he buys insurance on the building for $400,000. After a period of 10 years, let us assume that his building will now cost $600,000 to replace. However, he has never increased his house insurance…and… DISASTER!…his house is fully destroyed. Mr. I.N. Trouble will be entitled to a cheque for $400,000. (the amount of his house insurance). However, to replace the house he had, it will cost him $600,000 and as a result, he will have lost $200,000. The worse is yet to come. In obtaining his mortgage loan, his house insurance was assigned to the Bank that carries his loan. The cheque from the insurance company will therefore go to the bank first, and only be released to him in some format, if and when he rebuilds his house. O.K. you say, but a house is rarely 100% destroyed. What if it is only 60% destroyed? Surely Mr. I. N. Trouble will get the full $360,000 (60% of the replacement cost of $600,000.) as his insurance is $400,000? The answer is NO. In this scenario, he will get $240,000. This represents 60% of what the house is actually insured for (which is $400,000.) and therefore, he will be short $120,000 i.e. $360,000 (the cost of repairs) – $240,000 (insurance proceeds). This clearly shows the danger of sitting back and not paying attention to your house insurance. For all of you who are guilty of not checking to see if your house insurance is sufficient, please contact a qualified expert. It may be a Quantity Surveyor, Engineer, Architect, Valuer or Contractor. Their fee will depend on the value of your home, and will generally be between 1/6 – 1/3 of 1% of its value (i.e. divide the value of the building by between 600-300). While it may appear costly at first, it is definitely worth it when compared to what you might lose. It is also important to select the insurance company very carefully. A major consideration is that the company is financially sound. In addition, it should have a good reputation for settling claims. While cost is a factor, it is not a good idea to select a company solely by the insurance premium. The sum you save now may not seem worth it when you are having difficulty in obtaining a settlement cheque for your loss. Finally, having a good insurance agent is also very advisable. You want an agent who is knowledgeable in insurance and has an interest in your needs. Do not procrastinate. The time to get professional advice is NOW. Contact a professional or G.A. Farrell & Associates Limited.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Property Tax Quick Facts General Information NOTE: Please be advised that the Valuation Roll 2021 exercise is solely conducted by and for the Valuation Division of the Government of the Republic of Trinidad and Tobago and therefore, does not apply to our business of providing valuations to clients. Kindly visit the Valuation Division’s website at https://valuationdivision.gov.tt/ for more information. Thank you. All Property Taxes between 1st January 2010 and 31st December 2017 have been waived. It has been announced that the ‘new’ Property tax for 2018 has also been waived. The Government of Trinidad & Tobago expects to commence the collection of property tax in fiscal 2021. A new Valuation Return Form has been designed which requests more information than the previous one. There has been no official word from the Ministry on when property owners would have to file this return. There is a fine of $5,000 for failing to submit this form when requested. Property owners will have 30 days to object to their assessment. There will be a Valuation Tribunal appointed to hear objections. The Valuation Tribunal will be headed by an Attorney and will comprise four other persons, two of whom will have qualifications and experience in Valuations. There is a $50,000 penalty for leaking of owners’ information. Nevertheless, a big drawback for homeowners is that unless the rental data supplied to the Commissioner of Valuations on the new Valuation Return Form is shared, it will be very difficult to prove an assessment is too high. This puts homeowners at a severe disadvantage as while property sales are registered and available to the general public, rental leases are hardly ever registered. Rental information is therefore extremely hard to come by and one often has to rely on verbal information from other property owners and real estate agents. Further fact sheets will be issued as and when additional information becomes available and will be published on this website. Your Property Tax on a residence will be calculated as follows: The monthly rental value (unfurnished) of your home will be determined by the Commissioner of Valuations. This monthly rental value will be multiplied by 12 to determine the annual rental value. subject to a minimum of $18,000. It is currently proposed to deduct 10% from your annual rental and the remainder will represent your taxable value. It should be mentioned that this deduction can be changed at the discretion of the Board of Inland Revenue. 3% will be calculated of your taxable value and this will represent your Property Tax. For commercial properties, the method remains the same but 5% of your taxable value will be your Property Tax