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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. 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. 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. 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 Videos Valuation Return Part 1 - Manual Submission Valuation Return Part 2 - Online Submission

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. Buying A Home Buying A Home is one of the biggest investments/purchases most of us will ever make in our life. It normally involves borrowing a large sum of money which is to be paid back over 20-30 years – a significant part of our lifetime. Despite that, many buyers go into this exercise without knowing what to expect or what to look for. One of the most important aspects in buying a home is the cost/value. While no one will mind if they pay less than the home is worth, it is a different story to find that you have paid too much. Also, mortgage-lending institutions normally lend up to 90% of the value or cost of the home, whichever is the lower. For example, assume you are buying a home for $600,000 and hope to borrow $540,000. (You have made a $60,000 deposit from your own funds). If the valuer then determines the home that you are buying is worth only $540,000, the mortgage lending institution will only lend you $495,000 and you will have to find an extra $55,000 on your own or possibly lose the deposit you made on the house. There are two simple ways to avoid this happening to you. The easiest way is when you have finally decided what house you are going to buy, find out from your mortgage lending institution who are the valuers on their panel, then select one of them to value the house before you make a deposit. Another way is when making a deposit, specify that if the independent valuation report done by the Bank is less than the agreed purchase price, you have the option of canceling the contract and getting a full refund of your deposit. If you adopt this option, ensure that the deposit will be held in escrow with an attorney or other such professional to avoid problems if a refund becomes necessary. Another important factor to consider in purchasing a home is how much extra money you will need for closing costs. There are several costs involved in addition to the actual price of the house. Some of these include: Attorneys’ fees for the Deed of Conveyance which transfers the house to your name. It is based on the cost of the house and generally, it is 1.5% on the first $100,000; 0.75% on the next $400,000 and 0.5% on the balance. . (Shortcut if cost > $500,000 – Divide cost by 200 and add $2,000.)Don’t forget – add VAT @ 12.5% The Stamp Duty on the Deed of Conveyance. The first $850,000 of the purchase price is exempt. After that, it is 3% on the next $400,000; 5% on the succeeding $500,000 and 7.5% on the balance. The stamp duty is payable to the government and the rates stated here are for residential homes. (Shortcut if price > $1.750,000 – Calculate 7.5% of cost and subtract $94,250.) Attorneys’ fees for preparing the Deed of Mortgage. This is based on the amount of money you borrow and the rate is the same as in (1) above. This can be reduced by 50% if the same solicitor prepares both deeds and property not under RPA. Stamp Duty on the Deed of Mortgage. Again, this is based on the amount of money you borrow and is payable to the government. The amount varies depending on the type of property (residential, land, etc.), purchase or refinance, and if the amount borrowed is larger than the purchase price. In the case of a purchase of a residence, it is often $2.00 per $1,000 (0.2%) assuming mortgage is for more than $850,000. (If less, then there is no stamp duty). In other cases, it is $4.00 per $1,000 (0.4%). Valuation fees which are usually between 1/3 to 1/5 of 1% of the value of the property, plus VAT @ 12.5%. Mortgage Lending Institution Fee (Varies between 1/3 – 2% of the amount borrowed). Mortgage Indemnity Fee. The calculation of this depends on several circumstances. It can be either 1.5% of the loan amount or 18.5% (of which 6% is a government charge) of the amount on which the mortgage indemnity is taken. Let the loan officer advise you on this. Do not forget the house itself. There are many questions you have to ask yourself. What is the traffic like at rush hours (a.m. and p.m.)? Remember you will be in it for the next 20-25 years. Do all the plumbing fixtures work? If not, why not? Is the electrical wiring adequate for all you equipment? (e.g. fridge, stove, a/c, kettle, washer, dryer, etc.) Do you see any leak stains on the ceilings? If yes, it could mean that the roof needs repairs/replacing. Is there any evidence of termites? You may want to call an expert to determine this. As you can see, there is a lot to be aware of in buying a home. Do not “Buy in haste and Regret in leisure”. Given below are 2 examples of the approximate closing costs involved in buying a home which we hope will be helpful. The above costs/fees are estimates only and are likely to vary from case to case. The above information is believed to be correct as of the date of writing. Before you make any decisions however, you are advised to consult with a suitable professional such as an accountant, an attorney, a financial advisor, etc.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Our Services In an effort to better serve our clients, the firm has contracted the services of Mr. Clifford Murray (MRICS). Now, when clients are constructing a building, the firm is able to provide both the Quantity Surveyor’s Report as well as the Valuation Report that mortgage lending institutions customarily request. The firm’s valuation, quantity surveying and property consultancy services can be utilized for many important reasons including: Purchase: Buying A Home Mortgage/Refinance: Refinance For Profit Insurance: How Much House Insurance Do I Need? Construction Sale Stamp Duty Balance Sheet Statutory requirements Site identification and negotiation for purchaser acquisition Please contact us to find out how we may be of assistance to you. Contact Us

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

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Closing Cost Estimates Rough Estimate on your Closing Costs for the following: Notes: Figures for Stamp Duty on Conveyance do NOT apply to First-Time Buyers Assumes purchase price is the same as the value of the property. No provision has been made for Mortgage Indemnity. Assumes different attorney used for conveyance and mortgage & NOT RPA The figures provided above should be used solely as a guide and is Private and Confidential and intended for your use only. G. A. Farrell & Associates Limited accepts No liability whatsoever if it is subsequently determined that the sum stated above is inaccurate Neither the whole nor any part of this estimate or any reference hereto may be included in any published document, circular or statement, or published in any way, without the express permission in writing from 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. Leave A Review Share your experience with us Full Name Phone Your email address Reference Number How would you rate your experience? Your Feedback Submit Thanks for sharing! We always strive to improve.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Methodology Appraisal Process In broad terms, valuation theory recognises three distinct methodologies (or approaches) in valuation. These are the market approach (sometimes known as the direct market comparison approach), the income approach, and the cost approach. Market Approach (a.k.a. Direct Market Comparison Approach) “An approach that provides an indication of value by comparing the subject asset with identical or similar assets for which price information is available”. The Market Approach measures the value of an asset by comparing recent sales or offerings of similar or substitute property and related market data. The similar transactions method uses valuation data based on historical transactions that have occurred in the subject asset’s direct or related industries. The derived data are then adjusted and applied to the appropriate operating data of the subject asset to arrive at an indication of value. This Approach is very popular in many assignments as it is reflective of the interplay of buyers and sellers in the open market. In order for this approach to be reliable however, it is necessary for there to be a significant number of sales of properties similar to the one for which the assignment is being carried out. The Income Approach “An approach that provides an indication of value by converting future cash flows to a single current capital value”. The Income Capitalization Approach is based on the principle that the value of a property is indicated by the net return to the property, or what is also known as the present worth of future benefits. The Income Capitalization Approach considers a property’s potential cash flow and analyses the present worth of the anticipated future benefits to the owner over an assumed holding period. The Income Approach is of considerable importance in appraising commercial properties. Most purchasers of this type of property are generally concerned primarily with an income stream, which is what this approach relies on. The disadvantage of this approach is that it is sometimes based on projections of the future. The Cost Approach “An approach that provides an indication of value using the economic principle that a buyer will pay no more for an asset than the cost to obtain an asset of equal utility, whether by purchase or construction”. The Cost Approach is based on the principle of substitution and is valuable in distinctive properties for which there are either very few or no sales of similar properties. Its drawbacks are that it does not sufficiently rely on market preferences, and in cases of older properties, the quantum of depreciation to be charged is not easily identified. This approach to value follows the following steps: Determine the value of the site as if vacant; Calculate the replacement cost new of the improvements; Estimate the depreciation form from all causes (physical, functional and external); Add the site value to the depreciated value of the improvements. As will be seen from the above, all three approaches vary in effectiveness for specific assignments. Although all three approaches may give reliable indications of value on occasions, frequently, one or two may be totally inappropriate. In arriving at an estimate of value of the subject property, all of the above approaches were considered and one or more of them utilized. Definitions 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: The estimated amount for which a property would be let 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. Replacement Cost : The cost of obtaining an alternative asset of equivalent utility excluding retaining walls, boundary walls and fences, swimming pools and other water features, site clearance, professional fees and VAT. Contributory Value : The contribution made by a particular feature or component to the value of the whole property. Marketable Title : A title not subject to reasonable doubt or suspicion of invalidity in the mind of a reasonable, intelligent person; one which a prudent person guided by competent legal advice would be willing to accept and purchase at a market value. Highest and Best Use : The use of an asset that maximises its productivity and that is possible, legally permissible and financially feasible. IPMS 1: The Floor Area measured to the external extent of the External Walls and to any Notional Boundaries, External Floor Areas or Sheltered Areas. – International Property Measurement Standards: All Buildings dated 15 January 2023. This standard of measurement is similar to the former Gross External Area (GEA).

Gafarrell.com is the official website of actor Gareth Farrell, showcasing his work in film, TV, and theater. Explore his biography, video reels, and photo gallery, and stay updated on his latest projects and performances. Perfect for industry professionals looking to connect. Past Projects The Company is geared towards its continued development and looks towards the expansion of its services. This will ultimately benefit you, the Client. In this regard, and among other endeavours, the firm has committed to forming strategic alliances with leading international valuation firms.