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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. 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. Limiting Conditions & Assumptions 1. If the Valuer has provided a sketch in the valuation report, it is to show approximate dimensions of the building and the sketch is included only to assist the reader of the report in visualising the property and understanding the Valuer’s determination of its size. 2. If the Valuer has provided GPS coordinates (Global Positioning System referenced to WGS 1984 UTM), it is to show the approximate location of the property and is included only to assist the reader of the report in locating the property. While it depends in part on atmospheric conditions prevailing at the time the reading was taken, the accuracy of the coordinates is generally within 15m. 3. The valuation report, which has been prepared in accordance with the terms of engagement (TOE), is not a Court document and is not to be used in any Court proceedings. On acceptance of the TOE, the client had accepted that no representative of this firm will give testimony or appear in Court by reason of having prepared a valuation of the property unless specific arrangements to do so have been made beforehand. 4. The purpose and function of the report and valuation for mortgage is to enable the lending institution to assess the security offered by the property for the proposed loan. Unless otherwise stated, the client has not commissioned another specialist survey of the property, structural or otherwise. It must not be assumed that if defects are not mentioned in the report, all parts of the structure are free from defect. Where attention is drawn to some defects, it does not mean that other defects may not exist. Moreover, services have not been tested. 5. If the client is proposing to purchase the property and wishes to be satisfied as to the condition of it, he or she must have a surveyor’s detailed inspection and report of their own before deciding whether to enter into a contract. If the property is of architectural or historic interest, appropriate specialist advice should be sought before carrying out any works. 6. It is assumed that in the event of the destruction of the existing structure(s) if any, all approvals would be granted from the appropriate Statutory Authorities for the reconstruction of a similar building on the site. 7. It is assumed that the property is connected to, and there is the right to use, the reported main services on normal terms. It is also assumed that sewers, main services and the roads giving access to the property have been adopted and that any lease provides rights of access and egress over all communal grounds, parking areas and other facilities. 8. This report does not constitute a structural survey and the opinion of value is contingent upon - a) Good and marketable title; b) Vacant possession is available unless otherwise stated in the Report; c) Planning permissions and statutory requirements for the existing building and its use, including any extensions or alterations have been granted; d) Statutory approvals have been or would be granted for the existing or highest and best use of the site; e) No deleterious or hazardous materials have been used; f) There is no contamination; g) There are no unusual or onerous outgoings and restrictive covenants and there have been no breaches of the lessee’s covenants to 8. warrant a determination of the lease; h) There are no encumbrances or encroachments; i) 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 materially alter the valuation; j) 1There are rights to use the roads, drains and all communal areas and facilities; k) No account has been taken of an additional bid by a prospective purchaser with a special interest; l) All information, data, title documents and plans provided by the client and mortgage applicant which were relied upon by the valuer were true and correct; m) There are no outstanding taxes, rates or charges associated with the property; n) The services and any associated controls or software are in working order or free from defect; o) The building and other improvements are structurally sound; p) Where the property is part of a building/development (e.g. townhouses and apartments): i. There is a properly formed and operated management company; ii The cost of repairs and maintenance to the building and grounds are shared equitably; iii. The leases of all the properties in the building/development are materially the same and there are suitable, enforceable covenants d. between all leaseholders; iv. 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; v. Where the subject property forms part of a mixed residential/commercial building or development, there will be no significant changes in the existing pattern of use. 9. This Valuation Report is provided for your benefit alone and solely for the purposes of the instruction to which it relates. Our valuation may not, without our written consent, 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 third party is deemed to have accepted the terms of our engagement. 10. Neither the whole nor any part of this Valuation Report or any reference hereto may be included in any published document, circular or statement, or published in any way, without the Valuer’s written approval of the form and context in which it may appear. 11. It should be noted that the valuation does not constitute an ESG risk assessment or ESG rating in the event, or otherwise, any identifiable and quantifiable ESG-related factors were considered and analysed for its potential impact on the valuation. 12. No investigation has been undertaken with the land registry, regional corporations, public utilities, town planning department, EMA, or any other government body in preparation of this report. 13. 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. 14. We did not undertake a land survey therefore we cannot confirm the size or precise boundaries of the site.

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

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. 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

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.

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. 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. 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 Limited is a leading firm of Chartered Valuation Surveyors. G.A. FARRELL & Associates Ltd Welcome to G.A. Farrell & Associates, our website is currently under maintenance to improve your browsing experience. Please stay updated for when we are once again live. We apologize for any inconvenience caused and we can still be reached at our contacts below. contactus@gafarrell.com | (868) 624-8628 No. 23 Ariapita Avenue, Woodbrook, Port of Spain, Trinidad and Tobago © 2022 G.A. Farrell & Associates Ltd | All Rights Reserved | Designed & Developed by AppNerd Inc

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. 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 .