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Since 1994 Siparia Real Estate Agency is a Registered Business and since 1995 regulated by the Association of Real Estate Agents (AREA). Additionally the company is FIU registered (Financial Intelligence Unit) since 2011, and RICS (Royal Institution of Chartered Surveyors) Regulated since 2015.
RICS is Nation wide acknowledged by our Government institutions, Attorneys, the banks and and other Governmental and financial Institutions in Trinidad and Tobago, as the world leader in standards and qualifications in land, property, infrastructure and construction.
An RICS professional designation is an internationally recognised and respected mark of excellence and integrity, and every RICS Member will use it with pride and play their personal part in promoting the vital contribution of our professions to successful markets, economies and wider society.
With the RICS professional status comes obligations to meet the high standards our clients and stakeholders expect from us. Qualifying as a professional is the beginning of a lifelong pursuit of best practice reinforced by continued learning and development (CPD) and underpinned by the RICS rules of conduct on all aspects of professionalism from technical competence to ethical practice.
For more info on the RICS please check their Website at: rics.org
HOW DOES THE VALUATION PROCESS WORK, WHAT DOCUMENTS ARE REQUIRED, AND WHAT IS THE COST?
The first stage of the valuation process is to collect as much information as possible concerning the property to be valued. We also need to get some information of the Applicant (the person requesting the valuation) as well as the purpose of the valuation. This allows us to give you the best possible guidance and advice.
We do Valuations for the following:
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We do Valuations on the following types of properties:
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Please note: By choice we don't do valuations for loan or mortgage purposes for the banks. However, we do valuations for selected Credit Unions.
I also have to mention that we prefer to stay in the South Western peninsula of Trinidad. To give an idea of the area we cover; if you draw a line on the map of Trinidad starting from Retrench Village / Golconda (just to the East of San Fernando), straight down to the South Coast, we handle all areas to the West (left) of that line, all the way to Icacos.
If you need a valuation outside of this area, we will refer you to our RICS regulated Associate that handles your area.
If it is determined the valuation can be done by us for the by you intended purpose, you will be requested to fill out and sign a Letter of Engagement which not only states that you request our company to carry out the valuation on your behalf, but also the Terms of the Engagement.
The next stage is setting up an appointment to do the site viewing and inspection of your property.
Before or at the time of the site viewing and inspection, a deposit (see price table at the end of this page) is required. The balance (if any) is paid when you collect the Valuation Report.
In general the Valuation Report will be ready within 5 to 10 work days after the site visit.
In case you are not in Trinidad or you can not be present at the time of the inspection, the required documents as well as the Valuation Report can be sent by e-mail (see "Upon completion" paragraph below) and the payments can be made by bank to bank wire transfer, or Western Union.
However, at the time of the site visit and inspection, we do need someone to be present who is familiar with the property, to firstly confirm the location and boundaries.
Secondly, to avoid us being considered as trespassers.
And thirdly, in case there is also a building that needs to be valued, someone has to open up and let us in.
List of required documents:
If the Property to be valued is:
| Freehold Land with or without building: | Copies of:
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| Newly subdivided residential lots: | Copies of:
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| Older subdivided residential lots that are being sold for the first time: |
Copies of:
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| Leasehold land with or without building: | Copies of:
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| A building on rented land: | Copies or Originals of:
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| Regularized squatting land with or without building: | Copies or Originals of:
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| A building on squatting land: | Copies or Originals of:
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Aditionally and if available, for homes or dwellings that are built after 1984, the Town & Country Approvals or the Completion Certificate. If not available ... no problem! The property can still be valued, but there is a chance you might not be able to use the valuation report for the intended purpose. But don't worry, you'll be advised accordingly.
Appointment Time:
In connection with other bookings it is preferred to book the appointment for the site viewing and inspection at least one week in advance.
The day before the site visit, we will contact you to confirm.
Site viewing of Residential and Agricultural land without buildings:
We need to see as many accessible boundaries or markers as possible. If you have dogs or other potentially dangerous animals, regardless of size and friendliness, please secure them safely. This includes bulls, cows, goats, sheep, pigs .... etc.
Inspection of a building:
We need to measure the exterior of the building, so please make sure all sides of the building are free of debris and can be accessed. Interior access to the entire building is also required for the inspection.
If you have dogs or other potentially dangerous animals, regardless of size and friendliness, please make sure to secure them safely.
If you have tenants occupying the property, please give them ample notice, and the day before the appointment a reminder that access to their home is required for inspection. It is preferred the tenants are present, or make arrangements for someone they trust to let us inside.
It is also very important that the tenants are going to be cooperative, on time, not obstructive, and allow the valuer access throughout their entire apartment of house.
Upon completion of the Valuation Report you have the option to:
- Collect the report at the office, either by yourself or a Lawful Representative appointed by you. This can be a relative or friend. In case of the latter two, they need to bring 2 forms of ID.
- Have the report converted to a PDF file and e-mailed to you. Keep in mind however that if you need the report for Legal Purposes, it is recommended to have the original report with the genuine signature of the valuer.
- If you wish both, the hard copies plus a PDF file e-mailed to you, an additional TT$100. (US$16) will be charged.
- If you wish, for an additional fee the report can be hand delivered (South Western peninsula only). The cost will be calculated according the location.
You will receive:
- 2 Original hard copies (or the PDF file) of the Valuation Report, signed and dated by the Valuer.
Or by your request and an additional fee, both the hard copies plus the PDF file of the Valuation Report. - All the documents you handed over to us (e.g. Deed(s), Cadastral Sheet(s), Approvals Utility bills ... etc).
- If requested and ordered by you, the Cadastral Sheet(s) we obtained from Land & Survey.
- An itemized receipt.
The cost of a Valuation depends on what kind of property it is; e.g. residential or agricultural land, land only or house and land, a commercial building ... etc.
In general in Trinidad and Tobago the cost for a valuation is part of a percent of the value of the property. This can be 1/2, 1/3, or 1/4%, depending on the property and value.
However, I prefer the cost calculation to be more transparent, and therefore we have set fees which are as follows:
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IMPORTANT!: In general, Valuation Reports are valid for a period of 3 to 6 months especially for Legal purposes, such as a Conveyance (Title Transfer). Therefore we recommend to only do a Valuation / Appraisal at the time you need it.
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Ronny Drappier AssocRICS Siparia Real Estate Agency #2 Country Trace Junction, Fanny Village, Point Fortin 700722, Trinidad, West-Indies. Office: (1 868) 648-4929 Cell: (1 868) 750-7127 or  me.
Office visits by appointment only! Or CLICK HERE to fill out a Valuation Request Form on a secured Site. |
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