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REAL ESTATE APPRAISALS / VALUATIONS
Before doing a valuation, we need to get as much information as possible concerning the property to be valued. We also need to get some information of the Applicant and the purpose of the valuation, in order to give you the best possible advice.
If it is determined I can do the valuation for you for the purpose you need it for (e.g. we don't do valuations for the banks), I will request you to fill out 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.

We do Valuations for the following purposes:
  • Home Insurances.
  • Legal matters, such as Conveyances (Deed Transfers), Wills or Deed of Gift.
  • Attorneys-at-Law.
  • Private purposes, if for example you want to sell and find out the value.
  • Tax / BIR purposes.
  • Governmental purposes.
  • Select Credit Unions in the South-Western peninsula.
We do Valuations on the following types of properties:
  • House and land.
  • Land alone.
  • Commercial land.
  • Homesteads.
  • Agricultural land (crops or produce not included).
  • Small commercial buildings (e.g. home shops or parlours).
  • Small malls (max. 10 shops or less).

I have to mention however, that we prefer to stay in the South Western peninsula of Trinidad. To be precise; 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 down to Icacos.
If you need a valuation outside of this area, we will refer you to one of our Associates handling your area.

The cost of a Valuation depends on what kind of property it is; e.g. land alone, house and land, commercial or agricultural land ... etc.
Unlike many of our Colleagues and Associates who charge part of a percent of the value of the property, we have set fees which are as follows:

PRICE TABLE
Residential land without building up to 1 acre: TT$1,000 (US$150). Deposit: TT$500 (US$75).
Residential house and land up to 1 acre: TT$0.75 (US$0.11) per square foot of the total floor area of the main building, all annexes, extensions, garages, storage spaces, enclosed or open covered areas, and all other attached or detached buildings or structures belonging to the property. The minimum fee and deposit is TT$1,500 (US$220). A quick calculation will show that TT$1,500 @ TT$0.75 per square foot, covers a floor area of 2,000 sq.ft.
Anything over 2,000 sq.ft. of floor area is an additional TT$0.75 per sq.ft.
Please note that for a residential house on a parcel of land less than 1 acre, the land is included in this price, unless the valuation is on the land only without the building(s) situated on the land.
Residential house with Tenants on land up to 1 acre: A rental apartment building is considered to be commercial real estate. Any real property leased to others is considered commercial property, regardless of whether the use is residential or commercial in nature.
The cost for the valuation on a Residential house with Tenants is TT$1.00 (US$0.15) per square foot of the total floor area of the main building, all annexes, extensions, garages, storage spaces, enclosed or open covered areas, and all other attached or detached buildings or structures belonging to the property. The minimum fee and deposit is TT$2,000 (US$295). A quick calculation will show that TT$2,000 @ TT$1.00 per square foot covers a floor area of 2,000 sq.ft.
Anything over 2,000 sq.ft. of floor area is an additional TT$1.00 per sq.ft.
Please note that for a rental residential building on a parcel of land less than 1 acre, we charge for the valuation of the building only. The valuation on the land is free, unless the valuation is on the land only without existing building(s) situated on the land.
Commercial land up to 1 acre without building: TT$1,500 (US$220). Deposit: TT$1,000 (US110).
Commercial land over 1 acre without building: TT$2,500 (US$370). Deposit: TT$2,000 (US$185).
Small commercial building on land up to 1 acre: TT$1.50 (US$0.22) per square foot of the total floor area of the main building, all annexes, extensions, garages, storage spaces, enclosed or open covered areas, and all other attached or detached buildings or structures belonging to the property. The minimum fee and deposit is TT$3,000 (US$440). A quick calculation will show that TT$3.000 @ TT$1.50 per square foot covers a floor area of 2,000 sq.ft.
Anything over 2,000 sq.ft. of floor area is an additional TT$1.50 per sq.ft.
Please note that for a small commercial/residential building on a parcel of land less than 1 acre, we charge for the valuation of the building only. The valuation on the land is free, unless the valuation is on the land only without the building(s) situated on the land.
Residential / Commercial building on land up to 1 acre: The residential part of the building: see price "Residential house and land up to 1 acre"
The commercial part of the building: see price "Small commercial building on land up to 1 acre"
Agricultural land alone:
  • From 1 to 5 acres TT$1,500 (US$220). Deposit: TT$1,000 (US$110).
  • From 5 to 10 acres TT$2,000 (US$300). Deposit: TT$1,500 (US$220).
  • From 10 to 50 acres TT$2,500 (US$370). Deposit: TT$2,000 (US$300).
  • From 50 to 100 acres TT$3,000 (US$440). Deposit: TT$2,500 (US$370).
  • Over 100 acres TT$3,500 (US$520). Deposit: TT$3,000 (US$440).
Agricultural land with building: For the building:

TT$0.75 (US$0.11) per square foot (of the building), with a minimum of TT$1,500 (US$220) for a Residential building; and TT$1.50 (US$0.22) per square foot (of the building), with a minimum of TT$3,000 (US$440) for a Commercial building or Farm.
Please note: The same relevant sq.ft. coverage and deposit rules as above apply.

And additionally for the land:

  • From 1 to 5 acres TT$1,500 (US$220). Deposit: TT$1,000 (US$110).
  • From 5 to 10 acres TT$2,000 (US$300). Deposit: TT$1,500 (US$220).
  • From 10 to 50 acres TT$2,500 (US$370). Deposit: TT$2,000 (US$300).
  • From 50 to 100 acres TT$3,000 (US$440). Deposit: TT$2,500 (US$370).
  • Over 100 acres TT$3,500 (US$520). Deposit: TT$3,000 (US$440).

Please note: For the total cost of the valuation or deposit add up the indicated figures of the building and the land.


Please note:
Before or at the time of the site viewing and inspection of your property, the deposit (see price table above) is required. The balance (if any) is paid when you collect the Valuation Report.
In general the report will be ready within 5 to 10 work days after the site viewing and inspection.
In case you are not in Trinidad or you can not be present at the time of the inspection, the required documents 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 (land alone or house and land) is Freehold: a copy of the Deed(s).
  • If the property (land alone or house and land) is Leasehold: a copy of the Leasehold Deed.
  • If the property (land alone or house and land) is regularized squatting land: a copy of the Deed of Comfort.
  • If the property is rented land only: the receipt of the last paid rent.
  • If the property is a house on Rented land: at least 1 utility bill in the name of the owner(s) of the house, and the receipt of the last paid rent.
  • Copy of the Cadastral Sheet(s) (Surveyor map) of the land. If you do not have the Cadastral Sheet(s), we can obtain copies for you from Land & Survey in Port-of-Spain for TT$300.00. (US$40.00).
If available, documentation of approvals for the following properties:
  • Newly subdivided residential lots: Final Town & Country Approvals. Or in case the lots are not yet final approved; the Outline Approvals together with the stipulated terms & conditions to obtain the Final Approvals.
  • Older subdivided residential lots which are being sold for the first time: Final Town & Country Approvals.
  • Homes built after 1984: 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 land only:
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.


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 also very important that the tenants are going to be cooperative (e.g. being present and on time, or make arrangements for someone to let us inside; not being obstructive and allow the valuer access throughout their entire apartment of house.


Upon completion of the Valuation Report you have the option to:
  1. 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.
  2. 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.
  3. If you wish both, the hard copies plus a PDF file e-mailed to you, an additional TT$100. (US$16) will be charged.
  4. 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.
Please note: We do not send original reports by ordinary mail or Courier Services.

You will receive:
  1. 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.
  2. All the documents you handed over to us (e.g. Deed(s), Cadastral Sheet(s), Approvals Utility bills ... etc).
  3. If requested and ordered by you, the Cadastral Sheet(s) we obtained from Land & Survey.
  4. An itemized receipt.

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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Questions about Valuations? Do not hesitate to contact me.
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 whatsapp me.
E-mail : sipreal@gmail.com

Office visits by appointment only!

Or CLICK HERE to fill out a
Valuation Request Form on a secured Site.



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