Payment Terms

In what currency are payments made?

TPL's prices are quoted in US$ and all payments are payable in US$.

Can I get finance for the purchase of a property?

Yes, through individual approaches to local banks or mortgage companies.

Trinidad and Tobago has a well-established, well-organized, and soundly regulated system of banking and finance. The financial institutions operating in the country include six (6) commercial banks, with a total of 117 branches, non-banking financial institutions, development banks, trust companies, merchant banks, mortgage banks, unit trusts (mutual funds), credit unions, and more than thirty (30) insurance companies.

Access to short, medium, and long-term financing is available through these institutions. There are no longer any restrictions on borrowing by foreign investors.

What are the payment terms for purchasing a building plot?

Purchase of residential products at Tobago Plantations is done by stage - payments.

For a villa, land must first be purchased. Stage payments are as follows:

• Reservation - a non-refundable commitment fee of US$10,000.00. (Purchaser is provided with relevant terms and conditions and a copy of the Draft Lease).
• Deposit - 10% payment, less US$10,000.00. (Actual lease is sent to attorneys).
• Final Payment - 90% balance is payable on signing of Deed of Lease (999 years) within 30 days from payment of commitment fee.

The client has may choose from nine (9) TPL designs for the construction of his villa. Alternatively, he may use his own architect, but all other designs are subject to approval of TPL's Approval Committee. This is to ensure conformity to Tobago Plantations' development concept and philosophy.

Stage payment process for Villa construction is as follows:

• Construction Agreement - 25% of villa construction cost - due on signing
• Foundation Completion - 20% is due for payment.
• External Walls Completion - 20% is due
• Roof Completion - 25% is due
• Hand-over - the final 10% is paid.
• A schedule of options and costs is available for the following:
• Driveways
• Swimming Pool (per square meter)
• Landscaping (per sq meter)
• Gazebos
• Walls (fences)

TPL shall assist the client with all supporting documents and papers that may be required for bank financing. Local banks are cognizant of the TPL development project.

What are the payment terms for Condominiums and Villa Clusters ?

To purchase a condominium or villa cluster unit the client may proceed as follows:

• Reservation - US$10,000.00 non-refundable commitment fee.
• Deposit - 25% of the cost is payable within two (2) weeks when a Purchase Agreement is signed less the US$10,000.00 commitment fee.
• Foundation Completion - 20% payment is due.
• External walls Completion - 20% payment is due.
• Roof Completion - 25% is due.
• Hand-over - the final 10% is due.