At Massy Realty we have been safeguarding our clients deposits by acting as Stakeholder for almost twenty five (25) years at no extra cost. In fact, all the interest earned on the deposit is paid to the rightful party, together with the deposit, on completion of sale.
It is important to note that we have no escrow legislation in T&T. Therefore, we cannot force our clients to allow us to hold the deposit. However, when the deposit is made payable to a vendor, we recommend that the risks are examined:-
- Is the title of the property good? Is the deposit in safekeeping in the event that it has to be refunded? Does the property have a sound root of title?
- Is the owner of the property purchasing other real estate using the deposit?
- Does the property have any encumbrances eg: writs, lis pendens; mortgages; outstanding rates and taxes?
- Is the owner who he says he is – the true and rightful owner and decision maker to sell the property and accept the deposit?
- Will the Developer complete the development or project on time and on budget? Does the team of professional experts have a good track record? Is there financing in place?Who can better seek the interest of all the parties concerned and involved in possibly the single biggest investment that most persons and/or companies may make?
Massy Realty, a member of the Massy Group of Companies, acting as Stakeholder, will safeguard the interest of all concerned parties. Our reputation of integrity and transparency stands us in good stead!
In most Countries escrow legislation is law. We have met with persons within our Ministry of Finance to secure your interest in real estate transactions. We are happy to share our thoughts with you.
FEES ON REQUEST
In the event that we have not sold your property, we are willing to act as the Stakeholder for the deposit. For this service and for our fee contact us.