udc.gov.bb Procedures for Purchase of Tenantry Lots Barbados : Urban Development Commission
Organization : Urban Development Commission (UDC)
Type of Facility : Procedures for Purchase of Tenantry Lots
Country: Barbados
| Want to comment on this post? Go to bottom of this page. |
|---|
Procedures for Purchase of Tenantry Lots :
A Tenantry may be defined as a Glossary Link plantation tenantry; and an area of land that is subdivided, before or after 1st November, 1980, into more than 5 lots for letting as sites for chattel buildings to be used as dwelling houses whether the land is vested in the Glossary Link Crown, in a statutory board or in any other person, but does not include land adjoining the Glossary Link foreshore.
Related : Urban Development Commission Housing Assistance Barbados : www.statusin.org/7267.html
Procedures For Purchase Of Tenantry Lots:
Qualified Tenants should:
** Give notice of your intention to purchase
** Sign three (3) copies of the Form I Notice of Intent to Purchase
** (icon Form I)
** Give one (1) copy of Form 1 to land owner and 2 copies to UDC (within 7 days of signing them)
** The land owner must
** Survey Glossary Link lot
** Have Glossary Link conveyance prepared
** Notify tenant that he/ she is ready to proceed to sale
UDC will:
** Negotiate selling price with land owner
** Assist land owner with surveying property
Provide tenants with lot details (icon Lot Details – Sample) for purchase including:
** lot number
** lot size
** selling price per square foot
** tenant’s price
** Government subsidy
** total selling price per square foot
** Attorney-at-law for vendor
Once you have been given the details for the purchase of your lot:
** Take the details to your Attorney-at-Law to make arrangements to pay for your lot. As this is a legal transaction, you MUST seek the services of an Attorney-at-Law
** ALL your monies for the payment of the lot must be paid to your Attorney-at-Law
** UDC does not accept any monies for the purchase of lots under the Tenantries Freehold Purchase Act.
** Land rent must continue to be paid until the close of the sale of the lot.
Your Attorney-at-Law will:
** Make contact with the Vendor’s Attorney-at-Law
** Review the Draft Glossary Link Agreement for Sale for the purchase of your lot
** Arrange for you to sign the finalised Agreement for Sale
** Review the Draft Conveyance for the purchase of your lot
** Arrange for you to sign the finalised Conveyance
When you have signed your conveyance, kindly ensure that a copy of it has been forwarded to the UDC as soon as is possible.
UDC will pay the subsidy on receipt of a copy of the fully executed conveyance ONLY.
Once you have purchased your lot under the Tenantries Freehold Purchase Act and have received a subsidy, you cannot resell your lot within five (5) years of purchase without first offering that lot to the national Housing Corporation.