PORT OF SPAIN, Trinidad -- Trinidad and Tobago will improve its handling of property registration with a $20 million loan provided by the Inter-American Development Bank (IDB), which aims to cut the number of days to register a property sale and to enhance measures to identify property parcels and owners.
The loan-financed project aims to reduce the number of days to record a property sale from the current average of 78 days to 65 days and to reduce the number of days needed to conduct a property instrument search from the 11 days to one day.
Ranked 176th out of 185 countries on the World Bank’s 2013 Doing Business Report for ease of registering properties, Trinidad and Tobago (TT) has identified improved property registration as key to strengthening the country’s overall competitiveness and ability to promote investments.
Under the project, improvements to TT´s Registrar General’s Department will include digitization of all property-related records, staff training in document archiving and restoration, and improvements to IT systems, business processes, and customer service.
The project will also support activities to incorporate parcel and person identification numbers on newly registered property transaction documents. The project will help individuals whose names are not currently registered on their birth certificates to do so, so their names may be linked to their personal identification numbers and included on property registration documents.