The steps for the formalities of buying and selling real estate in Roatan are like those in many other places.
Notes on the details
There are many details in all real estate transactions, lot of fees and costs. For that reason, we give all our buyers and sellers a Good Faith Estimate in writing, and we keep it up to date as new information arrives.
Notes:
1. For the buyer:
As a buyer, you can expect to pay 4.5-5% of the list price for closing costs (attorney, drafting and filing legal documents, transfer tax, hosting the close, etc.). And you will also have to reimburse the seller for the prorated amounts of pre-paid property tax, utilities, and Homeowners or Condominium Association dues, among many other possible ones. Also, you will be required to pay for and obtain a Honduras Registered Tax Number (RTN) if you do not already have one. It is about $100 for an individual. You must form a corporation to buy property over 3,000 square meters (about 32,292 square feet, 0.74 acres) per person/buyer, and there is a legal fee to create that Honduras corporation of about $2,000.
Also, as a buyer you may want to engage a home inspector and that fee is often taken out of the closing, as are termite inspections and pest treatment contracts.
2. For the seller:
As a seller, you will pay the real estate agents’ commissions, bring your real estate taxes up to date, as well as any HOA/COA fees, and pay for a survey, cadastral certificate, 15% Honduras sales tax, and related government- and transaction-related services.
3. For both:
If you cannot or do not want physically to attend the closing meeting, then you can appoint your agent or another party to represent you. The process is usually to obtain the power of attorney (POA) form from the realtor, fill in the blanks, and sign it in presence of a local notary.
Next, you take or courier the original, notarized documents to the secretary of your residence state, care of the apostille office. You can usually find the particulars of that office on-line. Then send it via FedEx to the closing attorney’s office.
If you are in a different country, then please contact us for details.
If you have any questions or concerns about these many details, please contact us for more information and clarification. Money is important to everyone!
