Roatan Executive Realty will assist you every step of the way in the purchase or sale of your property.
Your first step is to select one of our realtors whom you feel comfortable working with.
Buying Real Estate in Roatan
Once you and your realtor find a property which meets your criteria and you want to purchase, your agent will create a sales agreement that you will review, sign and initial. This agreement is then presented to the seller of the property. When the details are agreed to by both buyer and seller you will have seven to 10 days to deposit 10 percent of the purchase price to your real estate agent’s escrow account.
Within 10 days after you sign the sales agreement, you will receive both the survey and title. The attorney begins at that time to check the documents and to ensure that all paperwork on the property is in order.
If you are purchasing the property in a Corporation or Holding Corporation, you will provide the attorney with the name of the corporation, and who the administrators will be.
In case you are unable to be present at the closing, then it is common to appoint a limited power of attorney to someone, such as your realtor to act in your behalf at the closing. This is very common with real estate sales on the island.
While you are waiting on the closing, your realtor will be helping the attorney by getting the cadastral certification, survey, paid tax receipts and original title documents for the closing.
Between seven to ten days before closing, you will wire the final funds, including the attorney fees to your realtor’s escrow account. Real Estate Agents and attorneys are both present for the closing. The attorney will provide the completed the title search documents and will confirm the property is 100 percent clear title with no unanswered questions or concerns.
You or the person you assigned temporary Power of Attorney, will sign the documents at this time. The seller signs them and you now own the property. The seller gets his money and the attorney is paid. You, or your representative will receive copies of all documents for your property before you leave.
In about four months, you will receive the registered title and registered corporate documents (originals) and shares from your attorney. Keep your copies of everything in a safe place and especially guard your shares since the person who physically holds them in their hands is the owner of the corporation and all assets.
Buying Real Estate in Roatan: Property Tax Info
Pay your taxes yearly or pay them a few years in advance. Taxes are paid at the municipal office either in Oak Ridge or Coxen Hole, depending whether your property is within the Municipality of Roatan (West side) or Santos Guardiola (East end). Be sure to take a copy of the previous year’s tax receipt, the cadastral certificate, and a copy of your Escritura Publica to change the cadastral certificate into your name. This one-time cost is approximately 1,000 Lempiras ($53)
