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Roatan, Bay Island
Honduras, C.A.
Phone: 011-504 455-7863 / 455-7559
Fax: 011-504 455-7879
Cell: 011-504 3391-1676 |
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| FAQ Desk |
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- What are the steps in buying property in Honduras?
- What has been the property value increase in different regions in Roatan?
- How do you choose an agent to sell your property?
- How to get to Roatan?
- Is the Honduran government stable?
- Can a foreigner own land and hold clear title?
- How do you form a Honduran Corporation?
- How do you get Honduran residency?
- What are the steps in buying property in Honduras?
1. After you find a property you like, your real estate agent will create a simple sales agreement, and after review you sign and initial it.
2. You have seven to ten working days to get a 10% earnest money deposit wired to your real estate agent’s escrow account once the contract is approved by both you and the seller. NOTE: When you sign the contract and promise to wire the money, then the owner signs it, the property comes off the market. After you wire the earnest money, please be aware that if all contingencies and terms of the contract are met by the owner and you back out, you lose your earnest money deposit. So make sure you want the property.
3. If you are purchasing title insurance, when you wire the earnest money to the escrow account, you also wire the title insurance application fee to First American Title or Stewart Title at the same time. That is a non-refundable deposit. If you later build a home or buildings on the property, you can increase the coverage. Your real estate agent can help you fill out the form to begin, then within a day or so First
American or Stewart will tell you how much the fee will be exactly.
4. Within the first 10 days after you sign the sales agreement, you or your legal representative will receive both a survey and title. The attorney begins his work at that time in checking the documents.
5. If you choose to put the property in a corporation, or Corporation and Holding Corporation, you will need to provide the attorney with the name you want, and who the administrator or administrators will be. If there is more than one administrator, then you need to decide if both administrators need to act (sign) together to make major changes, such as adding or removing administrators or selling the property, or if either can act independently of the other. If only one person is going to be at the closing, make it so either can act independently.
If the buyer won’t be able to attend the closing or there is any chance the property could close late for title insurance reasons or any other reason (which is not uncommon) then many buyers will appoint a limited power of attorney to someone such as the real estate agent to accept benefits for the corporation or themselves (like land) and put assets in the corporation but not occur any liabilities (like selling land or entering into any agreements). You have to tell the attorney if you want to do that. The attorneys will provide you with closing costs, which are all paid at closing.
6. During the time you are waiting for the closing, your real estate agent assists the attorneys in getting the cadastral certification (satellite registered plot), the survey, the paid tax receipts, title documents, etc. for the closing and title insurance to proceed.
7. At least a week before closing, you need to wire the final funds, including the attorney fees. Real estate agents and attorneys are both present for the closing. The closing is performed after the attorney completes the title opinion search, confirming that the land has 100% good title with no unanswered questions. If there are any issues on the seller’s side with the paperwork, they must be resolved to the attorney’s and your satisfaction or there is no closing and all funds are returned or the closing is delayed. Irresolvable issues are rare.
8. You, or your Realtor with power of attorney, sign the documents, the seller signs them and you get the OK from the attorney that you now own the property. Then the seller gets his proceeds and the attorney is paid as well. You also get copies of all documents before you leave.
9. Within approximately four months you will receive the registered title and the registered corporate documents and shares from your attorney. A few months after that, you will receive the title insurance certificate from First American. At that point you are all done. Keep your copies of everything in a safe place and especially guard your shares (originals) since the person who holds them in their hands is the owner of the companies and all assets.
10. Don’t forget to pay your taxes once a year or even pay them a few years in advance. Depending on the location of your property, these are paid in the municipal offices of Oak Ridge or Coxen Hole. The first time you pay your taxes 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. The cost is approximately 1,000 Lempiras ($53). Ask the attorney once a year about any corporate updates you might have to do. Usually there are none.
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- What has been the property value increase in different regions in Roatan?
Although property prices on Roatan have increased significantly in the past few years, by international standards they are still very inexpensive. Considering this area is anisland and tropical environment, inexpensive parcels of land are still available. There are many options on the market, home sites, single family homes, lots, condos, businesses, development land, commercial land etc. Consider what you are looking to achieve with the purchase, your goals, whether short or long term, and the returns you are looking for. A good real estate agent will be able to assist you, and be sure to get a second opinion and do some research yourself.
Below you will find a variety of properties, from community property to stand alone homes and lots. These prices are just some ideas on property increasing values during the past few years on Roatan.
Home Development in West Bay Beach
Feb 2004, 2 Bedroom 2 Bathroom Home,
US$225,000 and up
Feb 2007, 2 Bedroom 2 Bathroom Home,
US$450,000 and up
Home and Lot Development, East End
Feb 2005, 2 Bedroom 1 Bathroom Bali Style Home,
US$159,990 and up
Feb 2007, 2 Bedroom 1 Bathroom Bali Style Home,
US$295,000 and up
Home and Lot Development, West Bay Beach
Jan 2005, Lot 3, .23 acre, US$68,000
Feb 2007 Lot 3, .23 acre, US$125,000
2002
East End of Island
– Pollitilly Lots, ¼ acre with views US$15,000
– 4-Acres, 360 views, road, power, US$110,000
– 3 Bed Home, Pollitilly, 2000 sq feet, 4.1 Acres,
166 feet ocean frontage, US$148,000
2007
East End of Island
– Pollitilly, ½ acre, views US$105,000
– 2 Bed Home, Punta Blanca, 1536 sq feet, .28 acre,
community beach, US$289,000
– Bed Home, Punta Blanca, 3000 sq feet, .89 acre,
great views, US$395,000
2002
West End of Island
– West Bay Road 1.45 acre with views US$48,000
– 2 Bed Home West Bay Area, 1500 sq feet, US$189,000
– 25 Acre Beachfront, 570 feet ocean frontage, West End, West Bay US$1,150,000 2007
West End of Island
– West Bay Road ¼ acre, views, US$89,000+,
½ acre US$150,000+, 1 ¼ acre US$400,000
– 1 Bed Condo, West Bay Area, 920 sq feet, US$249,000
– 3 Bed Home, West Bay Area, 2000 sq feet, US$359,000
– .41 acre West End – West Bay, 92 feet ocean frontage,
US$500,000
One can make assumptions from the above, where the best investments in the past have been, but is the market the same as before? The answer is a resounding no.
The Roatan real estate market has changed as has the potential buyer. There has been a shift towards community developments over the past few years as buyers are becoming attracted to the facilities being offered. Community projects offer some investment security and offer many benefits for the absentee owner or for someone who is looking solely at an investment.
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- How do you choose an agent to sell your property?
A common investment practice is buying large tracts of land and subdividing. Many people also buy and resell various pieces of property to generate income. If you have been completely happy with the agent who assisted you in buying property, there is fair chance they will be the right agent to sell your property, though it is worth checking some points, as some agents maybe better selling than listing agents.
Some questions to ask during interviews with potential listings real estate agent include:
1 Ask the potential agent for references from listing owners, people whose property they have sold in the past six to 12 months. Request email addresses and phone numbers so you can contact the references directly. Request references for properties similar to your own.
2 Ask the agent how they plan to market and sell your property. If possible get it all in writing, no verbal promises. Make sure you are clear from the start so there is no resentment later when expected things have not been completed. Another important aspect in selecting a selling agent is how their interaction with other agents in the area works. An agent who communicates with many other real estate agents will get the sale done more quickly.
3 Many agents may suggest a longer exclusive contract for six months to a year or more. Shorter terms work better to start as you can always change agents if things do not work out well. Also ask the agent about their listing cancellation policy.
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- How to get to Roatan?
Air Travel
Roatan is an easy travel destination. American, Continental, Delta and TACA are the major carriers that fly into our area. TACA has the best routes & schedules into Roatan- esp if you are flying midweek. Many people aren't familiar with TACA, one of the major Latin American carriers. TACA has a beautiful fleet of airbuses and an ontime rate of 89% Old problems with lost luggage have been resolved.
Direct Flights
Direct flights are offered on the weekends. On Saturdays, TACA and Continental offer direct flights from Houston to Roatan. Also on Saturdays, Delta offers direct flights from Atlanta to Roatan. On Sundays, TACA offers direct flights from Miami to Roatan. Also on Sundays between February to August, Contintental will have flights from Houston direct to Roatan.
Connecting flights to Roatan are available daily on TACA, Continental and other airlines from major cities around the United States including
* Miami
* Los Angeles
* New York
* New Orleans
* Philadelphia
* San Francisco
* Washington DC
These flights connect through San Pedro Sula (SAP) , San Salvador (SAL) , La Ceiba (LCE) and Tegucigalpa (TGU).
--Please note all of these airports including La Ceiba are still on the mainland. You will need to request a flight that continues or connects into Roatan (RTB). Many search engines will offer La Ceiba as an alternate airport for Roatan. Please note that from La Ceiba, you will need to take a flight to Roatan. Flights are scheduled throughout the day on a number of local carriers.
To make travel arrangements:
Check online for internet specials. The airport code for Roatan is RTB.
www.taca.com - Groupo TACA
www.continental.com - Continental Airlines
www.delta.com - Delta Airlines
www.travelocity.com - a travel search engine which will search a variety of flights. This engine seems to be the best for flights to Roatan.
www.aa.com - American Airlines
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- Is the Honduran government stable?
Yes, Honduras is a stable democracy headed by a popularly elected president. Furtheremore the government is know to be committed to private enterprises.
USA also has a military treaty as strategic Central American Partner.
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- Can a foreigner own land and hold clear title?
Yes, but foreign investors can only purchase up to ¾ of an acre per person. You can own more land by forming a Honduran corporation.
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- How do you form a Honduran Corporation?
This is a simple transaction which can be accomplished by a local attorney at a cost of approx. $1.500.00 to $1.800.00. If you do not speak Spanish, an English speaking lawyer is essential as all documents have to be written in Spanish. By forming this corporation you are entitled to all the rights of a Honduran citizen regarding ownership of your property.
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- How do you get Honduran residency?
There are several different types of Residency in Honduras. You can get Retirement Residency (with income from Honduras of $600.00 or more), Investors Residency, Employee Residency and Family Residency (marriage to a Honduran citizen or parent of a Honduran child). The first step is to apply for residency from a Honduran Embassy or Consulate outside of Honduras. The necessary document for this usually include: birth certificate, doctor’s certificate of health, police report and passport. After filing the solicitude (application) at the consulate/ embassy you must hire a lawyer in Honduras to finish the process here. It usually takes 2-3 months for the procedure and costs around $1.200.00 dollars (depending on the type of residency).
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