We will need the following information from you:
- Full name
- Marital status
- Copies of the picture page of your passports. (scan please)
After we receive the info above, we will draw up the offer to purchase. We will then email it to you for your approval. Print, read carefully, initial each page at the bottom, sign and date on the last page. Scan that back to us.
Once both parties have signed, the deposit will be sent to our company's escrow account. You will have approximately seven business days to make the 10% deposit. Closing will be scheduled approximately 30 days out from there. Two weeks prior to closing we will send you a detailed, itemized breakdown of the closing costs and attorney's fees.
Since this is a relatively straightforward transaction, one could expect:
For a property purchased below $55,000: estimated fees would be 3.65% of the purchase price plus $1,500 fixed attorney fees and $1,132 fixed fees (detailed below).
For a property purchased above $55,000: estimated fees would be 6.40% of the purchase price plus $1,132 fixed fees (detailed below).
Please note that these fees are not set by Utila Realty and are just estimations. An attorney approved closing cost statement will be provided prior to closing.
Additional charges may apply if you use a corporation, have a mortgage involved, or if you need a Power of Attorney for closing.
Detailed Breakdown of Closing Costs:
2.0 % Cadastral Fees
1.5 % Transfer and Registration Taxes
2.75 % Attorneys Fees ($1,500 minimum)
0.15% Honduras Registration Tax
0.9 % (Mortgage if applicable)
$250 USD Power of Attorney if applicable
$425 Travel Fee
$80 RTN Card (per person)
$87 Zolitur Registration
$25 Catastral Fee
$85 Translation Fee
$75 Bar Association Stamp Tax
$80 Deed Paper Fee
$25 Authentication Document
Once this schedule of fees is accepted by you, you will need to wire the balance of funds for the purchase and the closing costs and attorney fees plus $30 for wire costs. As usual, no funds will be dispersed until the closing has been executed, and, all funds must be in place in the escrow account 10 days before the proposed closing date. All these dates and amounts will be laid out in the offer to purchase.
You do not need to be here for the closing if so desired. More on that later.
Once closed, the attorney takes the documents to the registrar's office for processing. Once that is done, he returns those to our office where we keep them secure until your next visit.
If you have any questions throughout this process, please do not hesitate to contact us. We stand ready and willing to answer any and all questions and/or concerns for you.