Benefits for the Seller
The Multiple Listing Service, also known as the MLS is a database of properties for sale in Roatan. The good news is that listing a property with a member of the Roatán REALTORS ® Association makes information about your property automatically accessible to everyone who is looking to invest in Roatan through the MLS. This is one of the best ways to get maximum exposure for your Roatan property for sale.
Benefits for the Buyer
Each listing is reviewed for accuracy by the Roatán REALTORS ® Association brokers who put these listings on the Multiple Listing Service in Roatan. Buyers will have a chance to search all of the listed properties for sale and compare them easily. What’s great about these listings is that most of them come with photos, virtual tours, Google Map features, and even copies of surveys. The Multiple Listing Service also allows the buyer to choose a reliable Roatan Real Estate Agent.
How to Purchase a Property
The purchase process of a property in Roatan is quite easy and buyers from abroad can buy up to 3,000 square meters. In case you wish to buy a bigger property for sale, a Honduran Corporation needs to be formed. The good news is forming a Honduran corporation is an uncomplicated process and all you need is to get a lawyer. It is important to fully understand the documents which are associated with a clear title when purchasing a piece of land or a house in Honduras. In order to protect this investment, you should hire a lawyer, Honduran notary, and a professional real estate broker who will review all of the documents.
The Purchase Process
Once you choose the property you wish to buy, the broker will be in charge of writing up an offer to purchase. This offers contains the “earnest money deposit” paragraph, which is usually 10% of the price. In most cases, this deposit gets wired to the broker’s escrow account within 3 days of acceptance of the offer. Keep in mind that the balance of the purchase price is set at closing which is usually within 2 months. The seller has a right to accept the offer, submit a different offer, or reject the offer.
Closing the Deal
After the purchaser and the seller make an agreement and the earnest money deposit is received, the closing of the purchase can be handled in several ways. One of the simplest ways to finalize the purchase is to have the buyer fly back to the island to sign the papers in person. In some cases, the buyer appoints someone else like a lawyer or a Honduran notary to close the deal on his or her behalf and accept the title in the buyer’s name. It is also a common practice to appoint someone to close the deal on behalf of the buyer if a Honduran Corporation is being formed for the purchase.
Learn more about Roatan Real Estate