First of all, don't listen to friends that don't know anything about real estate. Second, contact several real estate brokers and ask for information about their background and experience. Since most brokers do not receive or hold any funds other than their commission at closing, you have minimal risk. Third, select the right attorney for you. Some people can interview one attorney and feel comfortable after understanding his record and position in the community. Others want to talk to several. Felipe Danzilo from Tegucigalpa (practicing in the Bay Islands and La Ceiba) must have 150+ successful real estate transactions for foreigners under his belt. Also, Gustavo Manzanares and Romulo Pinel are well recognized and highly respected attorneys with great track records. You can check out www.Honduraslaw.com. There are other good attorneys. Fourth, your offer to purchase should contain an array of contingencies---copies of all documents, paid tax receipts, inspection of any
improvements by third party contractor, verification of utilities, up to date (current) survey with Honduras licensed engineer's stamp, certificate from the public registrar's office of free and clear title in the name of the seller, valuation of the property for tax purposes from the municipality, certificate from the municipality as to the name of the owner on the tax roles, etc. etc. Also, you will want a detailed, written title opinion from your attorney. Title insurance is rare and new on the mainland, but there is a good deal of it on the Bay Islands. Generally, on the mainland they follow the system of rural US with an abstract and title opinion from counsel. You either can wire the funds for closing to your attorney's escrow account or bring bank cashier's checks with you. Make sure you understand laws about foreigners purchasing on the coast or islands or near borders--and the different forms of ownerships from individual to corporate and the benefits/drawbacks of these.
Take your time to make sure you understand. For some people that is one month, for others they need six months or more to digest it all. Don't do anything until you are completely comfortable.
Kent
-----Mensaje Original-----
From: "" esponja7774.....com
Date: Sat, 7 May 2005 14:13:46 -0600
To: travel-to-honduras.....com
Subject: [travel-to-honduras] Re: Real Estate Expertise
Charlie:1) You said you bought in La Ceiba... How can one buy without a residency?2) Is there any one good/honest(if possible) Real Estate Attorney in La Ceiba3) How can I get money there to buy.. that is, how can I bring in money? all lin traveller's checks?4) I was told by individuals there in La Ceiba (friends.... but they know nothing about real estate, etc) tell me NOT to trust ANY Real Estate Agent there Norm--- On Fri 05/06, Charles R. Meador, Jr. < charlie.....com > wrote:From: Charles R. Meador, Jr. [mailto: charlie.....com]To: travel-to-honduras.....comDate: Fri, 06 May 2005 11:24:53 -0000Subject: [travel-to-honduras] Re: Real Estate ExpertiseGary - Definitely take time to look at the opportunities on the mainland while you are visiting. You will be shocked at how much further your money will go (purchasing, building and living). Its an easy and inexpensive trip by air or by ferry.Roatan is a great place to visit. With the money we
saved buying on the mainland we should be able to visit there for about the next 1000years and still be ahead.Wherever your preferences lie don't be in a hurry to put your money down. We shopped for almost a year before making a decision. Do find a competent attorney to work for you. If the real estate agent you are working with says you don't need one run away fast.Charlie MeadorCoco Pando Resortwww.cocopando.comLa Ceiba, Honduras
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