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Discover why I'm the expert Real Estate Broker for you. Explore the frequently asked questions below. If you have more queries, feel free to contact me.
Real Estate Lawyer Requirement
A real estate lawyer plays a very important part in completing your real estate transaction. Honduras does not have title companies, so to complete your closing a lawyer will prepare the protocol and together will make sure all documents are in order and the property can be sold and transferred with no encumbrances, such as leans against the property. The lawyers fees are part of the closing costs and can be paid out of closing or directly to the attorney.
What is your commission rate and why so high in Roatan?
All commissions are paid by the seller. The Roatan Realtors Association (RRA) has set the commissions for all real estate listings under $1M at 5% for each the selling and buyers agent (for a total of 10%). For all listings under $1M and above $1M at 4%, and according less according to property prices accordingly. If your realtor has dual representation for both the seller and buyer this may be negotiated down as well, however to participate in the RRA we are limited to the established rates structure, The RRA is a part the National Association of Realtors (NAR) and abides by the same Code of Ethical & Standards of Practice as in the United States (please visit this link to learn more). You are assured the highest standard of agency representation by your realtor licensed by the RRA. That said, Honduras has many people that call themselves realtors with no actual training or accreditation and people selling properties that are not legally clear to sell. This happens for a number of reasons, but often because the property is not in the seller's name, or recorded in multiple names with individuals not present or agreeing to transfer the property, pending law suits & liens. It is very important to have a team of experts on your side to assure your investment is secure. Because there are no title companies in Honduras this role is extra important and we work above and beyond to earn the commission. Additionally, only agents that are part of the RRA have approval to list properties for sell on MLS, which allows us to reach a much broader audience, yielding a higher selling price.