Consejo Properties - Escrow Services
Escrow Services For The Consejo Area
Let Us Handle the Details
What We Do:
Once an agreement has been reached between a real estate Seller and Buyer, it is time to choose an Escrow Company.
An Escrow is an arrangement where a third party holds funds and legal documents on behalf of the Buyer and Seller and disburse these documents and funds in accordance with the Escrow Agreement. The Seller and the Buyer must both agree with the terms and conditions of the escrow agreement; therefore, the interests of both parties are safeguarded.
The Escrow Agent must comply with the instructions of the Buyer and Seller as stated in the agreement and guide the transfer of ownership process in an unbiased manner.
Whenever buying or selling real estate in Belize, you need a reliable Escrow Company to mitigate the financial and performance risks. Consejo Properties' Escrow Services can make the arrangements quickly, accurately, and securely to ensure your transaction closes properly. We deliver Peace of Mind.
The Escrow Process:
Buyer and Seller agree to the terms of the sale. Consejo Properties will happily assist in completing the Purchase and Escrow agreements.
The Buyer pays an earnest money down payment which is deposited into Consejo Properties' Trust Account. These monies can be paid by certified check, wire transfer or cash. The deposit is normally 10% of the purchase price.
The Seller delivers to Consejo Properties their Certificate of Title (Deed).
The closing agent will complete a public records search to discover any mortgages, liens, judgments and/or unpaid taxes that could effect the purchaser's position. Once clear title has been verified, or arrangements to clear the title from the sellers portion of the escrowed funds have been made, the transfer documents will be completed and forwarded the buyer and seller respectively for signature.
Buyer and Seller sign their respective document in front of a Justice of The Peace (in Belize), a Notary Public (USA) and return the signed papers to Consejo Properties. The Buyer also remits the remainder of the purchase price plus any fees and taxes.
Consejo Properties delivers the transfer documents to the Lands Department for recording and pays the 5% transfer tax from the buyers funds. The Lands Department provides a receipt for the monies paid with a statement that the transfer has been entered into the public record. At this point, the transaction is complete and the remaining funds are delivered to the Seller. It currently takes 6 to 8 additional weeks before the Lands Department delivers a Land Certificate in the Buyer's name.
Most real estate escrows in Belize run 30 to 90 days. However, if both buyer and seller are in Belize and the funds are quickly transferred to the escrow account, the transaction can be completed in as little as 7 days.
Fee Structure:
| Preparation of Escrow Agreement | US $250.00 |
| Administrative Fees | US $ 25.00 |
| General Sales Tax | US $ 27.50 |
| Total | US $302.50 |
| Escrow Services | 0.5% of the purchase price Plus general sales tax, administrative fees and filing fees. |
For More Information or To Open an Escrow, Contact:
Consejo Properties
Jeff or Denise Fillmore
Phone: 011 (501) 423-1016