Owner’s Preferred Offering Structure
In order to get the owner to accept your offer, the following guidelines are recommended:
- Price – $2,100,000 US - Owner willing to negotiate
- Most Aggressive Terms - the higher the earnest money deposit and the quicker the close, the better
- Closing Costs - the buyer customarily pays closing costs. This is not a set rule or law and there is the option to split the costs 50/50.
- The Seller will pay brokerage fee(s)
- Attorney Fees, which include drafting the contract and transferring the business entity, are nominal (a few hundred dollars)
- Title Insurance Policy - provided by Stewart Title of Texas (U.S. company) in partnership with RFG Insurance (Belize company) for approximately 1% of the property’s value
- Transfer tax (or stamp tax) is 5% of gross sales price with an additional 5% for foreigners and residents that have lived in Belize for 3 years or less. There is a simple way to sidestep the entire fee and that is to buy the business entity/name (B&B Enterprises Limited, a 30+ year business name), which will allow you to operate any sort of business and business name under the B&B entity and only have to pay a 3% transfer tax. The business entity/name is included in the sales price.
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