Title insurance is now available through Utila Realty and is underwritten by Stewart Title or First American Title Insurance. Fees are in the 1.25 - 1.5% range. A good publicly recorded title is important when investing in any foreign country and our expert agents can help you with the process of getting title insurance for your property.
First American Title Insurance Company offers its International Policy of Title Insurance insuring land in Honduras through its international underwriting office in Sunrise, FL. There are several advantages in obtaining title insurance on land in Honduras insured through the international policy. For example, the policy is in English, in U.S. dollars and with claims made in the U.S. The International Policy is very similar to the ALTA policy First American issues in the U.S. By obtaining the survey, surveyor's affidavit and seller's affidavit we are able to insure against items of non-record as well as recorded items. We also insure that the real property taxes are paid up to date.
You can also obtain title insurance through Stewart Title Insurance.
We work with local attorneys in each country to research the title and prepare for us a title report. Once we are in receipt of the attorney's report and documents we will issue a title commitment showing the status of the land at a certain point. There will most likely be other requirements that the attorney will have to supply to us before the policy can be issued. Once we receive all those requirements, the policy will be issued immediately.
The cost for a policy is $5 per thousand with a minimum premium of $850.00. Thus, you can get up to $170,000 worth of coverage for the minimum premium of $850. The local attorney fees in order to research the title are separate and apart from the title insurance premium and are dealt directly between the attorney and you. You will be required to hire an attorney in Honduras to research the title for First American.
Let us know if you have further questions. We look forward to assisting you with your title insurance needs in Honduras.