REQUIREMENTS FOR
FORECLOSURE SERVICES
GENERAL
- When a person defaults in the payment of a loan, the Lender (Seller) can recover the money due him through the lawful process of foreclosure. Foreclosure is the system by which a person’s right to a property is terminated due to default of payment.
- Foreclosure involves a forced sale of the property through an auction.
- The Borrower (Buyer) must be in default of payment for at least a month before the process of foreclosure can begin.
- The Lender (Seller) will be able to bid at the auction.
- Most foreclosures do not involve the courts.
REQUIREMENTS FROM LENDER
- Full name and address of the Lender
- Full name and address of the Borrower
- Initial Purchase Price/Loan Amount
- Information on Default (e.g. down payment, other deposits & final payment)
- Lawful Description of Property
- Copy of Title (Conveyance, Land Certificate, etc.)
- Copy of Appraisal
- Copy of Purchase Agreement and Mortgage and any other agreement
FEES
The fee for our foreclosure service is US $1,000.00 or 5% of loan (whichever is greater), plus general sales tax, administrative costs, transportation costs and filing/research fees which are payable in advance.
This fee does not include the Advertising Costs, Appraiser’s Fee, the Auctioneer’s Fee, Title Search, Transfer of Title or any additional service.
Any additional time other than incidentals above will be charged at US $75.00 per hour plus administrative fee and general sales tax of 12.5%.
OPTIONAL SERVICES AND FEES
| Title Search for Declared Land | US $ 500.00 | |
| Title Search for Undeclared Land | US $ 700.00 | |
| Purchase Agreement | US $ 500.00 | |
| Purchase Agreement with
Owner’s Financing
| US $ 1000.00 | |
| Escrow Agreement | US $ 250.00 | |
| Escrow Services | US $ 500.00 | (For properties that cost US $100,000. or less) |
| Escrow Services | US $1,000.00 | (For properties that cost between US $100,001.
and US $200,000) |
| Escrow Services | US $2,000.00 | (For properties that cost between US $200,001.
and US $500,000) |
| Escrow Services | 1/2% of the value | (For properties that cost more than US $500,001.) |
| Charge on property | US $ 250.00 | |
| Discharge of Charge | US $ 250.00 | |
| Mortgage | US $ 1,000.00 | |
| Cancellation of Mortgage | US $ 500.00 | |
| Transfer of Title for Declared Land | US $ 550.00 | |
| Transfer of Title for Undeclared Land | US $ 750.00 | |
| Transfer of Title with Covenants | US $ 1,050.00 | |
| Strata Title for Condominiums | US $ 1,000.00 | per unit |
| First Registration for declared land | US $350.00 | (does not include title search and survey fee) |
| Payment of property taxes | US $100.00 | per lot per year |
| Review of contract for recommendations | US $ 500.00 | minimum or 1/2% (whichever is greater) |
| | | |
| Plus General Sales Tax of 12.5%, administrative fees and filing fees. |
INTERNATIONAL SERVICES LTD.
PO Box 2284, #16 Albert Hoy Avenue, Belama Phase 1,
BELIZE CITY, BELIZE, CENTRAL AMERICA
|
Welcome | Offshore Services | Retirement Services | Investment Services | About Belize | About Our Firm | Contact Us
|
