Where is Keyhole Bay?
Keyhole Bay is located on the southwestern shore of Roatán, just a short walk from West Bay, Roatan's finest beach.
How large a down payment is required to hold a condo prior to purchase?
A non-refundable 10% down-payment is required to hold the condo off the market for 30 days, at which time the balance is due. Pre-construction financing with milestone payments is available on buildings under construction.
Is title insurance available for the lots at Keyhole Bay?
Yes, title insurance is available through First American Title Insurance Company, one of the world's largest and most prestigious insurers. They have an office in Miami that specializes in providing coverage to the Caribbean region. The title work is managed by an attorney that the seller selects from a list of attorneys approved by First American.
How much are property taxes on the lot?
The property taxes on the property have been paid by the seller for the entire year. The realtor will collect the prorated portion of the taxes from the buyers at closing. In the Bay Islands, the Property Taxes amount to 0.35% of the sales amount of the property. For example, if your condominium costs $400,000 your annual taxes will be about $1200. Again, these are prorated from the date of closing to the end of the calendar year. They are due to the government of Roatan before the end of March each year thereafter.
What fees are there and what do they cover?
There is a Home Owners Association (HOA) fee charged annually of $1,452 (pro-rated from the day of closing and billed thereafter on 1st January), which covers maintenance of the private roads, street lighting, water and electric for Common Areas or facilities including, but not limited to parks, open spaces, water ways, beach, swimming pools, drainage facilities, retaining walls, landscaping, security walls, gates, and security personnel to staff the entrance gates and patrol the area. The fee will also provide for General Liability insurance of the Common Areas. All owners pay this fee.
Condominium Owners Association fees are charged annually and are pro-rated from the day of closing and billed thereafter on January 1st. These fees are for condo owners only and the amount is based on the number of bedrooms in the condo. The annual fee for a one bedroom home is $2,178, a two bedroom fee is $3,630 and the fee for a three bedroom is $4,356. These fees are used to maintain the exterior of the condo buildings, the roof, grounds maintenance. 30% is set aside in reserve for catastrophic needs.