| Introduction
PROPERTY INFORMATION
Name of Seller: Eco Holdings Limited
NOTE: In this Property Information section, the words "you" and "your" refer to the buyer. The words "we", "us" and "our" refer to the Seller.
Welcome! Thank you for your interest in purchasing a lot on the island of Long Caye at Lighthouse Reef. The island, and the lots located on it, are a unique environment, with many special topographical and ecological properties and characteristics. Although we may not be required to provide you the information in this document, we have chosen to do so in order to make your purchase a more informed one, and to disclose all the unique amenities and features of the island to you. Of course, you are welcome to visit the island in person.
You should be aware that as the Seller is not the developer, the information and disclosures in this Property Information section are merely a summary of information that we feel would be important to purchasers.
General Information
The lots are located on the island of Long Caye at the Lighthouse Reef Atoll (hereinafter, “Long Caye”), which is located in Belize, Central America. It is believed the maximum number of lots that will use the recreational facilities, located on Long Caye in common with other owners of lots on Long Caye (the "Lot Owners") is nine hundred ninety-six (996), subject to increase or decrease at any time and from time to time, depending on a variety of factors including, but not limited to, revised development plans, market conditions and governmental controls. Pleasure Island Limited is the primary developer of Long Caye. In addition, Pleasure Island Limited is the Declarant under the Eco-Guidelines and is responsible for implementing the overall development of Long Caye. (Capitalized terms contained herein shall have the meanings ascribed to them in the Eco-Guidelines unless the context suggests otherwise.)
The Developer is responsible for the construction of the infrastructure and other developmental features of the island. Additional phases and lots are planned for this development. The developer may adjust phasing and add additional property to the subdivision at its discretion, out of the seller’s control. The developer and owner of Long Caye is Pleasure Island Limited, c/o International Services, Inc., Santiago Gomez, 62 Gabourel Street, Belize City, Belize, C.A.
All money figures are provided in U.S. Dollars. Amounts provided are subject to vary slightly based on economic conditions which may affect the exchange rates between Belize and the United States.
Title to the Property and Land Use
A person with legal title to property generally has the right to own, use, and enjoy the property. You will not have legal title until you receive a valid deed (see disclosures below regarding Belize). We will also provide you with information about any land use restrictions and encumbrances, mortgages, or liens and some important facts about payments, recording, and title insurance. Note that your contract for sale/parcel purchase agreement may contain further details which you should review or have a professional review before signing.
Method of Sale
Sales Contract and Delivery of Deed - In connection with the purchase of a lot, you will be asked to sign a sales contract (“Parcel Purchase Agreement”). In general, a total deposit of ten percent (10%) of the purchase price will be required at the time of signing the sales contract. When your lot is fully paid at the time of closing, the deed to the property (the Belize registered “Land Certificate”) will be delivered to you after closing.
The closing of the purchase of the lot usually takes place within 150 days after the date on which the purchase agreement is fully signed by both parties and you have received all closing documents, and in any event, documentary evidence will be delivered to you within 180 days after the date when the purchase agreement is signed by you, or when applicable by the laws of Belize, which may require your full satisfaction of any mortgage on your lot before a registered Land Certificate (the Belize equivalent of a deed) is delivered to you. A registered Land Certificate will, however, be recorded in your name, and held on file with the Government of Belize for notice purposes until such time as your mortgage is satisfied.
Regardless of the laws of Belize, the Seller will issue to you, within 180 days after the purchase agreement is signed, documentary evidence that a purchase has taken place, regardless of any outstanding mortgages on your lot. The Seller will register these transfer documents in Belize and you will be afforded all protections that such documents provide after being registered under Belize law. Upon full payment by purchasers, a registered Land Certificate will be delivered to the Seller from the Government of Belize, which will thereafter be forwarded to the purchaser.
Type of Deed - The transfer of legal title to all lots will be by a Belize Transfer of Land, free and clear of all monetary liens and encumbrances except for real property taxes not yet due and payable.
Encumbrances, Mortgages, and Liens
The lots in Long Caye described in this Property Information section are not subject to a blanket lien or mortgage.
Title Insurance
In the event you wish to obtain an attorney’s opinion of title or a title insurance policy, we recommend that an appropriate professional interpret the opinion or policy.
Payments
Escrow - Your earnest money deposits will be held in escrow pending the closing by the law firm of Wrobel & Co., LLP, Attorneys-at-Law of 111 North Front Street, Seaside Suite 201, Marine Terminal, Belize City, Belize. The escrow agent is an independent third party authorized to disburse to you all money you have paid prior to closing in the event of our failure to convey title or default of any other obligation.
Prepayment - If we finance the purchase of your lot, there will be no prepayment penalty, if and when you decide to prepay your note. If, on the other hand, an independent financial institution finances the purchase of your lot, you will need to review the financing documents to determine whether there is any prepayment penalty.
Default - In the event you default in the performance of any obligation or covenant under the sales contract prior to closing or which prevents closing from taking place, as provided, we may elect to terminate the contract and retain your non-refundable security deposit, including accrued interest, if any, or seek any and all remedies available at law or in equity. You should review your sales contract for a full explanation of the remedies available to both parties in the event of default.
The Use of Your Lot
Covenants - A declaration of covenants for Long Caye (the “Eco-Guidelines”) has been or will be recorded against the land in the subdivision in the public records of Belize. The Eco-Guidelines contain provisions, which will require lot purchasers to secure permissions, approvals or take other action prior to constructing upon, using and disposing of a lot. This discussion pertains to the Eco-Guidelines in effect as of 12/31/04. The Eco-Guidelines provided by the Seller may be updated, amended, or differ. This discussion is not legal advice and is not a warranty of the meaning or interpretation of any provisions of your Eco-Guidelines.
The Eco-Guidelines provide for architectural control of all properties within the subdivision. A committee formed by the applicable property owners association will oversee architectural and environmental control within the subdivision. The Environmental Review Board (the “ERB”) will have exclusive jurisdiction over all original construction within the subdivision as well as assuring that such construction complies with and abides by the Environmental Compliance Plan. The ERB will have the authority to adopt design guidelines for the subdivision, as well as application and review procedures; provided that such procedures are consistent with the initial design guidelines for the subdivision, which has been implemented. The property owners association, if any, may form a Modifications Committee (“MC”) to have jurisdiction over modifications, additions, and alterations made to existing structures within such subdivision. The MC may implement its own guidelines and procedures, provided they are consistent with the design guidelines of the ERB.
The Eco-Guidelines also set out a number of covenants on use of property within the subdivision and also authorize the Board of Directors of the property owners association to make and enforce rules and regulations in addition to those contained in the Eco-Guidelines. The Eco-Guidelines also contain covenants regulating general restrictions against offensive activities and unsightly or unkempt conditions or the pursuit of hobbies which may lead to disorderly, unsightly, or unkempt conditions; prohibits the discharge of firearms; storage of combustible liquids, or the display of any sign unless approved by the ERB. Prohibitions against construction of any exterior structures (except with permission from the ERB or MC), obstruction, rechanneling or other interference with drainage flows and the subdivision of any lot are set forth in the Eco-Guidelines. In addition, the Eco-Guidelines require lot owners to notify the property owners association in the event that a lot is sold or title to the lot is otherwise transferred. A complete copy of the recorded Eco-Guidelines, as they may be amended or supplemented at any time and from time to time are available upon request.
Easements - In the Eco-Guidelines there are easements, which may affect your plans for building or using your lot, including, for example, drainage easements. In an effort to preserve the natural habitat of Long Caye, and in order to accommodate residents’ coexistence with the untouched habitat of the island, all lots may have easements on them which allow excess rainfall or water to flow properly and smoothly, throughout the island. Construction of your residence or any other structure on your lot must be done in such a way so as to allow for natural drainage. Household drainage pipes will not be permitted to empty directly into any wetland area, or any other water body or resource on Long Caye and the surrounding environs. These pipes will lead to appropriately designed leach fields in accordance with designs approved by the ERB.
Plats, Zoning, Surveying, Permits, and Environment
Plats - The regulatory authorities have approved the subdivision plans and plats of specific lots. The plats covering the lots in this Property Information section have been recorded with the Ministry of Natural Resources and the Environment. The description of the lots given in the Belize Transfer of Land is legally adequate for the conveyance of land in Belize.
Zoning - The lots described in this Property Information section may be used for single-family homes or commercial purposes as designated in the Master Development Plan, and such uses conform to the local zoning and the Eco-Guidelines.
Surveying - Your lot has been marked for identification on the Master Development Plan from the Developer. If you require a separate survey of your lot, you may make the appropriate arrangements to do so.
Permits - In order to begin construction on your lot, you must first submit an application along with plans and specifications and a review fee of Two Hundred Dollars (US $200) to the Environmental Review Board “ERB” located at 62 Gabourel Street, Belize City, Belize, C.A. 011-501-223-3228. Once your completed application and review fee have been received by the ERB, the ERB will review your application in accordance with and subject to the Eco-Guidelines and any other rules promulgated by the ERB. Details of the review procedure and required building standards are found in the Design Guidelines published by the ERB. After receiving an approval from the ERB, you will also be required to obtain a building permit from the Belize Building Department, which is located at 109 North Front Street, Belize City, Belize, C.A. Phone: 011-501-227-2308. The Developer is obligated to have obtained permission for the construction of boardwalks, which have been or will be strategically located on Long Caye, and which shall elevate the walkways and pathways on Long Caye to ensure and preserve environmentally sensitive areas. The Developer has also obtained permits for the Piers, which serve as the temporary point of disembarkation for all boats carrying passengers visiting or occupying a residence or business on Long Caye. Plans and specifications for the construction of docks are subject to review and approval by the Government of Belize, Department of the Environment, the ERB and the Eco-Guidelines. Some parcels on Long Caye have been approved for commercial uses; however, you must obtain the appropriate licenses and permits from the appropriate Belize governmental entities before operating such a business within the subdivision.
Environment - An environmental impact assessment was prepared for the development of Long Caye, which was carefully considered by the National Environmental Appraisal Committee (“NEAC”) before promulgating the Environmental Compliance Plan for Long Caye. The Environmental Compliance Plan discusses various potential sources of environmental impact during the development of the Project, including, for example, contamination of soil and water resources, habitat alteration from clearance of land, accelerated erosion with subsequent siltation of water resources due to construction of the required infrastructure, alteration of wildlife in the area, alteration of possible scenic areas, changes in population dynamics arising from the development and potential impact to fringing and patch coral. In order to mitigate the potential sources of environmental impact during development, the NEAC promulgated the Environmental Compliance Plan, which, amongst other mitigating measures, forbids any vehicles other than golf carts, as permitted according to the Eco-Guidelines, to be used for transportation on Long Caye. For more information, you may contact the NEAC for its recommendations, which have been incorporated into the Eco-Guidelines. NEAC may be contacted through the Department of the Environment, Government of Belize, Belmopan, Belize.
Roads
Access to the Subdivision
Long Caye is an island unbridged to the mainland. As such, direct access to the subdivision may be provided by boat, sea plane or helicopter, not automobile. The Developer has, at no cost to you, completed construction of two piers on and extending from the northeast and northwest side of the subdivision.
Access within the Subdivision
Long Caye is being developed on environmentally sensitive land and in order to have a minimal impact on the environment, the Department of the Environment (the “DOE”) has promulgated the Environmental Compliance Plan, which requires that legal and physical access within the subdivision be provided by way of 10-foot wide access walkways (pathways or trails), in lieu of paved roadways. No conventional automobiles will be permitted on Long Caye; however, if you own or occupy a lot permitted for residential use, you will be permitted to use an electric or solar-powered golf cart or if you own or occupy a lot permitted for commercial use, you will be permitted to use an electric, solar or gas-powered golf cart for transportation on and throughout Long Caye. The Developer is in the process of constructing elevated boardwalks. To the best of our knowledge some, but not all, boardwalks have been completed. The interior walkways or boardwalks within the subdivision are or will be owned and maintained by The Island of Long Caye Community Association Limited (also referred to as “property owners association”). The Developer is responsible for the construction of the walkways, boardwalks and pathways, if any, at no cost to you. As a lot owner, part of your annual maintenance fee goes to contribute to the maintenance of the interior walkways, boardwalks and/or pathways presently and after such time as the same are conveyed to the property owners association. Upon conveyance of such walkways, boardwalks and pathways to the property owners association on Long Caye, the Association shall assume all future responsibility for maintenance of such walkways and pathways so as to provide access on a year-around basis.
Utilities
Water
As on many islands in the Caribbean, water is supplied to the lots within the subdivision by an individual water supply and collection system serving each lot for which no permit is necessary. When building, you are required to construct and each lot must contain cisterns, bladders or a water catchment and holding system, which shall store rainwater collected. Water to fill such cisterns or similar storage tanks may be secured to the dwelling. In addition, a reverse osmosis water treatment system may be used for production of potable water. The ERB must approve the reverse osmosis water treatment system used for the production of potable water, and the ERB may restrict any lot owner the usage of such system based on the size of the lot, the location of the lot, the surrounding owner’s usages of such systems and/or the impact on the environment. If an alternate water source becomes necessary, the Developer will submit a proposal for it to the Department of the Environment at such time, if ever. Your cisterns, bladders and/or water catchment and holding systems should be periodically emptied and replenished with fresh water as water stored for extended periods of time tends to become stale and may acquire an unpleasant taste or odor. The purity and chemical content of the water cannot be determined until each individual source of water is completed and tested.
Sewer
The Island utilizes composting toilets, as opposed to septic tanks or traditional sewer systems. The Department of the Environment has approved use of composting toilets for sewage disposal in the subdivision. No permits are required for the construction or installation of such composting toilets except as provided in the Eco-Guidelines. No other means of sewage disposal systems will be permitted on Long Caye unless approved by the Department of the Environment and ERB. The Buyer should take appropriate measures to ensure that a particular composing toilet can be installed. Grey water holding tanks shall be used in conjunction with drip irrigation systems for the fertilization of local planting. Food waste must be disposed of in composting bins. Each owner or occupant of a lot must participate in the recycling and reclamation program established for the subdivision. As such, you are required to obtain and maintain a composting bin for food waste, paper products and any other compostable materials, along with recycling bins for crushed metal, cans, glass and plastic bottles and/or containers on your lot. Lot owners must take recyclable materials to designated waste recycling and collection sites, which will be clearly identified and marked throughout each of the neighborhoods on Long Caye. Septic tanks, cesspools and sewers are prohibited in the subdivision.
Electricity
The Island uses alternative energy sources in order to preserve the natural environment and habitat. Environmentally friendly technology such as solar power shall be the primary sources of energy on Long Caye. Each lot owner is responsible for their own costs and construction of the means of power on their lot. This allows each lot owner to customize, within the boundaries of the acceptable means of power generation, their own level and extent of energy and power. Low decibel generators may be used for emergency backup power. The purchase and charges for street lighting, if any, in the future, in the Long Caye subdivision will be billed to the property owner’s association and will be paid by lot owners as a portion of the Association’s assessment.
Telephone
Satellite phone service or voice over Internet may be obtained from a satellite vendor of your choice as regular telephone service may not be available to lots on Long Caye. The Developer may, but is not obligated, to enter into an agreement with a third party to provide telephone and other bulk broadband telecommunication services to you.
Local Services
Fire and Police Protection, Mail, Transportation and Hospitals
The Island of Long Caye is approximately 45 miles from Belize City, where the services listed below can be found. Additionally Ambergris Caye and Caye Caulker, which may have smaller towns, provide such services. The minimum required fire protection is provided by the developer and/or the association year round by a mobile water pump located within the subdivision. All buildings on Long Caye are required to have a minimum of one (1) fire extinguisher for fire protection purposes per one thousand feet of building area. It is your obligation to provide and remain in compliance with this requirement. The property owner’s association may, but need not necessarily, opt to provide security services on the property. Private alarm systems are permitted. The nearest medical facility is the Karl Heusner Memorial Hospital, located in Belize City. The Country of Belize does provide some emergency helicopter services for emergencies, the nature and extent of which can be obtained from the Government of Belize. You must obtain a Post Office Box in Belize City in order to obtain mail. Nearby Ambergris Caye, and Belize City, may provide private individuals or companies offering water taxi services to and from the island.
Recreational Facilities
The recreational facilities include a pier and welcome center. Such facilities have been constructed by the Developer. As a Lot Owner, you will have the right in common with all other Lot Owners to use such facilities.
Maintaining the Facilities - Maintenance fees, as assessed by the Association and/or the Eco-Guidelines, may in part contribute to maintenance of facilities.
Who May Use the Long Caye Facilities - All Lot Owners within all current and planned Long Caye subdivisions and their guests will be permitted to use the facilities within the Long Caye subdivision, subject to the rules and regulations adopted by The Island of Long Caye Community Association Limited and as set forth in the Eco-Guidelines.
Subdivision Characteristics and Climate In this section, we will discuss the basic terrain of the subdivision, the climate, and any natural conditions in this area.
General Topography As with many islands in the Caribbean region, the general topography of Long Caye consists of coral buildup where plant life has taken root. All dwellings are to be erected on stilt or post construction having a minimum height of four feet (4’) above existing grade, and may not be higher than 28 feet. No dredging for filling of low-lying areas will be permitted, unless approved by the Government of Belize, Department of the Environment, the ERB and the Eco-Guidelines. The percentage of the entire property of Long Caye that is estimated to remain as open space is as follows: (a) 20.74% of Long Caye contains wetlands and shall be set aside as preserve areas; (b) 18.74% of Long Caye will be preserved as a green area; and (c) 3.51% of Long Caye contains and will continue to contain mangroves. Therefore, 42.99% of Long Caye shall remain as natural open space and as undeveloped parkland. In addition, residential parcel owners are required to preserve 70% of their lots as open space and commercial parcel owners are required to preserve 40% of their lots. No lots in this subdivision have a steep slope.
Due to the tropical climate in which excess rainfall could make access to your residence difficult and subject to water coverage, Lot Owners may wish at their option and expense to construct elevated walkways from the residences to the Developer-constructed walkways or roadways. Residences will have the right to a reasonable easement for the construction of reasonable-sized elevated walkways. Even though there may be a presence of water on certain lots on Long Caye, if walkways and residences are properly constructed by the Lot Owner, it will not affect your use of the property as a residence.
Drainage, Fill and Rainfall As the island is a natural, tropical habitat, we are aware of lots within the subdivisions which may require draining or fill, but which, to preserve the environment and surroundings of Long Caye, the Developer and/or Seller has opted not to fill. However, as all dwellings will be elevated four feet above existing grade, it is not anticipated that lots undrained or unfilled will be materially affected for the use they are intended, assuming the proper construction of walkways and property.
The Island of Long Caye as a natural habitat in a tropical climate, is subject to rainfall appropriate for its region. If constructed properly, any elevated structure should be unaffected by excess rainfall. Many individuals find that structures being elevated over the standing waters below creates visually pleasing surroundings, and that this feature contributes to the unique properties of the island, although each lot may be affected to some degree, depending on the extent of rainfall or other natural conditions in a given year. You should check with a local Belize insurance carrier, or your local carrier, for exact cost and availability for flood related coverage. The Buyer is responsible for making certain that any structure which is built on a lot, or any property kept on a lot, which the Buyer wishes to insure, is insurable.
The natural condition, habitat, and vegetation of Long Caye serve as the only program that provides for control of erosion, sedimentation and flooding throughout. This program has been developed in accordance with the “Environmental Compliance Plan,” which was promulgated by the Department of the Environment. The program was designed to comply with the Environmental Protection Act, Chapter 328 of the Laws of Belize, Revised Edition 2000, Regulation 10 of the Environmental Impact Assessment Regulations S.I. (No. 107 of 1995). The program calls for the protection of all land areas that may be disturbed by construction activities. Erosion is a natural condition of nature. Thus, we cannot guarantee the scope, or extent of any erosion, if any, nor any erosion which may occur due to the lot owner’s alteration of the existing natural habitat on their lot.
Natural Conditions Other than nuisances associated with the natural environment, wildlife, stagnant ponds, marshes and other bodies of water, to the best of our knowledge there are no nuisances that adversely affect Long Caye. It should be noted that as Long Caye is an ongoing project; temporary nuisances related to construction and development may be present. These nuisances are out of the control of the Seller.
Long Caye is subject to natural hazards associated with island property such as lagoons, marshes, ponds, bays, wildlife, oceanic factors, and inclement weather conditions. Long Caye has not been formally identified by any federal, city or district agency as an area subject to the frequent occurrence of natural hazards.
Climate The climate of Long Caye is subtropical, tempered by trade winds. Temperatures range from about 10°C (50°F) to about 35.6°C (96°F) year round. The average annual rainfall is approximately 60 inches.
Occupancy Lot owners are currently free to build on their lot, or reside on their lot, as they see fit subject to the Eco-Guidelines. Some lot owners may choose never to build or live on their lot, and others may be there nearly year round. Because of this, the Seller cannot identify the number of homes or buildings on the Island, nor how many or to what extent they may be occupied.
Information about Buying Land Many people purchase land with the intention of making a profit or with the intention of it otherwise operating as an investment for them. Certainly, purchases of land and property can be a very profitable and beneficial investment for those who are purchasing for this reason. The rate and extent of an increase in value, if any, is not something that can be predicted. Many factors, may have an impact on the rate and extent of any increase in such value, and you should research what factors could potentially increase or decrease the value of land. Doing your homework and diligently researching all relevant factors are vital for anyone who purchases land, but even more so for those with the intention of making a profit, reselling, or using the land as an investment.
Additional Information
In this section, we will discuss the following areas: (a) the property owner’s association; (b) Annual Real Estate Taxes; (c) Resale or Exchange Program; (d) Equal Opportunity in Lot Sales; and (e) Listing of Lots.
Property Owners Association
The Island of Long Caye Community Association Limited, a/k/a “Property Owner’s Association,” a Belize corporation, was or will be incorporated and shall serve as the property owners association for the Long Caye subdivision. At this time the Developer has the right to appoint the majority of the Board of Directors of the property owners association. This right shall continue with respect to the property owners association until the earlier of the date upon which 90% of the total Lots permitted by the approved Master Development Plan have been conveyed to persons other than a builder and have certificates of occupancy issued thereon or December 31, 2019 unless the Developer chooses to relinquish such right sooner in its discretion. Membership in the property owners association is mandatory.
The estimated property owners association dues are US $275 per year for a residential parcel and US $550 per year for a commercial parcel. The Eco-Guidelines describe how and when these dues may change, and you should read the Eco-Guidelines in order to understand the process as to how and when the rates may change. The seller, as a lot owner, has nether the power nor authority to set or change these dues. The property owners association has powers and duties which include, but are not limited to, preparation and adoption of annual budgets, levying and collecting assessments, providing for the operation and maintenance of the common properties, hiring and firing personnel, making and amending rules and regulations, enforcing the provisions of the covenants, the by-laws, and the rules and regulations of the association, as well as, keeping books and records. The current assessment imposed by the property owners association is set forth on the Cost Sheet of this Property Information section. The rate of assessment is subject to change in accordance with the applicable covenants and by-laws of the property owners associations and those documents also prescribe the method for special assessments, if any. The Seller has no control over the Eco-Guidelines, Association, or Developer. You should contact the Association for further information. The Seller is only a member of the Association.
Taxes
We will be responsible for payment of all real estate taxes and assessments until such time as title to your Lot is conveyed to you. Thereafter, you will be obligated to pay the Government of Belize Stamp Tax and annual real estate taxes. The Stamp Tax is eight percent (8%) of the parcel purchase price amount over US$10,000 and is paid to the Government of Belize. Such taxes shall be collected by the Escrow Agent. The annual taxes on an unimproved or improved lot after the sale to a purchaser is estimated to be one to one and a half percent (1-1.5%) of the fair market value of the raw land. All tax rates are subject to change based on inflation, local laws, and other factors outside of the Seller’s control. There are currently no special taxes or tax assessments which affect the subdivision.
Permitting
Except for the building permit and approval of the Environmental Review Board, which every purchaser must obtain before building a house or commercial building on a residential or commercial parcel, respectively, after receiving an approval from the ERB, you may also be required to obtain a building permit from the Belize Building Department, which is located at 109 North Front Street, Belize City, Belize, C.A. Phone: 011-501-227-2308. You may additionally be required to obtain a work permit to work in Belize. Further information can be obtained on the first floor, Complex Building, Mahogany Street, Belize City, Belize, C.A. Phone: 011-501-222-4620. Work permits are valid for one year. Work permit costs start at US$100 for common laborers and can range up US$750 or more for a professional. Renewals are the same amount as above.
Equal Opportunity in Lot Sales
We are in compliance with Title VIII of the Civil Rights Act of 1968. We have not and will not discriminate against you because of your race, color, religion, sex, or national origin. Furthermore, we will not indicate a preference for or a rejection of any particular group in our advertising, in our rendering services to lots, in requiring terms and conditions on lot sales and leases, or in any other manner.
Cost Sheet
In addition to the purchase price of your lot, there are other expenditures, which must be made. Listed below are the major costs in addition to the purchase of your lot. All costs are subject to change.
Estimated One-Time Charges
1. Environmental Review Board fee (only applicable when purchaser builds). - US$200.00
2. Government Transfer Fee/Stamp duty - 8% of purchase price amount over US$10,000.00
3. Yearly maintenance (prorated portion of US$275 yearly fee for residential parcels or US$550 for commercial parcels)
Estimated annual charges, exclusive of utility use fees
1. Taxes -- Average unimproved lot after sale to purchaser approximately 1-1.5% of the lot purchase price or assessed value of your land by the Valuation Section of the Government of Belize).
2. Assessments by Property Owners Association (prorated share through the end of calendar year of the yearly maintenance assessment; either US $275 for residential parcels or US $550 for commercial parcels).
*Assessments may vary depending on actions of the community association, which has the power to levy assessments in conformance with the Eco-Guidelines.
Acknowledgement of Seller
The undersigned Seller represents that the information set forth in the above information and disclosure statement is accurate and complete to the best of the Seller’s knowledge on the date signed below. Seller does not intend for this information and disclosure statement to be warranty or guaranty of any kind. Seller hereby authorizes disclosure of information contained in this information and disclosure statement to prospective Buyers of the property.
Seller:
Lawrence Schneider as Director of Eco Holdings Limited
Date:1/1/2021
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