Legal Checklist to Owning Property – Belize

Legal checklist
1)     View Properties and choose one that best meet your needs.
2)     Retain an attorney or paralegal
3)     Contract and Escrow deposit (offer process)
4)     Home inspection
5)     Balance of Escrow, upon satisfaction of all terms of the agreement
6)     Title search
7)     Transfer Documents and Closing
8)     Balance of the monies payable on closing date
9)     Release of escrow funds,after clear title and transfer instruments have been signed and lodged.

The steps are similar if you finance the property,see blog or contact us about financing.

Casa Brisa By The Sea

Owning your own piece of paradise gives you the freedom you deserve. In Belize you can buy, sell, and invest in property if you are a foreigner.

Owning property in Belize has it’s cost, just like anywhere else. You still have legal cost that is a 1% to 2% closing cost when you purchase a piece of property. You have stamp duty that is 5% to Government of Belize and General Sales tax on the Legal fees.This is a deal compared to the state of Texas which is 8.5%.
There is a small fee for a building licenses at the time you turn in your blue prints, if you plan to build.

Once you have found the right property the conveyancing process starts
Asking the right questions will save a lot of time and money

Buying property in Belize is fairly easy.

It normally takes 30-90 days to complete the transaction. You can get owner financing, at about 8-10% interest. This rate is negotiable,now is a good time for negotiating. We can not submit an offer to any property without a deposit. Most real estate transactions are consummated in US dollars. You do not have to be in Belize to buy or sell property.

Summit an offer, Once an offer form has been written and money has been put into escrow the offer form is legally binding to both buyer and seller once signed by both parties. There is always a proper due diligence period on the form for the buyer. Invest In Belize will always be their through the buying or selling process.

Once the seller has accepted the offer, the purchaser will then retain a local attorney. You do not need a US attorney for this. We can recommend an experienced Belizean law firm to represent your interests if needed.

The laws for Belize are different than US law. Once satisfactory title research is completed, a recordable Agreement For Sale, or original title transfer instrument will then be drawn up based on the particulars of the original purchase offer.

Beach Home

 The balance of the monies payable for either the down payment or the full purchase price will be due for deposit to the escrow account at the time specified on the purchase offer or Agreement for Sale.

The transfer documents will then be executed and delivered to the purchaser’s lawyer or a paralegal for review. The lawyer or a paralegal will then send us copies and notify us that the documents are in order and will instruct the escrow agent to release the seller’s escrow funds.

The executed documents will subsequently be processed at the Lands Registry and an original title or certified copy of an Agreement for Sale will then be presented to the new owner in due course.  The documents are Fed Ex’ed  to the absent party and executed in front of a notary. Purchase offers can be completed by facsimile, which is legally binding in Belize.The contract phase of this process is important,this is why we recommend the MLS Ambergris Caye,members must have 5 years experience ties to the community.

Closing cost; The stamp tax rate is calculated as follows: 5% Transfer tax.  On an outright purchase price. Legal fees for title research and title transfer typically run up to 2% of the purchase price. It is customary that the purchaser pays for all closing costs under Belize transactions.

Mango House

Stamp duty – 5% ( government tax )

Sales tax – 10% on legal fees ( government tax ).

Other cost like bank wire fees and government fees will apply.

Clear title: You can ensure that you have clear title by having your legal representative, who can be a lawyer or a paralegal , do a “Title Search” and issue a title opinion. The title is researched in the Lands Registry, and in the Companies Registry if the land is held under a company. Liens, judgments and encumbrances are valid only if properly lodged. A title opinion for land which is not in the new registration section, such as conveyed land, takes a little longer as an abstract of title,it must first be prepared ,and the search goes back no less than 30 years. The statute of limitations on land claims is 30 years. An opinion of  ‘good and clear title’ will be issued once the attorney has satisfactorily examined the abstract in fine detail. We play our part by ensuring that any deposits paid do not pass beyond the Escrow stage until all documents are in order. This includes ensuring that the title for the property has been thoroughly researched and declared free and clear of all liens, judgments and encumbrances.

Consider: The physical building you admire may have any number of faults invisible to the untrained eye.Tim is licensed in Plumbing,Electrical,Gas, and has civil engineers he works with to ensure you are buying quality.We insist on a independent inspection by the Engineer  of your choice.This saves plenty of time weeding out the superior properties,and figuring what it would cost to alter the property.