Buying a Property in Belize
- Find a real estate agent that is registered with the Association of Real Estate Brokers.
- Ensure you choose a property within your criteria and budget. It is advisable to come to Belize personally to view the property before you purchase.
- You will then make an offer on the property, and once you and the seller agree on the price, the realtor will then prepare an Offer of Purchase for both buyer and seller to sign.
- It is always advised to hire a real estate lawyer to represent you in your purchase of the property as he will do a title search to make sure there are no liens, taxes or encumbrances on the property. Sometimes the lawyer has to do a search as far back as 25 years depending on the type of title to ensure the seller has full legal freehold title.
- Once the search is done, the lawyer will then prepare a legal detailed Sale Agreement for the buyer and the seller to sign. This agreement shall be governed by and construed in accordance with the laws of Belize with a 10 percent earnest money.
- The lawyer will then prepare the Transfer of Title documents into the buyer’s name for both the seller and buyer to sign and you will then pay the balance in full for the property. The transfer of title documents into your name will then be lodged at the Lands Department in Belmopan City, the capital of Belize. It takes three to four months to receive your title from the Lands Department.
- It is also important that you request from the owner a Survey Map so you can locate the exact location and dimensions of your property.
- The government subtracts US$10,000.00 from the selling price and you will pay 5 percent stamp duty on the remaining balance.
- Legal Fees for Title Search – US$250.00
Title Transfer – US$500.00
Escrow Charges – US$250.00
Legal Fees for drafting Contracts Agreement for Sale – US$300.00
- The buyer pays all the legal cost.
The closing cost is as follows:
- Stamp Duty – 5 percent of the Selling Price
- Bank Approval – US$50.00 (Government Tax)
- Registration Fee – US$15.00 (Government Tax)
- Inspection of the record – US$100.00
- Courier Fee – US$50.00/per trip
- Bank Charges for Wiring – US$20.00
- Sales Tax – 9 % on legal fees (Government Tax)
***Some of the prices stated above may vary.
We at Belize Real Estate Brokerage Ltd. are here to serve you with confidence and loyalty. We guarantee assistance and guidance throughout the purchase of any property. Belize Real Estate Brokerage Ltd. is always happy in helping investors own a part of our beautiful country!!