Purchasing Property in Belize
When purchasing property in Belize, it is crucial to involve an attorney who will act as the title company. The attorney will conduct thorough due diligence searches to ensure that the title can be transferred to the buyer without any issues. Since there are various ways of holding title in Belize, it is always advisable to seek the assistance of an attorney.
The process of purchasing property in Belize involves several steps. Firstly, you need to locate a property that you wish to purchase and negotiate the terms of the sale with the seller.
Once the terms have been agreed upon, our law firm can prepare an Agreement for Sale on your behalf. This agreement will be signed by both parties. To demonstrate your commitment, a good faith deposit, typically equivalent to 10% of the purchase price, is required. This deposit will be held in an escrow account until the closing of the sale.
It is important to note that an agreement for the sale of land is only valid if consideration has been exchanged. This usually involves depositing a non-refundable Good Faith Deposit, equivalent to 10% of the property’s sale/purchase price, into an escrow account. This deposit will be held until the closing of the sale and the completion of title searches.
Our firm will then conduct a thorough due diligence search to ensure that the seller holds the title to the property and that there are no liens or encumbrances associated with it. If either the vendor or the purchaser is a limited liability company, additional searches will be performed to ensure that the companies are in good standing.
Once the title is cleared, the buyer will transfer the remaining balance of the purchase price into the escrow account, which will be held until the closing.
In some cases, the approval of the Central Bank of Belize is required for the transaction. If your transaction falls under this category, we will seek permission from the CBB for the land transfer to proceed.
Once permission is obtained, transfer documents will be prepared, signed by both parties, and the purchase funds will be released to the seller. The transfer of title will then be officially recorded at the lands registry. The purchaser is responsible for paying stamp duty to the Government of Belize, based on the assessed value of the land. Additional miscellaneous costs may apply.
Once the process is complete, our firm will promptly retrieve your new title and deliver it to you either in person or through a reliable courier service.
STRATA TITLES
We specialize in facilitating the acquisition of strata titles for your condominium development. The process of obtaining strata titles involves two distinct phases: the initial strata survey and the subsequent recording of both the strata surveys and the registration documents of the strata corporation.
If you require further information or assistance regarding strata titles, please do not hesitate to reach out to us.