Property Purchase in Belize

By: DavidPage

The first step is to find the right property for you. Take into account the cost of living, your location and the surrounding area.

Make an offer to buy. Send an “Offer to Purchase” letter with all details, including the legal description and the price.

RE/MAX is not just the largest real estate company in the world, but it is also the largest network of agents and offices in Belize. RE/MAX is the market leader with the largest share, with offices in every corner of. This network is important when it comes to Belize real estate because we don’t have a standard MLS.

RE/MAX Mahogany Bay Real Estate Belize agents have market and property expertise. RE/MAX Belize has over 100 agents. RE/MAX Belize is more than simply finding a house in the Caribbean, the services include investments and land banking, market information, rentals, locations and other things.

Third, negotiate the price with the seller and make your deposit.

Fourth, make sure to do a title search. This will let you know if there are any outstanding taxes or mortgages on the property.

Last, you must sign the Purchase Agreement and pay the full price of the property as well as a Stamp Duty. The property will then be transferred to your name.

Although buying property in Belize is generally straightforward, there are sometimes complications.

You’ve finally found the paradise property you want, but aren’t sure what to do next?

You’d be amazed at the number of choices available in Belize, despite it being such a small country. It all depends on what your investment needs are. It all depends on your lifestyle, budget, and what you are passionate about.

You can find many famous spots in Belize, such as Ambergris Caye and Corozal, Ambergris Caye, Cato District, western Belize, or the Placencia Peninsula, on the Caribbean Coast.

A beautiful view of the ocean can be enjoyed from a spot along the beach. A small island can be rented as a private spot. A spot can be found along rivers or in the forest. You can decide.

The process of buying property is often complicated and time-consuming. In Belize, it is almost the same. The paperwork might be shorter, but there are some things that you need to pay more attention to.

Make an offer

You can do this verbally, or by writing through your trusted realty agent or a lawyer. A written offer to buy will detail your purchase price and any conditions (e.g. Quick closing in 45 days

Sales and Purchase Agreement

After you have reached an agreement on the price, your lawyer or real estate agent will prepare a sales agreement for you both to sign. This agreement, which is legally binding, will detail how the buyer will pay, who will pay closing costs, default clauses and possession.

Earnest Money/Non-Refundable Deposit

The buyer usually has five to seven days from the date the Sales Agreement is signed to make an earnest deposit of 10% to the escrow account specified in the Sales Agreement. RE/MAX, a reputable Belize realty company, has its own escrow account. If your agent doesn’t have an escrow, I recommend that you get one from a lawyer or another third party.

Closing Agent/Lawyer

A closing agent can do the same job as a lawyer but for a lower flat rate. My clients prefer to work with a closing agent for over 85%. Both agents are responsible for title searches, preparation of transfer documents, and ongoing follow-up until your title becomes ready.

Title Search

Usually, the buyer pays the closing costs. This includes the fees of the lawyer or closing agent. The buyer will have the choice to choose one. You will be able to choose which option you want. After the title search has been completed and cleared, you can move on to closing.

Closing and Possession

Unless you’re purchasing property owner-financed, the purchase price balance must be paid within 15 days of the closing date or immediately after the title search. After the balance has been received by escrow, the transfer documents will be issued. They must be signed and witnessed in person by a Notary Public. FedEx will send the documents to you if you are not physically present in Belize. The closing agent will submit both buyers and sellers’ fully executed documents to the Belize Land’s Department. After the stamp duty is paid and proof that the Land’s department accepts the documents, the seller will receive his funds and the sale will be closed. The property will then be legally owned by the buyers.

Legal Possession and Title in your Name(s).

After the Land’s Department has accepted the transfer documents and the seller has paid, you can take legal possession of your property. You must have authorization from the Land’s Department to transfer utilities into your own name if you purchase a home. It is common sense to change the main locks and gate.

It is easy to buy property in Belize. It is recommended that you work with a reputable agent who works for a well-known company like RE/MAX. Real estate agents are not licensed in Belize. Anyone can sell real estate.