Purchasing in Belize
The process of purchasing property in Belize is amongst the easiest on the planet.
The legal system in Belize is English Common Law just as it is in the USA and Canada.
After locating the property you wish to acquire, an offer to purchase or purchase agreement is written, agreed to and, upon mutual agreement, is signed by the buyer and seller. This agreement sets forth the terms by which the purchase is consummated.
A deposit or full payment as outlined in the agreement is sent to the escrow account. Funds may be held by a broker, developer, an attorney, facilitator or by a title company.
Once the funds are received, the seller or developer sends his title along with the necessary government forms to transfer the title to the escrow agent.
The agent will send the aforementioned forms to the Government of Belize Land Titles Unit in Belmopan for the purpose of recording the transfer of title and issuance of a new title in the name of the new owner, in this case you or any entity name you might choose to hold title to your land in.
If you are buying with a down-payment and a mortgage, an original copy of mortgage is sent to the Land Titles Unit in order to be recorded against the property. Once the mortgage is paid in full, the mortgage is released and title is issued in the name of the buyer.
Cerros Sands at La Playa de Cerros has a master title policy in place with First American Title Company in Miami. Should you like to purchase an individual title policy; the forms will be sent to you. These forms and the funds necessary for the policy should be sent directly to First American Title in Miami.
The costs applicable to purchasing in Belize are as listed below in United States Dollars:
- Belize Government Stamp Duty on the full purchase price: 5% due upon transfer of title. In the case of a mortgage this is not paid until the mortgage is paid in full.
- Belize Government Stamp Duty on a Mortgage: $7.50 per $1000.00 due upon filing of the mortgage.
- Attorney Fees: 2% of the purchase price is the normal rate charged.
- First American Title Policy: $750.00
- The attorney fees and title policy are at your option should you desire to use such services.
