The Process of Obtaining Real Estate in Belize

  • 2 years ago

The real estate industry in Belize has seen steady growth in the last few years and is poised for record sales with relaxed COVID-19 restrictions in-country and abroad. The process of purchasing Real Estate in Belize is has few limitations and is quite similar to purchasing real estate in other countries. In order to purchase a property in Belize, one must first start by researching different properties of interest. Not only are there are many resources available for prospective buyers to view current listings in Belize, but buyers are also able to physically visit and explore potential properties that suit their needs and wants.

Belize offers a wide range of lifestyles options when it comes to real estate. For example, if a buyer is searching for beaches, sun, hammocks, and coconuts, we recommend property in Placencia, San Pedro Ambergris Caye, Caye Caulker, or even their own private island! A buyer can then make an offer on a potential property. If the vendor approves of this offer, a Purchase Agreement can be made. This is a detailed document of the offer to purchase whereby the seller and buyer must agree on the specific terms of the document and later sign the document. The buyer will then need to make a deposit within 5-7 days of the acceptance of the offer.

A title search must then be conducted. A Title Search determines if a property has any unpaid taxes, mortgages, liens, etc. It is recommended that a buyer hires a lawyer to do this as this will save time and money. Once this has been done, and the property is free and clear, the process of closing can begin. The sale will then be marked closed after a stamp duty has been paid to the Government of Belize, and the property title can be transferred in the name of the buyer. It must be noted that the government may charge stamp duties based on a property evaluation and not on the property’s purchase price. The transfer of the title then takes an additional 30-60 days to complete. Once you’ve received your title, you can personalize and enjoy your new investment! 

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