What to Know When You Buy Belize Real Estate

Helpful tips to make buying real estate in Belize easy!

Buy Belize Real Estate

Answers to some important questions before you buy Belize real estate

If you have decided to buy Belize real estate, like purchasing real estate in any foreign country, it can be a nerve-wracking experience. But it doesn’t have to be. The secret is finding yourself a qualified Belize real estate agent with whom you feel comfortable, someone who knows the area, knows the laws of the country and has, beyond anything, a great reputation. Ambergris Caye real estate is unique and special. Your experience with a realtor should feel the same.

Here are a few questions you should be asking.

Q. How does buying land or homes in Belize work?
A. Buying property in Belize is quite easy. The country follows British Law, and there is no leased property. Unlike Mexico, once purchased, it’s yours.

Q. How expensive is it over and above the purchase price? Are there any hidden costs?
A. There is a 5% Stamp or Transfer Tax. When you buy in Belize the government reduces your purchase price by $10,000 then applies the 5%.  Closing costs will be anywhere between 1% and 2.5 % of the purchase price.

Q. How long does it take to receive our title for the property?
A. Depending on the circumstances you should receive the title to the property in 6-8 weeks.

Q. When buying a condominium do we have rights as to what goes on day to day?
A. Yes of course. Understandably, every resort has its own rules so it is absolutely imperative that you are provided with the Articles of Incorporation, Rules of the Resort, Covenants, etc. so you know exactly what you are buying. A qualified realtor should be able to assist you with this.

Q. How much are the taxes? Does this property require or have insurance? What does the Insurance include (such as Hurricane, Fire, and Flood)? Does it cover interior contents?
A. All of these questions should be answered by your realtor with authority. You can’t afford any wavering here.

Q. What is best, Management Companies vs. Resort Operators?
A. This is completely up to the individual as to what type of property he or she wants. Private homes need a competent management company to look after them when you’re not here; this costs money. Resorts have established staff and resources to look after themselves, such as 24-hour security, housekeeping, and office personnel to handle all reservations, money transactions, etc. These also come with a cost; so again, it’s entirely up to the individual as to what degree of involvement he or she desires.

Q. How do I know this is the right thing to do?
A. Drive around, look around, and ask around. Know the area and let that special realtor show you the details. Don’t make knee-jerk reactions based on pressure tactics. Only when it feels right to you, buy it.  Real estate on Ambergris Caye or property on the Belize mainland can take your breath away; make sure you continue to keep breathing through the process.

Q. Should we hire a Belizean Law Firm?
A. There is no reason to hire a Belizean law firm.

Once you’ve decided on a property. We will together make an offer to the vendor. The deposit will have been wired to our US Bank account. Your money never leaves the US and is placed in our escrow account until the deal is closed. If the offer is accepted, We, Belize Real Estate, goes to work for you.

First we’ll do a property search on the property making sure there are no liens and the property is in the proper vendors’ name.

Then we receive a transfer document signed by the seller.

Passports from both the buyer and the seller are needed.

Once everything is clear, the remaining money according to the contract is wired to our US Accounts. The correct documents are presented to the Government in Belmopan, your title is well on its way to being transferred.

All this is done nice and clean for 1% of the purchase price. 


%d bloggers like this: