No Discrimination, No Inequality
Here In BELIZE
Everyone Can Buy Their Own Property
With Belize real estate market expanding like crazy, more & more people are realizing the perks of investment opportunities the country is filled with. Better incentives for property buying, no capital gains tax, stress-free lifestyle and no restrictions on foreigners owning land are some of the reasons this confined yet one of a kind land has become such a hype worldwide.
Whether one wants to give upon the rat race and permanently move here or they are interested in buying a villa as a temporary getaway, Belize is the place where all dreams happen. Having said that, let’s check out how to buy property in the tropical country.
Begin The Search Game
Research is the key for fruitful investment. To view the currently available properties, the best resources to depend upon are:
Local realtor’s websites: Registered realtors must be found at the Association of Real Estate Brokers in Belize Website.
Bank foreclosure listings: A treasure to know about Belize real estate deals.
Ask the locals: It’s uncertain for every property to be listed with a realtor. Hence, exploring different parts of the country to know about its people, lifestyle and what’s available is a smart move.
Finalize Property That Complements The Needs
With a pool of options to choose from, it is important to define what one wants and how much is the budget in mind.
Lovers of beaches, who are fond of basking in the sun while swaying freely in a hammock, should consider Ambergris Caye, Caye Caulker or Placencia.
Homies with a mood to live amidst the hills with a beautiful view of sparkling stream should look for a home in the Cayo District.
People who want to hang out with the locals and indulge in the culture should consider Hopkins, Dangriga Town or Corozal district.
Make A Purchase Offer
Once the ideal property is decided, the realtor drafts an “Offer to Purchase” letter with details of the buyer and seller, purchase price, legal description of the property and buyer’s signature.
Negotiate With Seller
While some lucky buyers are fortunate to get their offer accepted immediately; seller responds with a counter-offer most of the times. After mutually agreeing on a final price, an offer is signed by both the parties. This is the time to submit a deposit out of good will.
Hire A Lawyer, Perform Title Search
Though it’s not necessary to hire a real estate lawyer, it is the channel towards saving time and money. Reason being, the lawyer conducts a Title Search to determine whether or not the property has any liens, mortgages, unpaid taxes, etc. Moreover, he requests for a Survey Plan about the accurate location plus dimensions of the property.
Sign The Purchase Agreement & Make The Payment
Research is followed by writing of a Purchase Agreement by the lawyer, which is an elaborate version of the ‘offer to purchase’. When the seller and the buyer agree with all the terms and sign the document, purchase price is paid in full.
Pay Stamp Duty
To transfer the property’s title to buyer’s name, a 5% Stamp Duty has to be paid to the Belize government. This part is looked after by the lawyer; however, it’s good to know that the government has authority to value the property and charge the buyer as per its evaluation rather than the purchase price.
Transfer The Title
Now comes the time for the title to be transferred to buyer’s name. Generally, it takes about 30 to 60 days or even more.
With title in hand, buying cycle comes to its end. The buyer is now the proud owner of his or her own heaven in the exquisite Caribbean land.