How to FIND good Real Estate in Belize
October 22, 2007 | Leave a Comment
Trying to find your ideal property in Belize is not much different from doing the same in the United States or Canada, except for a couple of key differences.
The first thing you’ll notice is there isn’t a Multiple Listing Service (MLS) where you can conveniently browse most properties for sale in one location.
The main reason for this is the lack of a governing body or regulatory board for real estate sales in Belize. There are a couple of informal “Real Estate Associations” in Belize, but nothing officially sanctioned by the government.
So if you want to see all the available properties that are officially for sale you need to browse each and every real estate companies’ advertisements (usually only websites).
The second problem buyers complain about is the lack of a record of the prices most properties sell for. Without such data it is difficult for buyers to get an idea of the current prices for properties in certain areas. However, most of the reputable real estate companies in Belize will give you their HONEST opinion on what land is worth in certain areas, based on what they have seen it selling for.
There are several registered real estate companies in Belize, and the majority operate ethically and with their client’s best interests in mind.
Most companies specialize in particular areas of the country, although all will sell you property from other areas. It is usually worthwhile, however, to deal with a company that operates in the area you are interested in— simply because of the wealth of knowledge they can give you about that area.
Here are the steps I recommend for you to find your ideal property in Belize:
- Decide which part of the country you would like to find property.
- Contact one or two real estate companies in that area and tell them what you are looking for. Remember if the real estate company doesn’t currently have it listed, they probably know someone who does!
- Do your own research on the Internet. Spend some time browsing real estate sites and looking at land and prices for the area you are interested in.
- Come to Belize and look at the property! Some people buy properties sight unseen, (usually citrus farms for investment purposes, etc.) but the majority of buyers prefer to come and see what they are buying.
The real estate industry has come a long way in Belize over the last few years. Of course this increased efficiency has resulted in more buyers and steadily increasing prices, but that is the price of progress!
How to Buy Real Estate in Belize
October 21, 2007 | Leave a Comment
This article assumes you have already found the perfect property in Belize and are ready to fork over your hard earned cash and collect the land-title or deed.
If you would like some pointers on how to FIND your perfect slice of paradise in Belize, then please read THIS.
Okay so you’ve searched high and low, driven miles over back breaking, pot-hole filled gravel roads and now you’ve decided to buy a piece of property in Belize.
Great! Now what?
Actually, the process of buying property in Belize is not that much different from buying in Canada or the United States. (sorry for you readers from OTHER countries…. I can only comment on where I have experience!)
First, you need to present the seller with a formal OFFER TO PURCHASE.
This important document should be provided by your real estate agent and should include the
following:
- Purchaser’s name and address
- Vendor’s name and address
- The LEGAL DESCRIPTION of the Property, eg. Lot # 56 blah blah blah.
- The purchase price offered.
- Any other terms of the offer. All terms of the sale will have been written into the
offer by the real estate agent, such as time frames for closing, etc. - The purchaser must sign the Offer to Purchase and provide a deposit.
Then, the real estate agent will present the formal Offer to Purchase to the seller. The seller may accept the offer or respond with a counter-offer. If the seller accepts then he will sign and execute the offer.
At this point you should usually retain the services of a Belizean Attorney to supervise consummation of the deal.
The lawyer’s job is primarily to ensure the property title is “good and marketable”. He should do any neccessary Title or Deed searches to uncover any hidden encumberances which may be present on the Title or Deed. Also, he should check the “plan of survey” to verify the location and dimensions of the property.
There are three types of land property title registrations currently used in Belize.
There is the Conveyance system, the Certificate of Title (otherwise known as the Torrens system) and the Registered Land Act system.
Different parts of the country use different systems, but the Government of Belize has been converting all propeties in the country to the Registered Land Act system, area by area.
All three systems provide the owner with proof of ownership, with the Conveyence system providing a Deed and the Registered Land Act system and Certificate of Title (Torrens) systems providing Certificates of Title.
Although it is an excellent idea to convert all properties in Belize to the Registered Lands Act system, this may result in a slight delay in processing your new Certificate of Title.
That’s because there’s currently a backlog at the lands office in Belmopan.
But keep in mind that the new system guarantees the land exists and the title is YOURS, so it’s worth the wait!
Now all you have to do is pay the stamp duty, also known as a 5% land transfer tax. This is payable on any land transactions valued at over $20,000 Belize dollars. Usually this is paid by the buyer, but in any case it will be stipulated in the Offer to Purchase.
Lawyer’s fees for real estate transactions in Belize generally range between one per cent and three per cent.
And that’s it!
Welcome to Real Estate in Belize!
August 25, 2007 | Leave a Comment
It seems there is a “land-rush” in Belize and people from all over the world are coming here to possibly “buy a little piece of paradise.” Here you will find out about the current state of the real estate market in Belize and what you need to do if you want to buy land here.