Belize Real Estate - Tips on the Purchasing Process
The first step involves finding a reputable real estate agent in Belize. Then, after the agent has helped you find a property you'd like to purchase, the next step involves presenting the seller with a formal OFFER TO PURCHASE.
* 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.
Your Belize 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.
The lawyer's job is primarily to ensure the property title is "good and marketable". Lawyer's fees for real estate transactions in Belize generally range between one per cent and three per cent.
Check the yellow pages or ask your Belize real estate agent for a list of reputable attorneys if you need recommendations.
A huge point of confusion for many foreigners is the fact there are three legal types of land title registrations currently used in Belize.
* There is the Minister's Fiat Grant, or "Conveyance system", which provides buyers with a "Deed of Conveyance".
* There is the Certificate of Title system (also known as the Torrens system) which provides buyers with the old style "Certificate of Title". Different parts of the country use different systems, but the Government of Belize has been converting all properties in the country to the new Registered Land Act system, area by area. All three systems provide the owner with indisputable, legal proof of ownership for their Belize real estate,
The final steps of the purchase process involve paying the stamp duty, also known as a 5 per cent land transfer tax. The stamp duty is payable on any Belize real estate transactions valued at over $20,000 Belize dollars. The funds for purchase are then transferred to the seller. The land transfer documents are signed by the seller, and then filed or "Lodged" with the Land Registry department in the capital city of Belmopan. Once the documents are filed at the Land Registry Department the land then becomes the property of the buyer.
And that's it, now you can enjoy your newly purchased Belize Real Estate!
By: David Gobeil
Please check out http://www.belizepropertyagent.com for more information about buying real estate in Belize and over 300 property listings through out the country of Belize.
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