Real Estate Companies in Belize
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Frequently Asked Questions
How are Belize properties titled?
There are many ways to take title, the usual (and in order of assurance) are:
- The registered land title
- Transfer certificate of title
- First certificate of title
- Deed of conveyance
What is a condominium/strata title?
This is a subset of the registered land title system. It applies only to self contained units usually of at least 2 units or more. The developer applies for this type before selling and the owner's association is created known as a "strata corporation". These also attract "common area" rights.
How do I ensure the property that I want to buy has clear title?
A root of title search is always recommended. This is to vet the lands register for charges, reservations, encumbrances and liens. It is incomplete if a court search is not also undertaken and if it is not reviewed in light of possible equitable interests such as a spouse not on title or inheritance anticipatory gifts.
Can North American Government investigate my investment activities in Belize?
Belize is an offshore nation that does not have a tax treaty with the USA or Canada. Belize has modern offshore banking legislation, including a tough ant-money laundering act which is designed to repel illicit monies and persons from using our offshore protectionism.
However, if there is evidence that a person or entity is involved in criminal activities and or money laundering, the Belizean Government will co-operate with these countries.
Can I get Title Insurance?
Yes, Stewart Title out of Texas and First American Title has issued policies. Belize is the only country that we know of, where an A+ American title company has felt comfortable enough with the security of a Central American nation to guarantee title.
What are typical closing costs?
5% of stamp tax on the assessed value above US$10, 000.00.
Legal fees typically 2% of the purchase price.
It is customary that the purchaser pays for all closing costs under Belize transactions. There are additonal fees in the case of Certificate of Title.
Do I have to retain an attorney to purchase property?
It is recommended that the buyer ensures that a reputable broker is transacting the sale.
Are most properties sold in US Dollars?
It is customary that the properties are listed and marketed in US$.