Purchasing property in any country, not just Belize, can be a complicated process. Without due diligence, buyers and property owners can be exposed to many risks and liabilities. A real estate lawyer can help reduce your exposure to risks and liabilities and can help protect and secure your rights throughout each stage of the buying process. And because lawyers are held accountable to high standards of professional conduct, you’ll be in the best position against scams, con artists, or negligent paperwork.
Once you are ready to purchase property in Belize, it is recommended to verify that the property is in a state where it can pass freely to you, the buyer (indefeasible title). To do this, you will need verify the ownership and rights to the property through a title search in government records. A title search confirms who the owner of the property is and if there are any encumbrances attached to the property (leases, charges/mortgages etc.), or if any restrictions, cautions, liens, exist. It puts the buyer in the best position to navigate with a view to securing indefeasible title. We can assist every step of the way in what can be a very complex process.
It is well advised to have our attorneys draft for you terms of purchase or sale agreement, depending on your individual case which aids in securing your rights and gives you recourse to the courts if there is a breach. If one already exists, we can vet and advise as to your rights and obligations.
We can assist with the process of drafting transfer instruments as well as drafting deeds of conveyance. Stamp duty is assessed at 5% or 8% of the consideration of the property with the first US $10,000.00 of the consideration being exempt from the assessment. The Lands Department reserves the right to assess the value of the property higher than what it is actually being sold for and in that case you, the Purchaser, may be required to pay additional stamp duty.
Most buyers and sellers feel confident and secure when a third party holds and regulates transfer payments. As escrow agents, funds are held in our escrow account and are released as agreed upon in the escrow services agreement and in line with the parties’ obligations and responsibilities and once they are fulfilled. We can act in this regard and will ensure your best interests.
Having a buyer’s agent in Belize ensures that you have a real estate professional who is looking out for your best interests and who has a deep knowledge of property for sale in Belize. Our partner, The James Group, is the real estate buyer’s agency in Belize specializing in new construction condo and resort property on Ambergris Caye and throughout the country. Website: https://www.jgroupbelize.com/
Our professional fees for handling the entire real estate purchase and transactions are normally 1.5% of the purchase price of property with a set minimum if the consideration is low.
Stamp duty, government filing fees or tax payments are not included in our professional fees.
Should purchase not proceed for any reason, you will be billed at an hourly rate of US $150, for our professional services rendered up to that point.
Stamp duty is assessed at 5% or 8% of the consideration of the property (first US $10,000.00 of the consideration is exempt). The Lands Department reserves the right to assess the value of the property higher than what it is actually being sold for and in that case you, the Purchaser, may be required to pay additional stamp duty.