Here’s everything you need to know if you are interested in buying real estate in Belize.
Assistance from local experts
It is crucial to hire a realtor as your buyer’s representative. A realtor can help you find the best properties and areas. A realtor should be looking out for your best interests.
A local attorney is also a good idea. Even though the paperwork is in English, it’s still a large-ticket transaction. Make sure that your documentation is legal.
RE/MAX Remax Belize is the largest real estate company worldwide and has the largest network of offices and agents in Belize. RE/MAX holds the largest market share, and has offices in every corner of. This network is important in the analysis of Belize real estate since we don’t have a standard MLS.
RE/MAX Belize agents are knowledgeable about market and property knowledge. With over 100 agents country-wide, the collective knowledge of RE/MAX in Belize surpasses that of one agent. RE/MAX Belize offers more than finding an Caribbean home. The offerings include investments in land, banking on land and market knowledge.
A real estate agent and an attorney will help you ensure that all paperwork is correct. An attorney should perform a title search of any property, including land, a subdivision lot, a home or condo. It is easy and will cost you around $250 US. This will tell you if the property is “clearly title,” meaning it does not have any legal disputes or liens attached.
Some properties have “deed-restricted” restrictions that limit what you can do with them. You must follow these restrictions if you want to keep the property.
Your realtor can help you find the property that suits your needs. Your realtor will be able to explain the process and help you speed up the purchase.
What is the average time it takes to complete a property transaction?
It’s not difficult, especially if you have an attorney and a realtor who can expedite your paperwork. It usually takes around 90 days from deposit to closing.
The closing does not require you to be present in Belize. You can have your lawyer or realtor attend the settlement. Although this makes home buying simple, we do not recommend purchasing a property that you have not seen. Before you spend your hard-earned money on a property or building, make at least one visit to the actual property.
- Real Estate Buying in Belize: Fees, Taxes and Other Costs
- Each real estate transaction requires you to pay the following fees or taxes
- Transfer tax on Government Stamps: Approximately 5% of purchase price
- Attorney’s fees are approximately 2% of purchase price
- Search for Titles: $250
- 12.5% General Sales Tax for new residential properties
- When you purchase a property, you will need to deposit 10%.
Ways To Own Real Estate
Real estate can be owned by a person, a company, or a trust in Belize. Belize is a great choice for asset protection.
A local Belizean bank or an international bank can finance your purchase. You can typically borrow 50% of your purchase price and pay 10% down.
Strata Titling Principles
For the purchase of condominiums, townhouses, and apartments in Belize, strata title principles are used. These principles are similar to those used in the US, UK, and Europe for property purchases. The Belize real estate laws are similar to those found in first-world countries.
Belize is a great investment for foreigners
Belize has low taxes and affordable prices. Belize is a popular choice for real estate because of its ease of purchase, similarities to first-world contracts, and the use of English as an officially recognized language.