Wednesday, October 12, 2011

Purchasing Real Estate in Belize - The Basics in 7 Easy Steps


So you've done your homework and figure that Ambergris Caye is right for you. Congrats! Now all that is left is to come down, take a little tour and pick out your new island home.
One of the questions I frequently receive is "How Do I Purchase Real Estate in Belize?"
Well the answer is VERY simple. Especially if you've purchased any real estate at all before. Here are the steps that most people take along with some suggestions on how the process go really smooth.
SEVEN EASY STEPS TO BUYING REAL ESTATE IN BELIZE
Step 1 - Figure our how much money you have in cash to work with. Will you be paying cash or will you need to finance? We need to know this upfront before we look at any properties.
Step 2 - Once you know how much you have to work with we go out on an island tour and show you everything that meets your needs and budget. This can take an hour or a few days depending on your preferences.
Step 3 - Once you decide on a particular property we write up an "Agreement for Sale". This is typically an easy to read and understand, 4 page document that includes such info as the names of the buyers and sellers, the legal description of the property and the purchase price and terms. This is then submitted to the seller with 10% earnest money.
Step 4 - Once the offer is accepted (or negotiated) and agreed upon by both parties the closing date is set. Usually we put a date of 30-60 days out to allow for such things as title and company searches to be complete and to allow the buyer some time to move around their funds.
Step 5 - During the 30-60 days time period the buyers closing agent will prepare the transfer of land documents. On or before the closing date both the buyer and the seller will sign these docs. They are usually 1-3 pages in length and again are simple to read and understand.
Step 6 - On the closing date all funds will be disbursed and the transfer of land documents will be submitted to the Belize Lands Department in Belmopan (the capital of Belize).
Step 7 - Once everything is submitted to the Lands Department they will transfer the Title to the name of the new owners. This takes anywhere from 1-4 months depending on how backed up they are. Once we have the title back from them we will make a copy for our files and Fedex the buyer the original.
This is the typical process in 7 easy steps. About 90% of all of our sales go more or less this same way. Some things may go slightly different for example if the buyer needs to obtain bank financing or if there are owner carry financing terms to work out. But all in all Buying Real Estate in Belize is a lot simpler then buying a car in the U.S. or Canada.
If you have any specific questions just let me know and I'll be happy to answer them for you.

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