How to Purchase Property in Belize
One of the most frequently asked questions in our office is, "What are the steps involved with buying property here?"
Step 1: Decide on the property that you would like to call your own and answer the following questions:
a) What purchase price will I offer for this property?
b) What amount of earnest money will I put down on this property? (Earnest money works like a down payment. It demonstrates to the vendor that you are serious about purchasing)
c) Are you offering an all cash deal or are you considering terms to offer? (Decide the amount of down payment, length of terms, and what percentage of interest you are offering? For owner financing in Belize WHEN AVAILABLE terms acceptable can be 10 - 50% down 8 - 12% interest and 2 -10 years for pay off)
d) When will you close on this property (Date of final payment)?
e) Meet with your realtor to discuss your offer, wiring information and to sign your contract.
It is very easy for a foreigner to own property in Belize. Closing costs in Belize are maximum 7%. Closing costs are paid by the purchaser. Up to 5% of your closing cost will cover your Government Stamp Duty and approximately 2% for legal. Unlike other Latin American countries, you DO receive Deed and Title to your property as opposed to a long-term lease.
Should you purchase property on terms, we will require that you pay $400.00US for a registered Contract of Sale. The registered contract goes to our capital city of Belmopan to the Ministry of Natural Resources Land Department and receives a volume stamp and page number. It documents you as the owner of the property with the individual(s) that you are financing it with, as the "mortgage" holder.
Beyond your closing costs, there are no additional fees or hidden charges in purchasing land here as a foreigner.
Now that you know how to become a property owner in Belize let us help you find a piece of paradise!
We are here to assist you in any way we can. Just ask!!
Southwind Properties Sales Team