Belize » The Purchase Process

Real estate investors considering making a land or property purchase in Belize are afforded the same legal rights as Belizean citizens when it comes to freehold property ownership. There are few restrictions applied to international purchasers because the legal system in Belize is based on British common law, the entire property buying process is relatively transparent and easy to navigate.

Nowadays the only restrictions that apply to non-Belizeans wishing to purchase are a government approval requirement via the Ministry of Natural Resources, if anyone wants to purchase an island the approval by the local council has to be sought by overseas buyers.

The steps and procedure for the purchase of property are described below.

• The first step is to submit an offer to the seller.
• Upon acceptance by the seller, the purchaser will then retain a local attorney. Once satisfactory title research is completed, a recordable Agreement for Sale, or original title transfer instrument will then be drawn up based on the particulars of the original purchase offer.
• The balance of the monies payable for either the down payment or the full purchase price will be due for deposit to the particular company at the time specified on the purchase offer or Agreement for Sale.
• The transfer documents will then be executed and delivered to the purchaser's attorney for review. The attorney will then send the copies and notify that the documents are in order.
• The executed documents will subsequently be processed at the Lands Registry and an original title or certified copy of an Agreement for Sale will then be presented to the new owner in due course.

In terms of fees and costs associated with the property buying process in Belize it’s wise to budget for an additional 20% which will cover the land title transfer fee or stamp duty which has recently increased to 15% for foreigners, lawyers’ costs and property taxes.