Belize is a very small Central American country, and it is a straightforward process for foreigners to purchase real estate. This procedure generally takes 30-90 days to complete.
Attorneys and Real Estate Agents
Though not a complicated place to buy real estate, it is recommended to hire a real estate attorney when buying property in Belize. It is helpful to have official legal advice during all steps in this process, as some aspects are not regulated strictly. The attorney will help the buyer undergo necessary research when investigating the property.
A good real estate agent can be helpful when buying real estate in Belize, but is not necessary. Keep in mind that real estate agents do not need any test or certification to get a job, which is why it is a good idea to have a lawyer.
Rules, Regulations and Restrictions
There are no legal restrictions against foreigners buying real estate in Belize. They have the same rights as native citizens.
The first step in this process is to settle on a single property and make an offer to its seller. If the seller accepts this offer, both parties must sign a binding agreement, and the buyer is required to put down a deposit in an escrow account in order to secure the property.
After the initial agreement is signed and the deposit is completed, the next step is to complete the necessary research regarding the property. The attorney should help out with this procedure and make sure that there are no confusions with the property title, hidden fees or zoning regulations that would hinder the interests of the buyer.
If everything clears with the research, the next step is to come up with an Agreement of Sale, which is then signed by the buyer and seller. This agreement should outline the details of payment for the property. The buyer is then responsible for transferring the balance of the money to the seller, so that the transfer documents must be drawn up and signed. Upon these signatures, the transfer documents should then be registered with the officials.