7 Simple Facts To Know About Buying Real Estate In Belize
Do you dream of owning a property in Belize? You may want to buy a vacation home that you will use for a couple of months every year. You may want to buy a property that you can use as a vacation home, but eventually move into full-time after retirement. It's good to know that buying real estate in Belize can be a simple process. Some aspects of buying real estate will be very familiar.
All prospective home buyers should be aware of seven important facts.
1. You don't have to be a citizen to buy real estate
Belizeans are not the only ones who can own Belize Property For Sale. The same process applies to foreigners when it comes to selecting and purchasing real estate. The qualifications are in place since 2001, and they're relatively simple to understand.
Undeveloped property is different. The Central Building Authority is required to be consulted if the intention is to buy a plot of land to build a home rather than purchasing property that already has a structure. CBA is a relatively new government agency in Belize, and it is responsible for establishing the standards and codes that are applicable to new construction. This includes private dwellings. Foreigners and citizens who wish to buy property for development are required to have plans in compliance with CBA standards.
2. You don't have to physically be in the country
In some countries, you need to be physically present in order to buy any kind of real estate. Belize is a different place. You can handle all the details without having to travel to Belize. You can always travel to Belize to conduct a search or purchase.
The technology is one reason you can do the job from a distance. Virtual tours are offered by many real estate agents. You can view the interiors and outsides of a variety of properties.
You can sign the documents electronically and use them until the originals are signed and returned.
3. Finding a property is a familiar process
It's important to choose the right property for you before purchasing one. You will do this in the same way as you would in your home country.
Here are some easy ways to locate potential properties.
Working with an agent is one strategy. It is a good idea to have a buyer agent and a real estate lawyer on your side. The agent will create a profile based on the type of property that you are looking for. The agent will compare your profile to the properties that are on the market, or that have just been listed. This way they can alert you to any real estate that matches your criteria.
They can be looking for properties in Belize if you have any friends there. They can let you know about a property they think would be a good match and follow up with the agent to see if your interest is piqued. Your friends may introduce you to an agent at some point and you two can then arrange a virtual or face-toface tour.
Online resources can be used to search for properties. You can easily contact the listing agent to begin negotiations once you find something you like. You will need to hire your own agent to help you complete the sale.
4. It is a good idea to conduct a title search
What difference can a real-estate attorney make? This attorney will take care of all the details pertaining to the final sale. The attorney will conduct a title check before the final purchase. This search is crucial, as it will reveal any previous claims on the land, confirm the boundaries, and ensure that the purchase of the property will not be hindered by legal issues.
The attorney will make sure that the documents are in order. This includes preparing the stamp duty or stamp tax and helping you to pay it. In 2019, this tax is no higher than 8%. Belize doesn't impose capital gains tax on Belize Real Estate purchases.
5. You must have cash or confirmation of financing to submit an offer
You will also need to confirm that you are able to back up your bid. You will need to provide proof that you can pay for the property in full. You can also provide proof that you have the funds to make the purchase.
Bottom of Form
This is in addition to being able make a down payment or deposit on the property. The deposit amount will vary depending on the type and price of the property. For undeveloped or raw land, the deposit will be between 10-20%. If the property includes existing houses or other structures, then the down payment is more likely to be between 30-50%.
6. Get Financing From A Bank In Belize
You don't have to go through your bank of origin for financing. Some banks in Belize offer loans for foreigners to purchase real estate. This is especially true if you have evidence that you intend to make Belize your permanent home, or if you currently hold checking and other bank accounts at a local bank.
You can obtain financing in the same way you would with your local bank. You'll need to show proof of identity and income, as well as compare your request with the value of the property you want. Your agent can assist you in gathering all the information that a bank will likely request if you are interested in purchasing property in Belize.
7. Close-outs could take up to 90 days
Most real estate transactions take between 30 to 90 days to complete. During this time, a number of issues are resolved.
If you have to resolve a few issues first, the window will be closer to 90 days. If the process is relatively simple and straightforward, it will take less than 30 days to sell and transfer a property.