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Now that you have found a property that you are interested in, here's what you will need to do next:
Establish how you will finance the purchase of the property. If you need a local banker, then let us help you. Establish the date on which you'd like to deposit and close on the property. Set a meeting with the broker or agent to physically view the property for final approval. Set a meeting with your banker if you will need to seek financing. Your banking institution may request an appraisal be done on the property to ensure that the property value is similar to or exceeds the selling price.
With financing pre-approved, then set a meeting with our agency to process agreements. If you are a foreigner buyer, you will need to allocate foreign exchange. As a foreigner you can acquire property with the same rules of engagement as a national resident. If you feel you need additional advice, you may seek the assistance of a local Belizean lawyer to do a title search on the property or we can assist you with this step. We will then present you with an Offer Agreement if the property is negotiable. If it is non-negotiable, then we will present you with a "Purchase Agreement" to fill out.
For all "Purchase or Offer Agreements" we will require a 10% deposit on the selling price to secure the property from the market! Once you've met with your agent and sign on this agreement we will reveal all the necessary documentation so that you can then proceed to a title transfer.
It is highly recommended to always do a title search when purchasing property to ensure that the property is clean and clear of all types of possible liens. Again you may seek the assistance of a local lawyer or we can process the title transcation at a lesser cost!
The standard closing fees includes stamp duty 5% of the transaction, legal fees 1.5% to 2.5% of the closing cost, and recording fees. (Surveying fees, appraisal fees, title search fees, and other additional fees are optional based on the nature of the transaction)!
Once you've made full payment at closing, your title will be sent either by our firm or your law firm to be process for registration with the Ministry of Natural Resources. Based on the nature of your "Purchase Agreement", you may take possession of the property on closing date!
The registration process of a title takes approximately 3 - 8 weeks depending on the type of title.
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