Purchase Procedures:
Purchase procedures are similar to the U.S. FIRST - one should contact a "reputable" realtor. You should seek one who has been in the business for several years and who is known well in his or her community. Many try and sell properties on their own without the assistance of a realtor. This is legal in Belize but not recommended for a buyer. Their are many things that a buyer should know before investing. Proper procedures should be taken when making a purchase to insure that there are no future problems concerning the property or title of interest. Most agents will have a "Listing Authorization Agreement" with the seller(s). It is your right to request a reading of the agreement. This agreement will confirm to you that the property is for sale and by whom, measurements, lot or parcel numbers, asking price, terms ...if any, location of property to insure that you are looking at the "right property", and length of agreement. SECOND - Once one has found the correct property through the agent and is interested in moving forward with the purchase, the agent should put together a binding "Offer To Purchase". This agreement is between the seller and buyer and will state the buyer(s), terms if any, deposits, escrow agent and agent's instructions, closing date, what happens to deposit if buyer of seller defaults. possession date etc.
Forms Of Titles:
Belize has several forms of titles. 1) Deed of Conveyance - Can be obscured and should be handled by a reputable law firm for research. 2) Certificate Of Title - Comes in duplicate forms and should also be handled by a law firm in Belize. 3) Government Grants - One of the best forms of ownership but still needs to be handled by law firm. 4) Land Certificate - Another form of title guaranteed by the government. Governments plan is to implement this form of title throughout the country. The lot is assigned a parcel number from the rim. One form document with parcel number and area. Will state any encumbrances on title.
Legal Assistance:
When retaining an attorney to represent you in a land purchase, most will charge 2% of the selling price. An abstract report will be given on the property with recommendation to proceed to closing or not. Lawyers can be found mostly in Belize City in the yellow pages.
Closing Fees:
Closing fees include; Registration Fees, Filling Fees and Government Stamp Duty. Stamp Duty - $0 - $10,000 US = Duty Exempt. $10,000 US - UP = 5%. . Registration and Filling fees are usually around a couple hundred US$.
Construction Cost:
Construction Cost in the Placencia Area range from $50 - $80 US/per Sq.ft. $85 - 120US/per Sq. ft. for Higher End construction. i.e., condominiums and fine homes.