Friday, May 22, 2009

How to Buy Real Estate in Belize

On the eastern coastline of Central America with a mainland and over 200 islands, Belize is a popular tourist destination. It offers many natural attractions with rainforests, sandy beaches, Mayan ruins and tropical climate. Belize is affordable and has a lower cost of living than Europe, Canada and the United States. There are no restrictions on foreign ownership, and the country is politically and economically stable. The difficulty of buying property in Belize is: Moderately Challenging.

1. Step 1
Spend time in Belize and ask any Platinum International Real Estate and Investment Agent for properties. There are a few real estate listings, but a large amount are for sale by owner and usually there are no signs posted. We have an inventory on those inside listings that are to the benefit of our clients. We should be prepared to hunt for your piece of real estate to call home.
2. Step 2
Pay cash or get financing on your assets back home. Mortgage financing is not readily available for foreign buyers. We have a few possible options but we would need to find out what your needs and wants are.
3. Step 3
We will negotiate your price. There are two prices, one for locals and one for foreigners. Unfortunately that’s the way it is but we will do your research and have our Belizean agents find out the local prices just for you. You will get a better price with Platinum International Real Estate and Investments having more knowledge of the real estate market in Belize.
4. Step 4
Hire a lawyer. The attorney fee is normally two percent of the purchase price. If you don’t know of any we have a few we could suggest to you. That decision is ultimately yours to make.
5. Step 5
Research and learn the real estate market. Know the fees and costs of purchase. Your Land Title Transfer fee, called a stamp tax, is 12 percent. The property taxes vary based on the assessed value of your property. We will make the process as easy as possible and take the hassle out of buying or selling real estate in Belize by providing a breakdown of costs and fees up front.
6. Step 6
Apply for a Title Transfer and receive a Certificate of Title under the Registered Land Act System. This is the most common purchase agreement. There is also the Conveyance System involving a title search usually done by an attorney, and the Torrens System involving a First Certificate of Title.
7. Step 7
Moving into your home after the transaction is complete.
Platinum International Real Estate and Investments will ensure that you have adapted and will continue to check with you to make sure everything is going smoothly. The only other reason would be because we have forged a lasting relationship with you, our client.

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