The purchase of property in Belize is quite a straight forward and is rather a very uncomplicated process which titles to freehold properties can be taken in three different ways:
Deed of Conveyance
This is the oldest form for ownership of property in Belize, ownership by way of Deed of Conveyance is in fact the absolute right to ownership of property. The ownership by means of conveyance may be converted to a Certificate of Title through an application for a first registration. Thereinafter any subsequent purchaser is issued a Transfer Certificate of Title. It must always be noted that a Deed of Conveyance is a valid legal title once it has been confirmed that the seller is confirmed to have good title on the property.
A Transfer Certificate
A Certificate of Title is a physical title to a specific portion of land. This means of ownership is secure and is the more costly and time consuming manner in which to transfer ownership in comparison to the transfer process of Deed of Conveyance. The process for Transfer Certificate may drag on for months and may incur high cost in attempts to fast track the document.
A Land Certificate
A land Certificate is an absolute title, applying to properties in new or special developments. The Government of Belize, presently is undergoing a process which calls for the re-registration of all freehold lands under the Registered Lands Act, which the overall goal being a uniformed system of nationwide land ownership. This process, though underway, entails much work and re-surveys are yet to be scheduled.
Note that title insurance is not necessary for purchasing property, and that closing cost tend to be very minimal. The purchase price is assessed and a 5% stamp duty is charged on the declared purchase price.
Long term planning whilst considering the purchase of property in Belize:
- Civil Engineers
- Business Leaders
Let us at century 21 Btal assist you in fulfilling any sale or purchase of property need. Be sure to contact us.
Belize is the only English-speaking country in Central America and has retained strong links with the UK. The country still recognises Queen Elizabeth as sovereign, as well as being fully constitutionally independent.
Located on the eastern coast of Central America and with some 450 islets dotted along its coastline with the Caribbean Sea, Belize is also home to the second longest coral reef in the world. Tourism, and scuba diving in particular, is the major driver behind the country’s economy, while production of citrus fruits, sugar and bananas are the main export crops.
In recent years, Belize has become a popular destination for retirees from the US and now from the UK. Its warm climate and the islands dotted along the coast in the Caribbean Sea mean that it is often categorized along with the rest of Caribbean, something that the somewhat colonial atmosphere of the country helps to perpetuate.