The planned communities of Belize have fancied everybody’s imagination. In the same way, the property laws of Belize will surely live up to your expectations. They would not pose a hindrance for you in acquiring your property. Let’s just go through the property laws of Belize in brief before you move on to acquire your property in the paradise of Belize.
Simple Legal Conventions
Title of your land is a formal document that serves as the evidence of ownership. The land in Belize is broadly classified into two categories: Undeclared Land: Transaction done for these lands need to be registered at Titles registry located in Belmopan (Cayo District). Declared land: Transaction done for these lands need to be registered at Land Registry located in Belmopan (Cayo District).
Get Your Title
The 3 different ways to acquire title to freehold property in Belize are:
· Deed of Conveyance: Deed of Conveyance gives a registered right to ownership of property. A Certificate of Title can be procured from ownership of conveyance through application for first registration.
· A Transfer of Certificate: This secured form of ownership is a physical title to a particular parcel of land. A bit costly and time consuming but much secured.
· A Land Certificate: A Land Certificate is an absolute title which applies to property dealings in new or specially designated areas.
On To Property Transfer Exercise
After getting the feel of the legal conventions involved, it is time for action. The purchase exercise in Belize is not tedious!
- To speed up the transfer process you would typically have a Sale and Purchase Agreement/Contract. These documents do not play a major part in the transfer process but they help you to be sure that your transfer process is secured.
- After this roll over to the Lands Title office in Belmopan to carry out the Title search services of your property. If you have approached a real estate agent, they will carry out this exercise for you. Here you will get access to all the information regarding to your property. Make sure that the Title you want reflects your purchase accurately.
Fill Your Form
The Sale and Purchase Agreement is to inform you about the authenticity of the land transfer process. The form summarizes your contract details. It should contain:
- The names and addresses of the parties.
- If there is more than one purchaser, the manner in which the purchasers will have a share in the property.
- Purchase prices clearly mentioned in figures and words.
- The location and parcel or registry numbers of the Title.
- The deposit amount that is required from the purchaser.
- A specific time is stated in the agreement for the purchaser to complete the transaction.
After all this, the Transfer exercise is wound up to the below three activities.
· Procuring the original Land Title.
· Discharging the mortgage or discharge of a charge.
· Recording or registration fees and stamp duty.
A minimum out of your pocket:
· While going through all the above processes, you have to bear a few expenses which the Belize Government has tried its best to keep as low as possible.
· The purchaser has to bear minimum costs for property recordings, registration, leases, mortgages and miscellaneous charges. 5% of the declared purchase price is to be paid as stamp duty. The registration fee is 15 Belize dollars for the Title document.
There are very few hassles while dealing with property laws of Belize. Every term and convention is penned to provide a smooth flow to transfer land and property. You are sure to have a smooth ride while acquiring a property in the wonderful country Belize. Always deal with a reputable Belize real estate developer with a proven track record.
