Belize Real Estate Guide
The process of purchasing property in Belize is fairly easy, virtually anyone can purchase property unlike in some other nations. You can purchase property listed by any real estate agency or a property advertised by any seller. The preferred way to buying real estate in Belize is through a licensed real estate agency like RealFin or an ethical Attorney-at-law. A real estate agency like RealFin can provides a proper Title Search and prepare all the necessary paperwork to close the sale and make the process hassle free as possible.
The Land Laws of Belize are derived mainly from the Common Law and English Statutes of the 19th century. The Law of Property Act, Chapter 190 is similar to the Real Property Act 1925 of England in many ways. Other relevant statutes include the Registered Land Act, Chp 194 (1977). This statute governs all land transactions of Belize.
There are mainly two categories under which land can be classified. Which are:
- Undeclared Land &
- Declared Land
Transactions done for Undeclared Land in Belize have to be recorded at the Titles Registry. On the other hand, transfers done for Declared Lands are to be registered at the Land registry. Both Registry offices are located in Belmopan, where we are located.
When you purchase a property in Belize, you acquire it through three ways; Deed of Conveyance, Land Certificate or a Transfer Certificate of Title.
Deed of Conveyance:
The oldest form of title ownership is by a Deed of Conveyance. Ownership by way of conveyance is a registered right to ownership of property. Ownership by conveyance can be converted to a Certificate of Title via an application for first registration. Any subsequent buyer is issued a Transfer Certificate of Title. It should be noted, however, that a Deed of Conveyance is a valid legal title once an attorney has confirmed that the seller has good title to the property.
Transfer of Certificate:
A Transfer Certificate of Title is a physical title to a particular parcel of land. This form of ownership is secure. It is more costly and time consuming to transfer title on a Transfer Certificate of Title than on a Deed of Conveyance.
Land Certificate:
A Land Certificate is an absolute title and applies to property purchases in new or specially designated areas. The Government is in the process of re-registering all freehold lands under the Registered Land Act of 1987 to achieve an eventual uniform system of nationwide land ownership. However this will take time, as some areas have to be re surveyed.
Your real estate agency represents you in the certificate transfer process through purchasing or selling contracts to change of ownership with the corresponding registration fees with the Lands Department.
Belize has several Real Estate Companies since the market for real estate has been booming in the last few years. The best real estate company is one that offers you transparency, great communication, good deals, experienced real estate agents, credible partners and a hassle-free process. RealFin offers all these and more to make your real estate journey a good one! Contact Us Today for a consult.
While other real estate agencies will refer you to an insurance provider to purchase your property insurance, RealFin is one of the agencies that take this additional stress off your hands. This service offered by our institution exists as a partnership with advisor and insurance license holder, Mr. Derick Perrera, who works with some of the best insurance companies in Belize to help you protect your investment.
Belize is one of the most amenable countries for foreigners who are interested in purchasing real estate. The laws of Belize give non-nationals the same rights as nationals when it comes to purchasing and owning land. You do not have to settle for a long-term lease with the national government at the moment of closure and proper filing of documents, your property is yours!
It is important to note that the property laws of Belize are derived from the Common Law and English Statutes of the 19th century making the laws governing real estate similar to that of the UK and the rest of the commonwealth. Though your attorney may have an understanding of these laws if trained under the same system, an attorney is not required to purchase property in Belize. However, it is highly recommended to work with a reputable local real estate agency like RealFin who also partners with local attorneys-at-law that would have a comprehensive knowledge of the local market.
The only absolute way to ensure that your property has a clear title is by doing a title search. All private lands and properties in Belize must be registered and so, your real estate agent will perform a title search to ensure that the real estate in question is not involved in any legal disputes and can be legally sold to you.
Belize has become a haven for real estate and with that has come several fraudulent entities advertising properties and services. It is highly recommended that when seeking property to do so through a real estate agency or a reputable attorney-in-law. Belize is a small country but scams do exist.
Belize has a subtropical climate with two seasons; wet and dry, with the wet season corresponding with the Atlantic Hurricane Season. Belize is in the hurricane belt, and while it has not been hit by hurricanes as much as other territories in the region, the risk of experiencing a hurricane in Belize exists. It is important to consider hurricane and flooding protection when purchasing property in Belize.
Yes. Homes in Belize require the approval of the Central Building Authority in the area if you are planning to construct. A great real estate agent will always partner with an architect to better advise you on the way forward for your construction plans
No, there are no independent escrow services available in Belize. Typically a bank, an attorney or your real estate broker will offer monetary and documentary escrow services for real estate transactions. The costs vary between free and up to 1% of the value.
No you do not. RealFin is the #1 customer focused real estate agency for a reason, we meet you where you are and with the technological era we live in, that makes it even easier. Contact us today.
No. RealFin is able to represent buyers wishing to purchase any property whether listed with us or not. We contact the seller on your behalf and conduct all necessary checks and bargaining to make sure you get the right deal and all legal boxes checked.
Construction of a home in Belize can be done with a private contractor or individual workers. Typical construction cost in Belize ranges from around $100- $200 BZD per square feet and subject to increase for upmarket construction.