Such real estate purchase would be obtainable and authenticated as follows:
1. 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.
2. A 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.
3. A 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.
When purchasing property in Belize, title insurance is not necessary and closing costs are very minimal as there is no capital gains tax.
If you would like to purchase any of our properties immediately, simply email us to make arrangements and sign a purchase contract, thereafter a 10% earnest money deposit is required to secure the transaction. Within days the title will be ready for transfer into the new ownership, at this time the balance of the purchase price will be due and upon receipt of the funds, it will take the Government Lands Department 4 to 12 weeks to complete registration of your title.
When buying a Belize property, all buyers are responsible for paying the Government stamp duty, which is applicable to all land transfers. This is a 5% charge on the purchase price with the first US$10, 000 being exempted. This is the same percentage paid by Belizeans and foreigners. In some cases, there may be additional costs and such extras would be based on your transaction type or location at the time of your purchase.