Taking titles with real estate Belize

Picture
Taking titles with real estate Belize

Belize was part of the British colony until recently, when total independence was declared and the “British Honduras” before is now called 'Belize.'

Since Belize was part of the British Commonwealth, its legal system has the same face of the British Common Law or is based on it. Interested property purchasers should know beforehand the ways of getting the title transferred or registered so as not to cause trouble or problems in the future when the land is already purchased. Just like any other place in the world where certificates of ownership is necessary, it wouldn't be any less different in Belize.

There are a few ways to take titles for property purchasers:

Deed of Conveyance:

This is one of the age old form of title ownership. Deed of conveyance is applied in real estate Belize. It means this a form of a registered right for the owner to possess the property. It can also be switched to a Certificate of Title through an application for the first registration. Succeeding buyers are issued a Transfer Certificate of Title. A deed of conveyance is only a valid legal title once an attorney has confirmed that the seller has a good title to the property to be sold.

Transfer of Certificate

This is the physical title to a certain portion of land. A transfer of Certificate Title form of ownership is secure, yet more costly and time consuming when transferring on a Transfer Certificate of Title as opposed to a Deed of Conveyance.

Land Certificate

A Land Certificate is absolute and applies to purchases of properties in new or specially assigned locations. The Government of Belize is in the process of re-registering all freehold lands following the Registered Land Act of 1987 in order to achieve a uniform system of nationwide land ownership. Since some areas need to be re-surveyed, this would probably take time.

Property land sellers on the other hand, are required to have the title documents such as these, along with other things like the map of the property. If its a simple land with no buildings and if there were building and structures on the land to be sold, then the floor plan will also be needed. A power of attorney is needed if ever they are not the owner of the properties.

Title insurance is not exactly necessary in real estate Belize. Closing costs are very minimal for there are no capital gains tax imposed. The government, however, assesses a 5% stamp tax on all land purchases over US$10,000 on all declared purchase amounts of the particular property on the time of Transfer of Title.

Getting an agent or a broker to help you out with these things would be great and it would simply be easier. But, it wouldn't hurt to actually do this yourself to better understand what you have to go through in purchasing land in Belize. In any case, one should go for what is most convenient.