Procedure for purchasing a property at Consejo Shores ® 22 Nov. 2010

Complete the Offer to Purchase, both sides, front page and back (terms and conditions). We will fill in the lot and plan # ( and Parcel # etc,) and other known data for you, before sending to you. It is important for you to show the full name(s) and address(es) in which the title is to be held, if more than one buyer, state whether "Joint tenancy" or "Tenancy in common" (see below)

For the Transfer to more than one person, do you want this to be Jointly, meaning the Title will be in all names? If more than one name on title, title automatically goes to the others, in the event one dies. 
Held in Common, means Title will be in all names, equally, or as stipulated, however in the event that one dies, that share goes to the estate of the one who dies, and will be dealt with in accordance with the relevant will. Normally, unless it is a business purchase it is held Jointly.

All the Terms of Sale will be written into the Offer to Purchase Agreement.

At the same time, the Consejo Shores Protective Covenants are to be signed by the Purchaser(s) as page 3, the “Relevant Developed Area” Map as Attachment #1, and the Consejo Shores Procedures for Building Construction (Attachment #3) are to be acknowledged, as an example of the Consejo Shores Procedures for Building Construction. (The most current Consejo Shores Procedures for Building Construction will need to be signed and submitted, by the property owner, to Consejo Shores Ltd. (CSL) for approval, prior to commencement of any construction.)

When CSL receives the signed Offer to Purchase, along with signed copies of all of the attachments, and the Seller agrees to the price and closing date, (which is normally 30 days after the date of Purchase agreement), the seller, either Consejo Shores Ltd or other seller (if we are acting as Authorized Agent for them) signs the Offer, and when the non-refundable 10% deposit has been received, and held by Consejo Shores Ltd Client Account, or escrow agent/attorney, the Offer to Purchase is validated.

The next step is: We send to you the Purchaser, the Transfer of Land documents in triplicate originals, for purchasers’ signatures and witness signatures on the front page, and notarized Identification Certificate on the back page.
These original documents are sent back to Consejo Shores Ltd., #8 Wavesongs Lane, Consejo Shores, P.O. Box 35, Corozal Town, Belize. Tel 501-423-1005.

Then CSL executes the Transfer of Land documents (or in the case of our acting as Real Estate Broker, instead of our being the actual seller, we send to the seller to execute) and return to us.

At the stage that we have the registerable documents in our hands, and have the balance of price in our client account, on or before closing date, or its extension by reason of procedural delay, or by mutual agreement, we will instruct our paralegal (or the Attorney) to carry out the Registration procedure .... which can take about 2 months or more.

Other costs borne by the Buyer (unless otherwise agreed on) are: Stamp Duty 5% of (price reduced by US$10,000), plus Registration fee US$15) plus legal fee of paralegal (usually US$ 300 to 500) or Attorney fee usually about 2%.

It may be noted that the price includes GST (General Sales Tax, if applicable).

This may all appear to be complicated but is made very easy and straightforward for the Purchaser and the Seller.

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Revised February 2011 WNW