Procedures for Purchasing Property
In recent days, buying property in Belize has become more regulated. In order to meet the Government of Belize banking compliance requirements and to make your experience as smooth as possible, we are committed to providing you with all the necessary services to make your purchase a success.
Once you have decided on a property that fits your personal needs and desires, we can begin the purchase process.
Together, we will complete the Offer to Purchase, along with all attachments which are incorporated into your purchase agreement. The Protective Covenants and all attached agreements are designed to maintain and enhance the quality/value of our community. Please take the time to read them thoroughly as they are contractually binding. By becoming a property owner here, you are agreeing to abide by them. If you find these conditions unacceptable, please do not purchase property within Consejo Shores.
All the terms of sale should be written into the Offer to Purchase agreement. In addition, an application will need to be submitted to the Central Bank of Belize for a non-Belizean buyer to be granted authorization to own property in Belize; buyer's approval from the Central Bank of Belize is a contingency of the purchase. We will also provide you with an estimated closing costs statement.
**Please note: A non-Belizean owner and a non-Belizean buyer do not need approval from Central Bank to complete their transaction. However, we have been informed by Central Bank that they (Sellers/Buyers) will need a letter from Central Bank stating that approval is not required. Additionally, we have been informed by Central Bank that the Land Registry office will not transfer title without either letter.
If desired, financing is usually available on CSL owned parcels. We request a minimum of 30 % down payment, with the remaining balance due in monthly payments for up to 4 years. Terms include a 7.5% interest rate with no prepayment penalty. Construction cannot begin on your site until the property is paid for in full.
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, a deposit of 10% of the sales price will validate your accepted offer. Next step, the buyer's Central Bank of Belize application will be submitted. This is a simple format, requiring notarized copies of both the seller's and purchaser's passport picture page, a copy of the executed purchase agreement and last three months of purchasers’ bank statements. The approval process is approx. 2-4 weeks. Upon receipt of approval, we can proceed to finalize the transaction. Our Paralegal will perform a title search, and we will check to ensure that there are no unpaid land taxes. When all terms and requirements have been met, all monies will be due and payable. This entire process takes about 30 days.
After completion of the above, all required documents will be submitted to the Land Registry office for transfer of title. This process does not happen simultaneously like in North America. Receipt of the Land Title Certificate, which confirms your Absolute Fee Simple Title land ownership, can take up to 12 months.
**Please contact the Central Bank of Belize for information on the Foreign Currency Exchange Regulations for repatriation
of funds for Belizean residents and/or citizens, if you choose to reside in Belize under one of these options.