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. We will also provide you with an estimated closing costs statement.
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 the seller and the buyer agree to the price and closing date, CSL prepares an Offer to Purchase, along with all of the attachments for signatures. Upon receipt of the signed contract and notarized copies of each purchaser's passports, CSL submits necessary documents to the Central Bank of Belize for their required notification process. Once Central Bank confirms notification, the deposit of 10% (minimum) of the sales price is due and payable. When all terms and requirements have been met, we are prepared to finalize the sale. Transfer documents are prepared and couriered to all parties for signatures. Upon CSL's receipt of the signed Transfer documents, all monies will then be due and payable. This entire process takes approximately 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.