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Buying with Go Slow realty
Buyer's Representation & The Purchase Process
With Commitment, Conviction and Focus on our clients, we guarantee you honest professional representation. Our team here at Go Slow Realty will search for you utilizing your buying parameters, to locate, recommend and expedite the negotiation process to ensure you purchase at the optimal price. Our consultants are familiar with many experts in the industry, such as lawyers, lenders, surveyors, architects if necessary, and even local contractors. We strive to find you your own slice of paradise here in Belize and ensure the purchase process is as smooth as possible.
The Purchasing Process here in Belize is not that different to the USA or UK. In Belize, once an offer has been formally accepted, a deposit is to be paid into escrow account which will include a binding Sales Agreement outlining the details of the accepted offer, payment schedule, and any other relevant terms and conditions of the transaction. A period of 30 to 90 days is permitted for each party to conduct any additional searches, due diligence, preparation of legal transfer documentation and fund allocations, etc. before finalizing the sale. Once the final payment has been made, the transfer of ownership documents will be executed for legal processing and thereafter the escrow account will be released for the seller’s access.
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Buyer Guide
Request Offer to Purchase form.
Submit Offer to Purchase form to the respective agent. This process may include a negotiation period with counter offers.
Acceptance of Offer
Sales Agreement drafted outlining the price, payment schedule, and terms.
Security Deposit submitted into Escrow Account.
30 to 90 days for due diligence.
Closing Date: Seller surrenders legal title and transfer of ownership documents to the Buyer; Buyer authorizes release of full payment to Seller
Buyers process needs to indicate the 8% stamp duty transfer of ownership cost, and the central bank regulation for foreigner to apply. (Re-attached, needs to be updated)
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Important information
Monetary Rates:
Belize has a fixed exchange rate with the $USD because a stable currency is considered necessary for sustainable growth and development. The Exchange Control Regulations are essential for protecting the fixed exchange rate regime. Compliance with the Exchange Control Regulations ensures that foreign currency inflows are pooled and made available to meet the needs of the general public. Each resident contributes to safeguarding the fixed exchange rate through obedience to the law.
Payment For Purchase Of Land By Non-Resident From A Resident:
All non-residents are expected to pay for land purchased from residents with foreign currency sourced outside Belize and brought into the domestic banking system through an authorized dealer. Failure by the seller to surrender the foreign currency sales proceeds to the authorized dealer is a contravention of Exchange Control Regulation 2, unless approved by the Central Bank.
Exchange Control
Regulation Act:
Part VII Section 40 (1) and (2) of the Exchange Control Regulation sets out certain prerequisites before the sale of property between resident persons, foreign nationals residing in Belize and non-resident persons or companies incorporated in foreign countries can legally take place. Exchange Control Regulation Act – Revised Edition 2003.
It is unlawful, except with Central Bank of Belize permission, for any resident of Belize to transfer any land situated in Belize by way of sale, exchange, gift or mortgage to a nonresident person, foreign national residing in Belize or company incorporated in a foreign country. Exchange Control Regulation Act, Section 40 (1) – Revised Edition 2003.
It is unlawful, except with Central Bank of Belize permission, for any non-resident to transfer land situated in Belize by way of sale, exchange, gift, or mortgage to any person resident in Belize. Exchange Control Regulation Act, Section 40 (2) – Revised Edition 2003.
Any resident who obtains or receives foreign currency, and is not an authorised dealer, must surrender such foreign currency to an authorised dealer, unless Central Bank’s permission was obtained to retain the foreign currency. Exchange Control Regulation Act, Section 2 (1) – Revised Edition 2003.
Payment for the Transfer of Land, Buildings or Other Hereditaments Situated in Belize can be made as follows; (a) In Belize dollars from an External Account; (b) From funds eligible for credit to an External Account; or (c) From the proceeds of foreign currency sold to a domestic bank in Belize.
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