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.
Purchase Process Simplified
Here at Go Slow Realty we like to make things easier for our clients to facilitate the entire purchase process. Below is a list explaining ‘Order of Operations’.
- 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)
Selling with Go Slow realty
Our team of experienced Realtors and Consultants are committed to addressing all your real estate transactions promptly and carefully. Being aware of the complexities of the legal procedures, our knowledgeable team are here to assist and carefully guide you through each step of the process. Working together as a team we will share the same goal of;
Together, we will configure the perfect strategy to boost the marketability of your property. Our team will compile the most effective marketing strategy bespoke to every individual property portfolio. We then take all the information we have attained to implement a successful execution of local and global exposure for your listing. Our team of professionals will explain all the necessary procedures and regulations, submit all written offers, assist with the negotiation process, and provide an estimate of your net sales proceeds so you may understand in advance of all implications prior to any acceptance.
To commence the selling process, prepare the following legal documentation:
- SURVEY PLAN
- TAX STATEMENT
Once you have assembled the aforementioned documentation, please contact our office or one of our consultants to arrange a convenient communication date. Our agents will promptly respond to your request and contact you. Please visit our Agents page for individual contact information.
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.
The Exchange Control Regulations
(For Permission To Own Land In Belize):
The letter of application for the purchase of land in Belize should be sent to the Central Bank addressed to the Director of the Research Department and should contain the following information:
- Names and addresses of buyers and sellers
- Description of property being transferred
- Type of transfer
- If sale, state currency and sale price of property
- When land is being sold to a non-resident, indicate the payment arrangement for the land, explaining how the foreign currency from abroad will be channeled to an authorized dealer.
THE FOLLOWING DOCUMENTS MUST BE ATTACHED TO THE LETTER OF APPLICATION:
- If the transferee or transferor is a natural person:
- Certified true copy or notarized copy of a valid passport of each person
- If the transferee or transferor is a legal entity (usually a company):
- For a foreign legal entity:
- Notarized or certified true copy of a valid passport of its ultimate beneficial owner’s.
- Company formation documents.
- In the case of an Overseas Company registered to conduct business in Belize, a copy of the certificate of incorporation that shows the foreign company’s registration as an Overseas Company in Belize.
- For a resident legal entity:
- It’s most current annual returns which has a listing of its directors and shareholders.
- Notarized or certified true copy of a valid passport of its directors and shareholders.
- For a foreign legal entity:
- Copy of land documents The Central Bank reserves the right to request any additional information deemed necessary for the processing of the application. The processing time for an application is five working days, once ALL required information is submitted
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.
Registration Of Foreign Investments (Land) In Belize:
Non-resident investors are advised to register their investments in land with the Central Bank in order to facilitate the repatriation of funds when the land is sold. Registrations can be done through a domestic bank in Belize, which will submit an application to register the foreign investment (inflows of funds from abroad) in Belize on behalf of the non-resident client.
The following does not require Central Bank permission to transfer land by way of sale, exchange, gift or mortgage in Belize:
- A resident transferring land to a Belizean resident
- A non-resident transferring land to another non-resident
Residents of Belize include:
- Belizean nationals who live and/or work permanently in the country.
- Belizean nationals who are studying abroad, are serving Belize’s diplomatic missions abroad or have been residing abroad for less than one year.
- Nationals of other countries who have permanent resident status or have work permits and have been residing in Belize for at least one year.
- All enterprises located and conducting business in Belize, including the unincorporated branches of foreign companies.
- Nationals of other countries who have not resided in Belize for at least one year, are studying in Belize or are permanently residing outside Belize.
- Belizean nationals who have been residing outside Belize for at least one year.
- Official diplomatic and consular offices and military establishments of foreign governments, non-Belizean personnel and their dependents.
- Enterprises incorporated under the International Business Companies Act, Chapter 270, Revised Edition 2011.
Authorized Dealers are appointed by the Central Bank to assist in conducting foreign currency transactions. The following domestic banks are Authorized Dealers:
- Atlantic Bank Limited.
- Heritage Bank Limited.
- National Bank of Belize Limited.
- Scotia Bank (Belize) Limited.
- The Belize Bank Limited.
- 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.
Exchange Control Direction Number 15/2014 – Revised December 2014.