FAQ - What are some of the costs when purchasing property in Belize?
Posted by David Kafka on 10/27/2014 11:32 AM
This is our first entry on our ongoing segment “FAQ's about Belize Real Estate”
A 5% Stamp tax, which is required by the Government of Belize, on the total value of your purchased asset, however the first $10,000 USD are exempt. Closing Costs will range between 1.5% - 3% which includes getting all transfer documents prepared and lodged a general title search and the finalization of the sales agreement to close the sale.
Depending on the Property these optional expenses are (not necessary but) recommended:
-Title Insurance: is a 1% fee of total sales price (rate is for properties for up to 1 million dollars, rates are lower for properties exceeding 1 million) plus legal fees which would include an in depth title search. Larger properties that require a more extensive or detailed search may require an increased fee of $750US. RF&G Insurance is currently (as of this posts data) the only one that offers this service.
-Survey: A survey of the property is recommended prior to purchase as some markers/pegs go missing or destroyed thru acts of nature. Depending on which licensed Surveyor you choose costs can range between ~$350US - ~$450US
-Title search: Detailed Title search going back as far as the first registration with the lands department. With a special request title searchers can even go beyond that.
-House Inspections: Belize does not have any certified building inspectors. But we at RE/MAX can provide you with a reliable builder to make the inspection for you. Cost depends on property and location.