Buyer’s Closing Costs in Belize
Buying real estate in Belize is very easy and your agent will assist you throughout the process. You do not even have to be in Belize. After the Buyer and the Seller have signed a Sales Agreement agreeing on a price and any particular terms or conditions (which is emailed to you) the buyer is asked to place a deposit into an escrow account – in North America or Belize.
The Buyer is responsible for the title search and for the property transfer and any other related costs. A lawyer normally charges 2% of the selling price with a minimum charge and other expenses but Buyers have the option of also using a closing agent (contact us if you need a closing agent). Note that when purchasing real estate from a resident that you need to obtain Central Bank of Belize prior notice.
In Belize buyers are responsible for paying the Government Stamp Duty, which is levied on all land transfers. This is 8% of the selling price with the first US$10,000 of the selling price exempt. This percentage is 5% for Belizeans.
|Deposit/Earnest Money||Normally 10% of purchase price – less on higher value properties|
|Stamp Duty||8% of purchase price, payable to the Government of Belize by the buyer. The first US$10,000 of purchase price is exempt.|
|Registration Fee||US$15 for Land Certificates and US$8.50 for Deed of Conveyances and payable to the Government of Belize by Buyer.|
|Closing Costs||Closing Costs refer to the associated fees for:|
1. Carrying out a title search
2. Preparation of transfer documents
3. Lodging of documents at the Lands Department and payment of fees
4. Following the signed documents through the transfer process
5. Picking up title once issued
|Receiving Wire Charge||A US$20 fee charged by the Bank where the escrow account is|
|Fed-Ex||A US$65 charge for the cost of sending your title to you.|