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BUYER’S COSTS
Buying property in Belize
Buying property 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 price and any particular terms or conditions (which is faxed or emailed to you) the buyer is asked to place a deposit into our company's escrow account - in North America or Belize.
The Buyer is responsible for the title search and for the property transfer. A lawyer will normally charge 2% of the selling price with a minimum charge of US$600 and an additional registration fee.
All Buyers are responsible for paying the Government Stamp Duty, which is levied on all land transfers. This is 5% of the selling price with the first US$10,000 of the selling price exempt. This is the same percentage for foreigners and Belizeans alike. There may be a wire transfer fee and Fed-Ex fee involved.
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COSTS |
| Deposit/Earnest Money |
Normally 10% of purchase price – less on higher value properties. |
| Stamp Duty |
5% 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 registration of new titles and payable to the Government of Belize by Buyer. Paid by REMAX BPC if client is in Diamond Buyers Program |
| Closing Costs |
Closing Costs refer to the associated fees for:
- Carrying out a basic title search
- Preparation of transfer documents
- Following the signed documents through the transfer process
- Ensuring that the correct amount of government “stamp duty” is assessed
- Payment of government registration fee
- Issuing of the title in the new owner’s name
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| Receiving Wire Charge |
A US$20 fee charged by the Bank where the escrow account is |
| Fed-Ex |
A US$45 charge for the cost of sending important documents by Fed-Ex from Belize. |
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