The process to buy real estate in Belize seems simple:
- You search online.
- You bookmark a few properties.
- You reach out to the seller or real estate agent and make an offer.
- You negotiate a price and make a deposit from the comfort of your home.
You might hire a lawyer before or after making the deposit. Or your real estate agent might assist you with this. Then you move on to signing the agreement and transferring the title. Congrats, you’re a homeowner!
Is it really that simple? The reality is that the transaction doesn’t go that smoothly for everyone.
When you Google how to buy property in Belize, you’ll be led to websites showing glossy pictures of beachfront properties at amazing prices. You’ll be urged to call the real estate agent or seller, and it is suggested that they’ll handle everything for you.
I even saw an article that claimed,
¨There are many similarities between buying real estate in Belize and other foreign countries, including Canada and the US”
without providing specifics.
Although this article meant well, it concerns me that it failed to address how common real estate scams are in Belize. Yes, it can go smoothly but you need to take measures to protect yourself from scams and con men. Too many websites and businesses target retirees and foreign investors by oversimplifying the real estate buying process.
The biggest challenge with buying real estate in Belize is that there is no regulation over who may market his or herself as a real estate agent. This means that anyone in Belize can pose as a real estate agent without any training, experience, or license – yes that’s right, there is absolutely no licensing regime in Belize for real estate agents!
It means that anyone can create a website and share pictures of properties that look like the Itz’ana Resorts & Residences in Belize to lure property investors. When the buyer eventually makes the trip to Belize to see the purchased property, they might find an empty lot or worse, that the real estate agent or seller has gone MIA (missing in action).
Scams of this nature are all too common in Belize. So what can you do?
If you already started searching for your dream home and have bookmarked a few listings, STOP!
Next, contact a reputable real estate attorney in Belize—preferably one that has an office in Belize. Tell the law firm about your intentions. Where in Belize do you want to buy land or property? Why? The law firm will usually refer you to a trusted real estate agent for free.
One of the greater benefits of hiring a real estate law firm is that they can hold your deposit in escrow and guard your investment from unscrupulous sellers. If the law firm finds that the listing is fraudulent or there are other problems with the purchase, it won’t release the deposit.
In working with clients for the past decade, we can’t tell you the number of times that the seller mysteriously disappeared after receiving an email from us. As a good real estate agent once said, “Don’t leave your brain at the border.”
If you’re on the fence about hiring an attorney to assist you with purchasing a property in Belize, for whatever reason, keep in mind that you’ll need to run a title search. This is another thing that an attorney can do for you.
Hiring a real estate attorney from the start will give you peace of mind.
Now you might ask yourself, how do you hire a real estate attorney in Belize? Glad you asked! We share some tips here: How to Choose a Lawyer in Belize.
Ready to relocate to Belize? Contact Wrobel & Co, Attorneys-at-Law, and we’ll get you started today.
To learn more about retirement in Belize, visit our Belize Retirement FAQ page here.
This information was provided as a courtesy of Wrobel & Co. Attorneys-at-law. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel. Please click here for the full disclaimer.
