Escrow Services

What You Need to Know About Escrow Services in Belize

Belize escrow services are integral to high-value property purchases. The Belize real estate market continues to attract the interest of both local and foreign investors. But it’s still necessary to tick all the boxes in the right places to ensure you get the best buying experience. For this reason, you’ll need an escrow service in Belize to bring safety and efficiency to your property purchase. Whether you purchase Belize property from within the country or abroad, never submit payment to the seller. To ensure that your purchase isn’t part of a scam, involve an escrow service provider that will have your best interest in mind. Our law firm can facilitate home and land purchases for you.

Why you need Belize escrow services

Buying real estate or any high-value property is not a piece of cake, anywhere in the world. This is why many local and international real estate investors leverage escrow services to contain possible risks and complications in property purchases and transactions. Please note that the real estate market in Belize is not regulated. This means that anyone in Belize can act as a realtor. You wouldn’t hand over thousands of dollars to just anyone, would you?

Many people have fallen prey to scams. Click here to learn all about scams in Belize and how you can avoid being a victim.

If you’re looking to buy real estate property in Belize, getting professional and efficient escrow services will safeguard your property purchase. As a law firm, we will ensure that your purchase is authentic before releasing funds to the seller.

How escrow services work in Belize

Escrow service is a legal arrangement wherein a third party holds the funds and legal documents for a particular property transaction. 

The seller and buyer need to reach an agreement with which the escrow agent will work regarding how and when the funds will be released. The third-party escrow agent, in this case, acts as an unbiased asset protection agent for both parties, to guide the transfer of ownership process.

Escrowed funds are usually kept in segregated trust accounts, so they are protected against contingencies. Our firm has both US dollar and Belize dollar escrow accounts. 

The process continues until the point of title transfer, and closing after both parties must have fulfilled their part of the terms and conditions as laid out in the escrow agreement. 

Getting escrow services in Belize

Now that you understand the importance of having an escrow service provider, how do you find a reliable and independent third party escrow company in Belize? 

A simple google search will conjure up several companies touting their services. 

If you have a reputable real estate agent in Belize, preferably one that you’ve used before, then he or she might recommend an escrow service provider. And if you need a reputable real estate agent, do not hesitate to call our office.

The best way to attain escrow services is with the assistance of a qualified and reputable Belize real estate attorney. An attorney will help you set up and manage this part of the buying process. 

Requirements for escrow services

A number of items are needed to set up escrow services in Belize.

• Full names and addresses of the buyer and seller
• A lawful and detailed description of the property in question
• Agreed purchase price of the property
• Details of agreed payment such as down payment, deposits, final payment, etc
• Details of other applicable payments such as stamp duty, property taxes, attorney fees, filing fees, etc., that may have to be made from the escrow
• Copies of the land title (including land certificate, conveyance, etc)
• Copies of the property purchase agreement or other applicable agreement
• Special instructions, clauses, and information
• Details of the payment method or wire instructions, etc

Is escrow a must when buying a property in Belize?

Well, it’s not mandatory to get escrow services for your transactions.

However, it’s better to be safe than sorry. Insisting on escrow services will be to your advantage as the buyer. You don’t want to find out you’ve just bought a property with a fraudulent title after you’ve already handed over your nest egg.

Bottom Line

There have been reports of scams involving unsuspecting buyers falling victims to dishonest sellers and unscrupulous real estate agents. Additionally, there’s no regulation on who can and cannot act as realtors in Belize. 

Working with an experienced attorney will bring safety and peace of mind. Contact us today to learn how our law firm can assist you.

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.