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Real Estate & Property
Belize’s well-developed tourism product makes it a desired locale for resort developers. We have a broad base of experience and provide clients with a wide array of advice related to the planning and development of resorts, condo-hotels and time shares.
Buying Property in Belize:
The Time Share Act was introduced in October of 2007 and allows developers the advantage of selling time share services in Belize. Individuals are now afforded an opportunity to purchase a secure entitlement to a time share in Belize. Our services in respect to Timeshare Developments in Belize include but are not limited to the following:
- Preparation and/or review of Application for Timeshare Development;
- Review of Title Documents
- Preparation of timeshare agreements
- Escrow Services
- Preparation of Rental Agreements
- Application for Hotel Licenses (where necessary)
- Preparation of Opinions for owners and Developers
Time Share Act
Investing in property is one of the most important decisions made by institutional and individual investors. Protecting such valuable assets require the most comprehensive and effective property management services available. The firm provides services in all types of real estate transactions, from the sale and purchase of individual holdings to representing developers of housing schemes and condominium projects. We also act on behalf of mortgagees and handle matters related to leases both residential and commercial.
Strata Titles Registration Act
The Strata Titles Registration Act, Chapter 196, Laws of Belize provides for the issuance of titles to condominiums . This legislation allows a purchaser to acquire title to their unit and also automatically becomes a member of a Homeowner’s Association (HOA). The HOA by law is the proprietor of all common area in the strata plan and is responsible for its maintenance and upkeep. The introduction of this title system has however caused concern for purchaser(s) in the following areas:
- Review of bylaws and restrictions/covenants
- Homeowner's fees and its tabulation
- Management of utilities for each unit
- Revision of Rental Management Agreement (if any)
- Composition of the Executive Committee of the HOA
We also assist in the registration of a strata plan in accordance with the requirements of the Act and with the preparation of purchase agreements, bylaws and rental management agreements.
Escrow Services
Local and Foreign account escrow services form a part of most property purchases nowadays. We serve as a custodian of funds until the time of the Closing Sale of the transaction and in accordance with agreed terms of the parties involved. The escrowed funds are deposited in a trust account and available once the matter is being concluded.
Other property related services:
- Review and Preparation of purchase agreements;
- Title investigations [inquiries about liens, charges, mortgages or other encumbrances affecting property];
- Drafting of property transfer documents and facilitating Closings
- Inquiries and payment of property tax;
- Facilitating the registration of property transfers;
- Procuring services of land appraisers, surveyors etc.
- Discharge of charges, review of mortgage instruments and preparation thereof;
- Review and advising on Bylaws