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Owning Real Estate In Belize, an emerging third world.
Belize is a country with British common laws pertaining to land, property and business. It is a former British colony previously named British Honduras. Belize gained independence in 1981. The country's court system provides a firm basis for ensuring that legitimate business practices are maintained. It has a stable economy with the Belizean dollar being attached to U.S. currency. The country, although being considered third world, has all the advantages of North American access through convenient international banking and the internet. English is the official language of the Belize with Spanish and Creole also being widely spoken.
Non-Belizeans may own property or businesses in Belize at 100% with simple fee-title. Your real estate transaction can take from one to two months under normal circumstances.
The use of competent legal counsel is recommended for any purchase to ensure clear title and appropriate process and documentation. We can help you through this process. Buyers should seek full disclosure from their real estate agent or property owner before signing any contract and submitting any funds. Buyers are advised to keep in mind that Belize is a young country, without established real estate laws, so due diligence must be utilized in each transaction to ensure all outstanding questions are resolved prior to closing.
When you are ready to purchase your piece of paradise at Tara del Sol you will be required to make an initial deposit at the time of signing an 'Agreement for Sale'. As the buildings are being constructed, you will be asked to make partial payments for each stage of construction with the final payment being made upon completion of the building or you take possession, whichever comes first. The stages of construction include, completion of foundation and ground floor walls, completion of second floor walls, completion of rough-in plumbing and electrical and completion of roof and exterior doors and windows.
By purchasing a Tara del Sol condominium, you agree to abide by the "Exclusive Rights of Occupancy, Possession and Governance, Covenants, Conditions and Restrictions". This document is intended to guarantee an owner of the certain exclusive rights to his unit, certain rights to land, building and common improvements thereon, and certain obligations to the company (Tara del Sol Limited). All are intended to insure the peaceful enjoyment of the property for all owners, to promote and protect the value and to provide guidelines for the management thereof.
If you have any questions or wish to obtain more information about the payment schedule, or a copy of the "Exclusive Rights of Occupancy, Possession and Governance, Covenants, Conditions and Restrictions", please contact us .
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