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#348602 - 08/17/09 10:45 PM Re: Obtaining a Private Loan on Land I Own in Beli [Re: SnoopysMom]
SimonB Offline
"Any downsides that we have not considered?"

1) Once it's in it's a bitch to get out if you decide to leave.
2) If they ever set the BZ dollar at market value instead of pegged 2:1 to the US dollar. You won't have much left.

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#348637 - 08/18/09 11:52 AM Re: Obtaining a Private Loan on Land I Own in Beli [Re: SimonB]
SnoopysMom Offline
I am referring to US dollar accounts (sorry I wasn't clear on this).
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#349234 - 08/25/09 11:56 AM Re: Obtaining a Private Loan on Land I Own in Beli [Re: SnoopysMom]
AlexB Offline
I wonder if I could have a local attorney near where I am in the U.S. handle this?

He could hold the land certificate and give the lender a power of attorney to take the land away from me if I do not pay the lender back after a certain period of time?

What do you think? I am not going to rely on your advice but look at what you say and then do my final decision after getting legal counsel of course. Just need some feedback.

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#349239 - 08/25/09 12:04 PM Re: Obtaining a Private Loan on Land I Own in Beli [Re: AlexB]
deadserious Offline
Originally Posted By: AlexB
I wonder if I could have a local attorney near where I am in the U.S. handle this?

He could hold the land certificate and give the lender a power of attorney to take the land away from me if I do not pay the lender back after a certain period of time?

What do you think? I am not going to rely on your advice but look at what you say and then do my final decision after getting legal counsel of course. Just need some feedback.



If you had some US assets to back the deal, then you could have a US attorney work up a deal. But since US attorney's are unfamiliar with Belize law and processes, the cost of having him draw up the correct paperwork would be very high and then still not be legal in Belize.
_________________________
Now back to your regularly scheduled drivel...

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#349246 - 08/25/09 12:38 PM Re: Obtaining a Private Loan on Land I Own in Beli [Re: deadserious]
Diane Campbell Offline
Under the program proposed by Alex B, the transfer of title to the lender if there were a default would cost the lender the title transfer fee of 5% plus attorney fee of 2% plus whatever else. This tends to discourage a lender from engaging in what you outline above.
Alex - contact a local attorney (Belize) - you and your friend need detailed legal advice that includes what things cost and how they happen.

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