If I do not live in Belize and want to obtain a private loan from a friend using a piece of property that is in my name and on Ambergris Caye then how do I do this? This was a question asked by someone on this forum many months ago. I copied and pasted the only two posts below which had some advice worth considering, since I thought I could maybe have a need for this in the future also.
I would also like to be steered to some forms that I can download or obtain from someone qualified and use that would assure my friend that he can take title to my property if I fail to pay him back for the loan he extends to me.
I am wondering if I have to go through a law firm in Belize to do this or if there are some other forms I can either write up or download that would give my friend the authority to get the title to my property if I fail to pay him back.
Please, I need some objective advice.
Below is some advice the other person was given who asked about this many months ago. Can anyone add valuable information to this?
If you have the land free and clear / land registered in your name with the government, then all you will need to do is file a caution agreement on the property. The caution agreement will stipulate that your lending friend has an interest in the property. Once you pay him back you have the caution agreement removed from the property.
Claudio Azueta is a paralegal in San Pedro at South Wind properties. He can handle this for you with little cost.
Cautions only work on one title system. If the land is owned by any document other than a Land Certificate (1 page) then the only way for your friend to be fully protected is by entering into a mortgage agreement which is registered at the