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Re: Obtaining a Private Loan on Land I Own in Beli [Re: SnoopysMom] #348602
08/17/09 09:45 PM
08/17/09 09:45 PM
Joined: Jan 2003
Posts: 7,479
S
SimonB Offline

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SimonB  Offline
S
"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.

Re: Obtaining a Private Loan on Land I Own in Beli [Re: SimonB] #348637
08/18/09 10:52 AM
08/18/09 10:52 AM
Joined: Jul 2008
Posts: 1,206
Ambergris caye
S
SnoopysMom Offline
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SnoopysMom  Offline
S
I am referring to US dollar accounts (sorry I wasn't clear on this).

Re: Obtaining a Private Loan on Land I Own in Beli [Re: SnoopysMom] #349234
08/25/09 10:56 AM
08/25/09 10:56 AM
Joined: Apr 2007
Posts: 15
A
AlexB Offline OP
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AlexB  Offline OP
A
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.



Those who forget the past are condemned to repeat it

Re: Obtaining a Private Loan on Land I Own in Beli [Re: AlexB] #349239
08/25/09 11:04 AM
08/25/09 11:04 AM
Joined: Feb 2007
Posts: 1,740
Las Vegas, NV
deadserious Offline
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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...
Re: Obtaining a Private Loan on Land I Own in Beli [Re: deadserious] #349246
08/25/09 11:38 AM
08/25/09 11:38 AM
Joined: Oct 2001
Posts: 6,266
San Pedro AC Belize
Diane Campbell Offline
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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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