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#389458 - 10/08/10 01:32 PM Getting Title Insurance  
Joined: Oct 2010
Posts: 52
Indiana-Jones Offline
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Indiana-Jones  Offline
Hello:

If a person buys a piece of property on Ambergris Caye or in Belize for that matter it would be wise to get title insurance just to make sure you have property free and clear etc.

Where to get it? How much does it approximately cost? What questions should I ask to make sure I get the right kind? Who sells it? What have your experiences been getting it and having it? Is it worth it?

Indiana Jones

#389459 - 10/08/10 01:39 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: Jun 2003
Posts: 957
Inplub Offline
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Inplub  Offline
I have a Title never had insurance for it, have insurance for the property.

#389464 - 10/08/10 03:23 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: Dec 2006
Posts: 11,867
elbert Offline
elbert  Offline
I've had 5 pieces of property in Belize over the last 25 years and never had title insurance because of the system here.
no one I know of has it.
A Land Certificate is absolute
Title insurance is not exactly necessary in Belize.
Attorneys opinions where once popular to purchase with a sale, but I think that might have been a waste of money.


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#389471 - 10/08/10 03:55 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: Dec 2006
Posts: 11,867
elbert Offline
elbert  Offline
Just a little heads up, don't be coned into avoiding the title transfer tax (sometimes called the 'Stamp Duty')its necessary to pay even if your financing it puts a flag on the title that there is a contract for title. It protects you and you alone and is the reason we don't need title guaranty insurance.
also don't write a check to anyone for Transfer Tax/Stamp Duty except government and get a receipt at the time you pay for it.
If you read legal stuff look here.
http://www.belizelaw.org/lawadmin/PDF%20files/cap185.pdf


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#389472 - 10/08/10 04:00 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: Apr 2000
Posts: 8,868
SP Daily Offline
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SP Daily  Offline
Ah, yes! Advice from the message boarders. Heh, heh....

#389474 - 10/08/10 04:06 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: Dec 2006
Posts: 11,867
elbert Offline
elbert  Offline
"Just a little heads up, don't be coned into avoiding the title transfer tax (sometimes called the 'Stamp Duty')its necessary to pay"
Memorize that before you start to buy!


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#389482 - 10/08/10 05:58 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: May 2000
Posts: 6,637
Amanda Syme Offline
Amanda Syme  Offline
Title insurance is not usually provided here. In some cases Stewart Title of Texas, USA can provide insurance. The government of Belize guarantees your title as long as you follow the correct due diligence procedures, ensure the title is clear (ck with Government) prior to closing, and then pay the applicable stamp duties. A Belizean attorney can assist with these requirements.

#389488 - 10/08/10 06:25 PM Re: Getting Title Insurance [Re: Amanda Syme]  
Joined: Apr 2000
Posts: 8,868
SP Daily Offline
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SP Daily  Offline
NOW there is some good advice!

#389490 - 10/08/10 06:32 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: May 2006
Posts: 538
Dane Offline
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Dane  Offline
In my view an attorney opinion is critical to your purchase. I always used Balderamos when he was alive. He worked at the title office many years.
Belize title are full of surprises and that Gov guarantee will include the gov asking you which lawyer checked out your title. If you answer "some guy in Placencia who said he does titles"
then you may find you made a big mistake. If your title proves flawed the court process will not be your fav and the refund they grant you may never be paid or enforced.
These are among the reasons Stewart gave when they largely pulled out of Belize.
Lately a San Pedro Titlemaker prepared a title for me to sign with the wrong property on it.Since it was deed of conveyance which deeds over my ownership interest in the property for a set price, I could have signed and collected even though I had nothing to deed.This is done sometimes by lawyers who want to eliminate folks who feel they have no ownership but might come back later to make a claim.
The guy would have been buying air if I had signed it in a hurry.

#389504 - 10/08/10 09:08 PM Re: Getting Title Insurance [Re: Indiana-Jones]  
Joined: Oct 2010
Posts: 52
Indiana-Jones Offline
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Indiana-Jones  Offline
Thanks for all your answers. I bought a piece of property in Belize many years ago and paid it fully off in about 1996. One of the people involved in the sale is still alive so if the conveyance deed or title or whatever you want to call it is defective then the person who is still alive and well known in Belize could correct it and would want to correct it since his reputation is at stake since he is involved right now in selling property for another "deal". I want someone to look at what I got to make sure that no funny business is connected with the conveyance of the land that took place many years ago and the deed I have right now is free and clear and the property is without question mine. Who can look at my document and make sure that everything is clean? I would need to fax it to someone.

Indiana

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