When buying real estate in Belize, there is a particular selling practice which could put a new property owner in an upside down financial position. In a real estate transaction, you might think an agent represents you when in fact, he or she does not. A practice that is common here is for agents to “mark up” properties for sale. They have a signed listing agreement with a seller and the listing price is $100,000. There is a clause that says “anything above listing price goes to the agent." This is called a Net Listing. It means if the lot sells for $179,000, the seller nets the $100,000 and the agent (and his or her agency) take the $79,000 as a commission. I have dealt with many people who came here, got swept away with the sheer beauty of the country and on pure impulse bought property without using the same thorough process they would use back home. It's extremely important to have someone “in the know” look out for your best interests. That's where the newly accredited Belize National Association of Realtors comes in to play. Any agent in Belize that proudly displays the name "Realtor®", has taken a pledge and practices real estate by the Realtor® Code of Ethics like many other Realtors® around the world. They also have the advantage of access to a Multiple Listing Service (MLS)where other member firms list their properties for sale. Through the MLS, buyers and sellers working with Realtors® know what the price is, the listing Realtor® is held to a higher standard regarding the details about the property and a buyer will understand who is representing whom. Remember to look for the  . It stands for great representation! |