Curtis Leibel 780-438-2500

When looking at purchasing a new property, whether as an investment property or a principal residence with a significant other, it is important to know what would happen in the case of an unexpected death.  When you go to sign the papers at your lawyers, and there will be more than 1 person on title, you will be asked if you would like to be Joint tenants or Tenants in Common.

Joint tenancy – neither owner has their own divisable share of the property. In this case they both have full possession of the whole land/building.  This means that each owner has a “right to survivorship” – if one joint owner passes, their interest in the property is completely dissolved and the surviving owner takes over 100% ownership.

Tenancy in Common – In this case both owners hold rights to their own divisible share of the property.  Most often this is 50% each, but can be set at whatever percentage the two or more owners agree to at the time of signing.  Each owner has their own share in the property and can do what they want with their share without the consent of the other.  If one owner were to pass away, their share in the property will be passed on to the beneficiary in their will.

There are definite advantages and disadvantages to each scenario, but when deciding which is best for you it is important to plan ahead in the case of unexpected death of one of the owners.  For example, if the other owner dies in tenants in common scenario, do you know who will be the beneficiary?  What happens if the beneficiary decides they want to sell, even if it will be at a loss?  Likewise, if you unexpectantly die in a joint tenancy scenario, would you trust that the other owner takes full control of property (including profits) and your wife/husband/children potentially recieve nothing?

Ultimately it is important to discuss all your options with your lawyer before you sign off on possession of a new property to ensure that you protect you and your families best interests in the event of an unexpected death.

Welcome to the latest installment of foreign investments!  This time my research takes me to the beautiful land of Belize.  For those who dont know, Belize sits right below the Yucatan Peninsula of Mexico, not far from such beautiful resort cities as Cancun and Playa Del Carmen.  A smaller country, with most of the population residing on the coast, Belize is made up a combination of Spanish, Mexican, Mayan, African and British nationalities.  The national language is English (although most natives speak Creole as well) and the currency is a Belizan dollar which mirrors the American dollar 1:2 at all times.

My general feeling for Belize is that it was a expat hotspot in the late 90’s and early 2000’s and thus started to see alot of real estate growth (under heavy north american influence).  Things were booming and prices for lots and houses were skyrocketing as they were being built.  Then 2007 arrived, money became tight, and alot of houses or developments were left abandoned or unfinished.

That being said, I think it is a great opportunity to enter the market now, as investors slowly start to come back.  Most communities have all the amenemities already and it is only a matter of time until the growth returns.  My professional real estate opinion of buying real estate in Belize – although there isa somewhat high price to get into the market (compared to other central american locations) I think you will still see significant growth in your investment over the next 10-20 years.

The other opportunity that still exists in Belize is buying Islands (or Cayes as they are called there).   There are hundreds of tiny cayes riddled within a short boat ride from locations such as Belize City and Placencia that are somewhat easily accessible.  Prices range anywhere from 100,000 to 1,000,000+ depending on size and location, but for someone looking to get away to there own secluded island in the Caribbean, this would be an ideal place to start your search.

Let me know if you have any more questions, or want me to put you in contact with a Realtor working in Belize.  Thats all for now!