Usually, the risk in this approach to a sale is on the buyers side, assuming you have a qualified real estate attorney develop the personal mortgage loan agreement. If the buyer defaults on several payments, as required in the personal contract, you can take the property back and then put it back up for sale. That means you keep the payments made to date. As long as you hold the title and have not transferred it, you still own the house. Some property owners actually prefer to take back the loan and use a restrictive contract. Once a buyer misses two payments the owner takes the property back.
I am not a lawyer, so the above summary is strictly based upon what I know has occurred in my experience. So please advise a Belizean attorney to confirm this info and to advise you. You can use a real estate lawyer, such as Ryan Wrobel, to develop the personal loan contract. Ryan Wrobel is listed in the Rolodex on the main page of the Belize Insider. But his e-mail address is: ryan@lawbelize.bz. Ryan is both a US attorney and a Belizean attorney. His specialty is real estate law in Belize.
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