Most frequent questions and answers
Of course they can! There are two ways- Through a Bank Trust also known as a ¨Fideicomiso´ or owned through a Mexican corporation. The Mexican Law states and imposes restrictions on foreign ownership within one hundred miles of the borders and within sixty miles of coastal waters or beaches. For properties located within the restricted zones, a foreigners can only purchase through a Bank Trust (Fideicomiso) or a Mexican Corporation. If a Mexican corporation is formed, it has a legal capacity and formal procedures to acquire secure title for a property anywhere in Mexico, including restricted zones.
For properties located outside of restricted zones or within the interiors of Mexico, foreigners can own direct title to property. In other words, no Trust or Fideicomiso is required for properties purchased outside of the restricted areas.
A Fideicomiso or Bank Trust is used when a Foreigner purchases Mexican property within a restricted areas. The Fideicomiso or Bank Trust holds the title, acts as the fiduciary of the Trust and manages the Trust in accordance to the law. The owner of the property under the terms of the Trust is the primary beneficiary.
Q- Can I buy a property with a Mexican bank credit?
A- Absolutely, with a secure bank loan the Bank would be the primary Beneficiary until the loan is paid in full. Upon full payment of the loan, the borrower would then become the primary beneficiary of the property.
Closing cost average between 5-8% of the sale price. These fees are paid by the buyer and include costs such as Notary fees, acquisition fees, taxes, Registry fees, Certificates of no lien, Attorney fees, etc. Most Closings take 45-60 days.
Renting your property is not complicated yet, does take some planning. You will require a basic understanding of the rental market and will need to have a good Property Management team to assist you unless, you plan to do all on your own. With AirBnB and many other online rental OTA such as FlipKey and VRBO, Homeaway, etc. the rental business can be lucrative. However, like any business it requires planning, setup and marketing. We are experience in the Mayan Riviera market area and can assist you, step by step, even with rental marketing and property management.
That´s easy; It´s Paradise! Or at least we believe so. Location, Affordability, Return on Investment, Culture and Overall safety. The Riviera Maya is a beautiful area to work, retire and or live the peaceful life. There is every type of property here from Luxury to the Bohemian lifestyle within every budget range imaginable.
It´s all about your desired lifestyle and preference; Both are ideal. Playa del Carmen, which has been called one of the fastest growing Latin American City is generally attractive to those who wish to invest in paradise, live close to the sea, travel a short 45 minutes drive from the Cancun International Airport to their holiday destination and prefer a Kool city vibe. PDC hosts numerous activities, restaurants, cafe´s, eateries, Night life, North American style shopping malls, International jazz Festival and the only Mexican PGA Tour, a beloved tourist beach town embracing both foreigners and nationals alike. Properties generally priced from $110k up+. Just a brief 40 minute drive south from Playa is Tulum, one of the Top 10 Magic Towns in Mexico, home of the Mayan famed seaside Tulum Ruins, Tulum is a beach lovers paradise, known for it´s healthy Yoga retreats and eco living, Hot and bustling with new growth much like Playa fifteen years prior. Properties range from $180k up+ and is known to attract celebrities and those wishing to get away from the fast pace of every day life.
Pre-sales benefit the buyer from the time of purchase to the actual completion or delivery of the property because, by the time the project or home is finished, it has increased in price. A deposit of 10-20% is required and the finished product may often times be delayed due to licensing, permits, etc. Nevertheless, if you are not in a hurry or prefer a brand new home opposed to a resale, Pre-sale may be the better option for you. Re-Sale on the other hand is sold by the property owner or real estate professional, a deposit of 10% is required in most cases, closing takes generally 1-3 months, there may be an established rental history to predict income, prior expenses are known, so you can quickly start celebrating ownership!
Generally, to sell a home quickly it must typically have three key factors; Be priced properly, Be located in a demanded or highly desirable area and Be in good condition. A competitive price strategy can often times attract buyers who are not only looking at the neighborhood but, a good return on their investment with very limited additional investment. A home in great shape with little to no maintenance required, sells quicker in most cases. In our experience, a property can take anywhere from three months to one year to sell based on these key factors.
A Seller’s market is when there are more buyers than properties available or Sellers, which increases competition among buyers. It is possible to have more than one buyer interested in the same property which can result in bidding wars with offers delivered above list price. In a Seller’s market properties can sell within a week of being on the market usually at list or above price. A Seller’s market is a wonderful time to sell your property as you may secure a sale price higher than your list price or at least at list price. We can tell you whats hot.
In a Buyer’s market, buyers have an abundance of choices in properties and often take their time selecting the right property. In other words, in a buyers market the surplus exceeds the demand. If you are looking for a new home or property a Buyer’s Market is an excellent time to purchase. You may even be able to land a great property at a lower cost than in a Seller’s Market. Let us show you some great options.