Investing in Mexico
When you’re ready to live the life of your dreams on the beautiful coast of the Riviera Maya, you’re ready to learn all you need to know about Playa del Carmen property investments!
Whether you’re looking for the home of your dreams or a great investment property, Mexico is brimming with excellent opportunities and even better deals. From a traditional sale to a short sale of Real Estate in Riviera Maya, the chances of finding your ideal property at a good price have never been greater.
The Rules and Regulations of Mexican Real Estate
Today, the only buying restriction for non-natives is if the desired property sits within 50 km of a coastline at high tide or within 100 km of an international border. If that’s the case, buyers must use a “Fideicomiso” system, which requires the purchase be made through a 50-year bank trust. The bank, then, becomes the trustee (legal owner), and the foreign buyer becomes the beneficiary of the trust with all rights of ownership.
The property can be sold, leased or passed on to heirs, and the property trust can be renewed at any time for another 50 years. If the trust is not renewed within the 50 years, there are an additional 10 years to do so.
Those looking to buy commercial property must do so through a Mexican corporation.
The Process of Buying in Mexico
When you’re ready to find your perfect Playa del Carmen property purchase, be it an oceanfront home, condo or investment property, you’ll want to work with a reputable Real Estate Professional to help you navigate the legalities.
Once you’ve decided on a purchase, your Real Estate Specialist will negotiate the best price, and you will need to place a deposit of 5 to 10% down. You will then need to get a “permit to buy” from the office of the Foreign Secretary, which includes a clause that foreign jurisdiction will not be sought.
After obtaining the permit to buy, the seller will provide the deed, which should be reviewed by a lawyer. The deed is then transferred, and you make the final payment and register the property, a process taking 1-3 months.
As in all Real Estate transactions, there are additional fees. The seller is responsible for fees paid to the Real Estate Professional. You, as the buyer, are responsible for the rest:
- Acquisition and Notary Fees
- Registration Costs
- Title Insurance
- Other (typically minor) Transaction Fees
Let the Pros at Giada Real Estate Help
Whether you’re looking to invest in Playa del Carmen, Tulum, Akumal, Riviera Maya or beyond, let the pros at Giada Real Estate help. We have the deals and expertise you need.
Give us a call at +52 984 216 9896 or +52 984 873 3577 or email us at firstname.lastname@example.org today!