The first thing you need to do if you’re interested in living in Mexico is decide where you want to live. A variety of options are available from ocean beach front property to condos, villas, vacation homes, rental property, etc. Depending on your choice, you’ll need to follow a few steps to successfully own or obtain the rights to your dream property. A Playa Del Carmen professional Mexico real estate agent can guide you in the right direction.
It is important to note the only legal way a foreigner can own real estate in the Restricted Zone, is through a bank trust. A Mexican bank can act as trustee on your behalf and while the bank will actually legally own the property, all rights to the property belong to you, the buyer. You will still be able to make repairs, rent or sell the property as if you owned it directly. Again, your Playa Del Carmen Realtor can provide more information on this process.
Before making an offer, make sure the seller legally owns the property and is in the legal position to sell the property. Don’t rely on verbal confirmations, insist on documentation.
1) The seller must be able to provide a copy of the public deed stating legal title of the property.
2) They must also have a lien certificate with a legal description of the property.
Hire a lawyer to guide you through the buying process. They can review conditions, identify any problems, give you advice, formalize the transaction etc. When you hire a lawyer, make sure they are licensed to practice law in Mexico. Lawyers registered in other countries must fulfill local prerequisites to practice law in Mexico.
After you have confirmed the seller is legally able to sell the property, make an offer to the seller. The offer should be in writing – both Spanish and English and is often referred to as a Promise to Buy. An offer usually includes a 5-10% deposit. If the seller accepts the offer, the buyer forwards the deposit to the public notary or closing agent. Your Playa Del Carmen professional Mexico real estate agent can refer you to a public notary or closing agent in your area.
All deposits made during the buying process go to the public notary or the closing agent. Never give money directly to the seller. When the contracts are signed in front of the public notary, money and property then change hands. The closing process involves registering wills, property appraisals and title searches. Normally, the buyer pays the closing costs, notary fees and other expenses. Once the transaction has been completed, the property transfer should take no more than 45 days.
Buying real estate in Mexico is a complicated process that requires planning. Once you’ve decided on an area in Mexico, your local Mexico realtor can provide a list of available properties as well as additional information on the caveats of real estate ownership in Mexico.