Riviera Maya Real Estate Buyers' FAQ
We understand that it can be difficult to begin your search without help, which is why we've put together the following buyer's FAQ to answer our most commonly asked questions.
If you are a non-Mexican foreigner and are interested in purchasing real estate in Playa del Carmen, Puerto Aventuras, Akumal, Tulum, or Puerto Morelos, then read on to learn about the processes that apply to you and your real estate purchases:
What is a Fideicomiso?
There are two options for foreigners who want to purchase Mexican property within the restricted zone (100 km of any national border and within 50 km from the coast): going through a Mexican corporation or obtaining a Fideicomiso, which provides the buyer with all the benefits of direct property ownership. The Fideicomiso is a 50-year renewable bank trust that grants the foreign buyer the right to use, improve, rent, sell, or otherwise enjoy their property. The foreign buyer is dubbed the beneficiary of the trust and, as the beneficiary, retains all ownership rights and responsibilities to the property. They also have the right to sell, lease, improve, mortgage, or will the property to their heirs. Essentially, the beneficiary of the property enjoys all the rights they otherwise would if ownership were fee-simple.
How Do I Buy Property in Riviera Maya?
Tour properties within your budget, currently there are no available financing or mortgage options for foreigners. Once you find the property you want to purchase, work with your agent and present your offer to purchase to the seller including details: Your proposed purchase price, earnest deposit, conditions and terms. Once the offer of purchase is accepted by the seller, hire an Attorney, he will draw a promissory agreement (Contrato de promesa) which binds both you and the seller to a timeframe within which you must execute the buying contract. Closing is done and recorded by a Public Notary.
What Are the Real Estate Closing Costs in Riviera Maya?
No transfer of property from one party's hands to another's is complete without real estate closing costs. These costs depend on the final value of the property you are buying, transfer tax (ISAI) of 3% of your property's value goes to the estate government. Another 2% of your property's value goes toward notary fees, plus .05% toward a registration fee for assessing your property value, tax certificate fees, title search fees, property appraisal and miscellaneous office expenses.
How Long Does the Purchase Process Take in Riviera Maya?
The typical purchase process in the Riviera Maya takes 45-60 days once all parties sign the promissory agreement. Buyers must wait until their trust permit, which is issued by the Mexican Foreign Ministry arrives at their bank.
Do Foreigners Pay Property Taxes in the Riviera Maya?
Foreigners who own property in the Riviera Maya can expect to pay the annual 'Predial' property tax on residential real estate, which is typically under $1000 US per year. Predial tax is highly reasonable compared to US or Canadian properties and on average accounts for 0.10% of a property's assessed cadastral value.
Begin Your Search for Riviera Maya Real Estate Today
If you're ready to begin your search for the best real estate opportunities in the Riviera Maya, you need the assistance of real estate professionals who understand the Riviera Maya real estate market. Turn to the professionals at Caribbean Realty Puerto Aventuras to find the right properties for you efficiently by sending an email here.
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