OTHER FAQ's
FAQ: GENERALFAQ: FINDING PROPERTYFAQ: MAKING THE OFFERFAQ: MAKE THE CLOSING
Foreigner
Can the Mexican Government confiscate my land? How long can a foreigner reside in Mexico per year? Can I as a Mexican Foreigner, purchase property within the restricted zone under a Mexican corporation entity? What is an FMT? What is an FM3? What is an FM2?
The Seller
If I decide to sell my property, can anyone buy it?
The buyer
What are my rights as a buyer? Can I own property in Mexico? Can I own property near or in front of the ocean? Do I need an FM-3 to buy property in Mexico? If the buyer is a foreigner, is his interest limited in the balance of the 50-year period?
Define your budget
How can I know the estimated closing costs and other expenses?What kind of options for financing are available in Mexico? What is the price expected for the different properties available in the Riviera Maya?
Include the closing costs on your budget
When buying or selling a property in Mexico, who pays the closing costs? How much will my closing cost be?
Define if you need financing
Is there financing for foreigners in Mexico? Can I use my own bank to carry the mortgage? Is there a minimum down payment that is required if I was to use a Mexican bank?
Does an Attorney need to review my offer to purchase? When should I make an offer? What does the offer include? Does the offer to purchase include money? What is ernest money and how much is needed? Who receives the ernest money? What is an Escrow Account? How long do I have from the offer to purchase till the time to pay the price of the property? What happen if I decide not to continue with the purchase after making the offer? What is a reservation check on pre construction investments? What other payments are needed on pre construction investments?
Retaining legal counsel
Do I need always retain legal counsel? Can I hire an Attorney from USA or I need to hire one in Playa del Carmen? Who is a good Attorney to hire? What are the fees of a Attorney?
Escrow account
What is an Escrow account? Can I use an Escrow Company? Do I always need an Escrow account? Who can do this service for me in Mexico? Do I need to tell the seller that I'm going to hire an Escrow account?
Contract
What is a Reservation Agreement? What is a Purchase Contract? What are other names for a Purchase Contract? Who reviews this document? Who signs this document? Do we need a Notary Public for the signing of the Purchase Contract? What items should this document contain?
Property documentation
What are all the steps/documents needed for a closing? Who should be responsable in collecting these documents? How do I know that all this documents are legally correct? What happens if the owner don't have all the documents? What's the appraised value of a property? What's the assessed value of a property? What's the difference between an Offer and a Purchase Sale?
Private title search
Do I need title insurance? What is a private title search? Who can provide me this service? What is the cost of this service? Should I need to tell the seller that I'm doing private title search?
Bank Trust or Mexican Corporation
What is a Bank Trust? Who can provide me with this service? What is the cost of the Bank Trust? Can I legally own property without a bank trust if I have an FM2? What can the foreigner beneficiary expect from the Trust Agreement? Is the Trust Renewable? Do I lose possession of property after 50 years have traspared? What happens to my "Fideicomiso" if the bank fails? How does the trust function? Are there additional fees for the Bank Trust? Who is involved in a Bank Trust? What is the First Beneficiary in the Bank Trust? What is the Second Beneficiary in the Bank Trust?
Permission from the Foreign Secretary's office
What is this permission and why do I need it? How can I get this permission? What do I need to get this permission?
Notary Public
What is a Notary Public? What are the Notary Public's responsibility during the property transaction? Does the Notary Public need to be from Playa del Carmen? Do all the Notery Public provides the same service? Which Notary Public exist in Playa del Carmen? What are the fees of a Notary Public? Which are the Taxes that the buyer needs to pay?
Taxes
Which taxes are paid in a closing? How much is the transfer tax? What are the property taxes for Playa del Carmen area and that general region? Who pays the Capital Gains Taxes?
Payments
How much cash can I bring with me from my original country? Do I need to be present for the signing of the title transfer? When buying or selling a property in Mexico, who pays the closing costs? How should I pay the seller: wire transfer or cashiers check?
Public Registry
What is the Public Registry? When do I receive my Title? Will I own title to the land?
If you have more questions, please fill this form and I will be happy to help you.
Tom
Las Villas de Mexico, Retirement,Puerto Cancun.
Aldea Zama, Community, Tulum.
Mareazul CondominiumOceanfront, Playa del Carmen.
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