As a foreign, can I buy Real State in Mexico?
There are 3 options to make the purchase:
• Being Mexican, living in a foreign country. Can notarized directly with your name in Mexico.
• As a foreign with Mexican nationality. Can notarized directly with your name in Mexico.
• As foreign with no Mexican nationality you can buy Mexican properties by establishing a Bank Trust or Opening a corporation in Mexico.
What is a Bank Trust?
The Bank Trust, is a contract entered by two or more parties and is run by a Mexican Institution Bank. In others words, the buyer hires a Mexican bank as a trustee of the property and in this contract the buyer is the beneficiary and has the right of use and possession of the property.
How much does the Trust Bank cost?
The Bank Trust has an open cost of 2,000 USD to 3,000 USD, the amount will depend on the bank of choice. With a yearly payment of 500 USD (Last update 2015).
Is the Trust Bank renewable?
Yes. The trust contract lastup to 50 years and is completely renewable.
If something happened to the bank, is my property in risk?
No it isn't, the property does not become an asset of the bank,so in that particular scenario you can choose to change the administration of title to another bank.
In which cases, is recommended to open a corporation?
To open a corporation for the purchase of a property as a foreign in Mexico, is recommended in the following cases:
• The purchase of many properties in Mexico.
• If you wish to work or do business in Mexico.
When you purchase a property, who pays the closing costs ?
The buyer is in charge of the closing costs payments.
How much will my closing cost be?
The closing cost fees in Quintana Roo, which is the Mexican state where Cancun, Riviera Maya, and Costa Maya are located are from 4% to 6% of the acquired property value.
How much do you charge if I decide to buy through your agency?
Nothing, our job as a real state agent is rewarded once we help you find the property that fits your needs and desires and is covered entirely by the seller.
How is the process for the properties search?
Our agents will make you a series of questions in order to find your ideal property.
Then, they will send you by Email a list of properties that adjust your needs and budget. And last,after you review the properties and select those that are of your interest, we can schedule your real estate tour.
*If you find a property that matches your needs, feel free to send the information to your real state agent, and he will find out the status of the listing and add it to your real state tour.
How is the purchase process?
Once we find your ideal property, we proceed to make an initial deposit for the amount of 10,000 USD (you can pay by check or by an Escrow account, this amount will not be used unless the offer proceed), and with this you can make an offer. Your agent will send you the offer sheet.
Once the seller checks the offer, he will send us an answer that could be immediately or within a few days, depending on the seller’s personal situation.
Once the offer is accepted we proceed to make a contract for purchase which is signed by both parties (buyer and seller).
At the end, title is delivery to you.
What happen if my offer is not accepted, do I lose my deposit?
No, if your payment is by an Escrow account, it’s secured. In case you pay by check, we will give it back to you.
What does AMPI stands for?
In Spanish Asociacion Mexicana de Profesionales Immobilarios (Real State Professionals Mexican Association), fund in 1956.Selva & Co Realty is part of this Association.