Buying or Selling Properties in the Mexican Caribbean?
Learn about the entire process of buying and selling properties in Mexico, the advantages that the country has to turn it into a place of retirement and the benefits of living in front of the sea.
Recently, Mexico began licensing offices and real estate agents in certain states, and Quintana Roo is one of them . It is nowhere near the firm laws enforced in the US But it is a good start and national real estate associations like AMPI are forcing their members to become certified and licensed. Every day you will see more and more professional, well-trained and honest agents taking this noble career.
More and more Americans and Canadians head south of the border in search of the sun, beaches, and rich Mexican culture, enjoying the excellent friendly service of Mexicans. Many of them decided to buy a little piece of paradise down here to enjoy a vacation home, retire or invest.
Buying a home in Mexico is an easy procedure when you have a professional broker by your side.
The buying process for foreigners looking to buy real estate in Mexico is simple and straightforward. If you've done your due diligence, and are represented by seasoned real estate professionals and a well-recommended notary, you won't be in trouble.
Mexico passed the Foreign Investment Law in 1973, allowing foreigners to buy real estate anywhere in the country, the only restrictions are coastal and coastal lands (within 100 km of international borders or within 50 km of the coast).
In 1993, the law was amended to allow purchases within restricted areas through a trust, a trust agreement established with a Mexican bank.
A trust allows a foreign buyer to own property with all the rights and privileges of a citizen.
With a single trust, you can own multiple Mexican properties, own them in perpetuity, and hand them over to your heirs. Also, you can easily transfer the trust to another foreign buyer, if you want to sell.
A trust is valid for 50 years and is renewable thereafter (by you or your heirs). It can be held by one or more people or by an entity (an LLC, for example). Initial setup costs range from $ 500 to $ 1,000, and maintenance fees range from $ 500 to $ 700 per year.
Foreigners can also own land in restricted areas through a Mexican corporation, and these can be 100% foreign owned.
You should only consider a corporation if you are buying real estate strictly for investment or business. If you plan to subdivide and develop land, a Mexican corporation makes sense. Corporations come with more restrictions and reporting requirements than trusts.
They are required to submit monthly income and expense reports, completed by a certified accountant, to the Mexican Department of the Treasury. And assets held in a corporation are considered commercial, so they are subject to additional taxes (VAT, for example). The initial costs to establish a corporation will vary depending on the attorney you use, but the minimum required is $ 50,000 Mexican pesos (approximately US $ 2,800 in today's exchange). You will also incur costs for the certified accountant to maintain it ($ 600 to $ 800 per year).
Regardless of the use of your property, your attorney should be involved in reviewing your legal status, including searching for titles, reviewing and preparing contracts, and creating your trust or corporation. Many title companies are now available in Mexico.
The buying process should go like this ...
BUY AND SELL
Make an official offer. While Mexican law recognizes verbal agreements, both the offer and the acceptance must be made in writing, ensuring that there is no confusion in terms and conditions. Your offer must be submitted in the form of an "Offer to Purchase" contract, which details the main terms of the sale, including price, payment plans, details about a money deposit, and a deadline for the sale. seller accepts the offer.
CLOSING AND PASSING
Once everything has been verified as correct and all closing documents are ready, you will be notified of the closing date and final closing costs. At closing, final deeds will be notarized, final payments settled, and title deed officially transferred to the bank trust. The notary then issues a notarized copy of the closing deed. This is your first proof of ownership and can be used to put utilities in your own name.
Approximately three months after its closing date, the Public Registry issues the final deed that contains an electronic publication, a copy of all certificates and payment of fees.
WITHDRAWAL IN MEXICO
Retirees in Mexico live active, healthy lifestyles supported by Mexico's pleasant climates, first-class services, and affordable living costs.
People who have retired in Mexico comment on how they enjoy and savor their active and enjoyable lifestyle and activities. Retirees in Mexico and in the country frequently top popular lists of "the best places in the world to retire."
As a country, Mexico has a huge number of offerings for retirees. You have a variety of climates, ranging from year-round spring weather to hot, humid oceanfront locations and the dry heat of the desert.
The pace of life in Mexico is ideal for retirement; You can relax and continue to lead an active retirement. While stress levels depend on each individual, Mexico's laid-back atmosphere, pleasant climate, friendly people, and welcoming culture provide an ideal environment for living under stress.
The food is wonderful. Fresh fruits and vegetables, meat and fish are available at local markets, and you'll get great value for your money. There is a huge variety of tropical fruits, which are sweeter and juicier than those shipped to colder climates.
Locally produced fresh foods are also less expensive in Mexico, although prices and quality vary throughout the year, depending on the season. The variety of vegetables is also immense, including local types such as nopales (cacti) and chayotes. Mexico is also home to the avocado and is the world's largest producer of fruit.
Retirement Lifestyles and Living Standards in Mexico
For those who know Mexico, retirement here can be part of a dream come true. Retirees in Mexico enjoy great weather, great food, rich culture, and warm, friendly people.
Some retirees move to local Mexican communities and integrate there; This can make the entire life experience in Mexico that much more valuable and satisfying.
For those with hobbies, the hobby or interest can almost always be done in Mexico. Communications over the Internet can keep you up-to-date with the latest sports news, information, and scores if you want to keep up with what's happening at home. If you like to participate in sports, Mexico offers the climate, the groups and the services for you to participate actively.
Many people continue their passion for hobbies such as art, photography, and writing, using Mexico as their landscape and inspiration. Some find that their work can be sold inside or outside of Mexico, supplementing their income.
Other people get involved in social work: they help disadvantaged communities build new infrastructure, get involved in charity work, share their extensive knowledge and life experience with others, and make a significant and positive contribution to the communities where they live. in a wide variety of ways.
There is no better time to learn Spanish. Surrounded by the language, wrapped in a country passionate about its history and culture, there is no better place to learn than in Mexico.
Language classes are available everywhere.
If you consider your retirement an opportunity to improve your golf game, Mexico has no less than three of the top ten golf courses in the world for you to try, and dozens more.
You can retire in Mexico in total isolation if you wish, buying a property amidst stunning scenery, with nothing but nature around you for miles.
Or you can live in the middle of one of Mexico's towns or cities surrounded by local communities, sharing their culture and way of life, or something in between.
Whatever you want, you will find something to suit your tastes somewhere in Mexico.
Many retirees buy 2 or more condos to live in one and rent the others to earn an income.
"The return on investment in rental properties in tourist areas is usually 6 to 12% per year."