Living and Buying in Riviera Maya
If you have ever dreamt of living in paradise, buying property in Riviera Maya might just be the getaway you are looking for. Acquiring real estate in Mexico has become more secure, efficient and transparent in the last 10 years, and has grown even further in attractive markets such as Riviera Maya. Today over 1 million Americans and Canadians are living on the Coast of Mexico. Cancun is the number one vacation destination in all of Latin America, with Riviera Maya following in number two. People are coming, falling in love, and essentially staying. I know we have all said this on vacation before – “I wish I could live here”. Well, many people have proven this is not such a far off thought after all.
While the amazing white sand beaches and outstanding Caribbean Sea may be just be enough to steal your heart and keep you forever, there are many more reasons why the Mexican Caribbean is reeling in the northern countries residents. Why you ask? Think about how this sounds! Extremely low cost of living, including health care and prescription coverage, beautiful weather, amazing surroundings rich in natural beauty, culture and rich history, year-round golf, scuba diving, fishing, theme parks, close proximity to natural wonders such as Chichen-Itza and other archaeological sites.
If all of this has already gotten you hooked, once you introduce the fact that homes in the Riviera Maya are much more affordable and that property taxes are basically pennies compared to the United States, that is what truly puts the icing on the cake. And this, combined with everything that I mentioned, is why foreigners are flocking to buy property in the Riviera Maya and other parts of Mexico.
The Riviera Maya and Mexico are particularly attractive to retirees because of how far they can stretch their retirement dollars. You can get more home for your money in a more desirable location and really take advantage of the lower health care costs. I should also mention that sunshine and warm weather can contribute to a healthy and active lifestyle retirees are searching for.
Areas like Playa del Carmen and Cancun are booming for expats! In this moment you can find every necessary Americanized convenience, plenty of shopping, and international food choices both in restaurants and in the supermarkets. The same is said when it comes to real estate. New homes and condo developments are being built with the American and Canadian mentality. Developers and architects are asking – “How can we build to perfectly accommodate the expat demand?”
There are various things to keep in mind when seeking to purchase a home in Mexico as a foreign investor (Tips by Ivan Manuel Castillo, Real Estate Attorney with over 20 years of experience)
- Start early on building your team of local property experts in Mexico: an established real estate broker and a respected title services company, who at the same time, will give you access to a team of Certified Real Estate Legal Advisors to coordinate your transaction from beginning to end.
- Obtain a complete copy of the current title deed, with the proper information from the Municipal Public Registry. This helps initially verify that whoever is selling has legal ownership of the property.
- Seek to have a complete Title Research. This is an important part of your due diligence and helps you to know the good standing of the title.
- Establish an Escrow Account to give you the right financial security that your deposits are held by an independent third-party in conformity with a predetermined contract, binding both the Seller and Buyer, to comply with the negotiated terms of the sale.
- Have your assigned Real Estate Legal Advisor, from the title firm, draft all important documents, in both English and Spanish, such as the Initial Offer, Promissory Contract, Escrow Agreement, Purchase & Sale Agreement, among others. This helps all parties engaged to fully understand all the terms and conditions of the acquisition.
- Engage with your title services firm to delegate the Closing Coordination efforts and manage all the legal minutiae and key legal details to have a successful transaction, and legal transfer of ownership.
- Initiate your Title Insurance coverage at the time of the closing along with registering the new owner at the Public Registry, making sure that all ownership transfer documentation is duly formalized.
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