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- Cozumel Quintana Roo, Mexico
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Today, in most of the large communities across the peninsula, there are real estate agents that provide tailored services to foreigners wishing to purchase property in a safe and secure manner. These services include; bilingual agents and administrative staff, standardized contracts, secure earnest money and escrow accounts, legal assistance, title insurance, funds wiring, monetary exchange banking, closing/final statements and continual brokerage services. A good real estate firm will build solid relationships with their clients, helping them with a range of issues that will confront the foreign buyer wishing to live and/or do business in Yucatan.
Additionally, a good real estate firm will have good connections for the best (often multi-lingual) attorneys, accountants, contractors, architects, doctors, professionals and service providers.
After selecting an agent, the Buyer needs to check the various real estate websites and choose the properties that they would like to tour. The agent will then need to contact the various owners and agents to schedule appointments. It is a good idea to try and keep your selections to fewer than 6-8 properties a day. Trying to tackle more will prove to be frustrating and confusing. If you are looking for property on the beach, or in the countryside (ranches, haciendas or quintas), the driving times can be considerable. If you are searching for homes in Merida, keep in mind that traffic in Centro Merida can be daunting and parking is often at a premium.
Invest a few days to do a thorough search of the properties that fall within your parameters. It will not take long for a prudent buyer to establish a sense of value and know the best buys available to them. Your agent should be able to help you to know if a property is over-priced or a good buy. Some agents may charge a small daily fee for taking you around to see property. Their time has value. Many foreign buyers are here on exploratory trips, gathering information and getting a feel for the area prior to investing in a foreign country. Many do not buy. Most agents will refund the fee at closing if the prospective buyer turns out to actually be a buyer. A knowledgeable and experienced agent is worth the effort. They can provide a ton of invaluable information that they have been garnering for many years in the business and in the region.
After you have identified the property you wish to make an offer upon, your agent will draw up a standardized “Offer to Buy” contract. The offer will be presented to the Seller and they will either, decline, accept or counter the offer. Negotiating on purchase price, closing date, inclusions and other details is common. However, do not be disappointed if the seller holds out for full price. Every seller, like every buyer is an individual. If your offer is accepted and everything is signed, it is time to provide for the earnest money deposit and meet with your Notario/attorney.
While touring properties with your agent, you will want to engage in a conversation about Fideicomisos and FOMC (Foreign Owned Mexican Corporations) to determine which is the best vehicle for you to utilize to hold title. Both have advantages and disadvantages.
The fideicomiso (bank trust) is a trust agreement that you establish with a bank to hold title of the property with you (you and the bank are both named in the title documents). The bank has a fiduciary responsibility to represent your interest in the property.
Advantages of the fideicomiso:
If the title papers, property dimensions and corresponding documentation are not perfect, the bank will not issue the fideicomiso. We will discuss title irregularities in a future segment.
The main disadvantage of the fideicomiso is that it is restricted to hold a property of 2000 square meters or less. (There are exceptions and you can request a permiso for acquiring a fideicomiso that allows for a property larger than 2000 square meters. Another disadvantage of the fideicomiso is that it is limited to one specific property. Sometimes you can put two adjoining properties into the same fideicomiso. But, generally speaking the fideicomiso is only applicable to an individual property.
The FOMC (Foreign Owned Mexican Corporation) is a vehicle that allows foreigners to open a business and work in Mexico. The corporation is a Mexican entity, and as such, has the right to hold title to real estate. An attorney or notario can help to set up your corporation. It is important to know what your goals are in respect to the property, business and type of investment prior to setting up the corporation. Creating the corporation requires a minimum of 2-individuals (stockholders), of any nationality, at least 18-years of age. One of the stockholders will be the managing partner. The managing partner will be required to acquire and maintain a proper visa. Additionally, the corporation is required to make monthly reports to HACIENDA (the Mexican Department of the Treasury) reporting income and expenditures. The reporting needs to be done by a certified accountant.
Advantages of the FOMC:
Disadvantages of the FOMC:
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Cozumel Quintana Roo, Mexico
Email real-estate@rmoceanfrontrentals.com
All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. Retreats Luxury Oceanfront Rentals International Real Estate and its affiliates make no representation, warranty or guaranty as to accuracy of any information contained herein. You should consult your advisors for an independent verification of any properties.
For all listings provided by third party : This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2023 Rmoceanfrontrentals Listing Service, All rights reserved.
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