FAQ´S

FAQ's Owning property in Mexico:

Since 1973 foreigners have been able to purchase property on the coast by means of a trust deed through a Mexican bank. In 1994 a Foreign Investment Law was established for a term of 50 years. These deeds are renewable upon termination. The law allows the owner to sell or transfer the property before, a new deed is established. The intention of the law is to assure foreign buyers all rights and privileges of ownership.

Taxes: "Predial" or property taxes are very low in Cancun. The mill rate is .08% of the assessed value determined at the time of sale.

Closing: Closing on a home usually takes between 30 and 45 days with the escrow coordinated by a local public notary (a special real estate attorney empowered by the government to record real estate transactions). Closing costs are paid by the buyer. The seller pays capital gains taxes and the real estate fee. Buyer and seller, via a power of attorney, need not to be present at closing.

Insurance: Many types of insurance, such as property, liability, etc. can now be reasonably purchased in Mexico. Policies can be written to pay off in US dollars.

Financing: Real estate purchases formerly require that all transactions be in cash. Today there are several banks or private companies offering mortgage financing in Cancun, like Banco Bital, United Bank etc.

Maintenance: For properties in condominiums, general maintenance and security will be handled by the homeowners association and paid for by monthly fees. Homeowners will decide the services and costs. Rental or Fractional

Potential: Cancun has a very strong rental market. Those seeking extensive rentals should consider full professional property management.

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Punta Dorada Marina Resort

Isla Dorada

Cancun Q.Roo México

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