You’re a foreigner, you’ve worked with the great agents at Moskito and you’ve found your dream home – the perfect piece of real estate in Riviera Maya. What are the next steps when it comes to closing on your new the property? This is the second blog in a series dedicated to the buying process and the important pieces and steps. Previously I wrote about the fideicomiso, the trust that foreigner buyers need in order to purchase property in specified areas of Mexico. This blog will outline the steps taken to get from point A – finding a piece of paradise – to point B – owning a piece of paradise.
The condensed version of the process:
- Find a place, draft an offer through your agent, and come to an agreement with the seller on the price. During this process your agent will guide you on how to get the best deal.
- 7-10 days of due diligence is performed by your attorney to ensure all documents are in order and there will be no problem with transfer of title to the new buyer.
- Once all the documents are in order, the promissory purchase agreement is signed and a down payment is paid to the seller. This is between 10 and 30% of the purchase price.
- After the promissory purchase agreement is signed, the notary collects important documents from the buyer and the seller to put everything in order for the closing. The trust or fideicomiso is created during this time. The notary plays a very important role in putting everything together and making sure the property is ready to be transferred.
- 45-60 days after the promissory purchase agreement, the closing occurs at the notary’s office.
- Congratulations, you are now the lucky owner of a beautiful piece of real estate in Riviera Maya!
If you live out of the country and can’t plan a trip to come back to sign the documents at closing, you can create a power of attorney and have someone else sign the closing documents for you. This is a common process; a Moskito agent can be your power of attorney and help get everything closed.
This is just a high level overview of the buying process; working with Moskito you will be able to ask questions along the way and we will do our best to make this a smooth and easy transaction for you. Stay tuned for more blogs regarding purchasing property in Mexico!