1. Budget & Financing:
Begin by establishing a budget. Decide if you can use
a home equity loan or if you will need a mortgage. Immediately contact one of
our associated mortgage companies to get the ball rolling. In the US and
Canada we start by locating the property we want to buy. In Mexico if you need
a mortgage start with finding a mortgage first. Why? Because it will take nearly
3 months for a US Mortgage Company to approve your Mexican Property Loan.
85% of all Mexican home purchases are still done with cash.
2.
Select the Right Real Estate Company:
Like any other professional service:
1. Ask for references.
2. The company should have at least 5 years real estate business history.
3. Choose a company that has both U.S. and Mexican Offices.
4. Choose a company that can assist you with property management.
5. Choose a company with an all-inclusive array of services: property
management, relocation assistance ect.
6. Our company is the only Cancun Real Estate Company I know of that
goes the extra mile, providing relocation assistance, furniture shopping
assistance, transportations services, property management and 24 x 7
telephone assistance.
7. Choose a company that will secure your downpayment and all funds
in a secure, neutral escrow acccount. The most common Mexican practice
is to hand your cash deposit to the seller or to have the realtor hold your
deposit. While I respect other's traditions this is a very bad business
practice. If things go wrong you may not get your deposit back.
There are internet scam artists operating in all parts of the world
that are con-artists. They gain your confidence and ask you to wire
reservation deposit or down payment into their business or personal
bank account. Once they have your money you will never hear from
this person and you will never be able to obtain a refund. Don't laugh I have
recieved many calls from people asking me to assist them recover their
money from Americans living in Cancun posing as realtors.
Our company secures your funds in an account bearing your name called a
'Custodial Account' at First American Title and Escrow Company located in
Sunrise, Florida. F.A.T is one of the largest and best U.S.
Escrow Companies.
Neither I nor any of my partners can or will touch your funds. All funds are
wire transferred at the time of the closing after First American Title &
Escrow recieves you written permission to your release your funds.
Our All-Inclusive Philosophy of Services Includes:
-
Our own remodeling skilled trade contractors
-Company Attorney
-Furniture shopping assistance
-Relocation assistance
-24 hour 7 day on call assitance
-Transportation Assistance/ Airport pick up
-Free use of one of our company cell phones while you are in Cancun
3. Determine the importance of rental income.
Aqua-Marina Condominiums are the only Mexican Condominium development
that offers a guaranteed rental income, in a written contract. Past history shows
that attractive, quality Cancun Beach Front Condominiums will have a minimum
occupancy of 30% of the year. If you need rental income to help your Cancun
Property pay for itself tell us so we can provide information on what condos
have the best rental history.
4. Research before you travel
:
Before you travel we can provide you with information and professional assistance
that will eliminate any surprises. Our Video Web Tours will give you as feel for
a particuarly resort and help you eliminate some properties. Don't wait to find the
perfect property instead prioritize your property desires and needs and selcect
a property that best satisfies your requirements. We also provide serious
clients with a Cancun map set showning the locations of every Cancun Condo
development.
Serious buyers who know what Cancun property intererests them are advised
to open a First American Title/Escrow-Custodial Account with a $5,000 USD
deposit. This action will permit you to secure a Cancun Property while in Cancun.
Your deposit is completely refundable if you do not decide to buy. Your deposit
will reserve the Condominium you want to purchase. We recommend this to avoid
past problems when our clients found the condo they wanted to buy and while they
were returning home another client placed a deposit and secured the property
they desired. The result is a waste of time and the loss of an important investment
opportunity.
5. Before you Travel
-
A little pre-trip planning can save you plenty of stress and secure the purchase.
If you are traveling to Cancun and there is a possibility you might sign a purchase agreement in Cancun please consider the following.
Please try to arrange a meeting day/time/place with my Cancun partner/attorney Alex Ayala by calling our US office before you leave 1888 6113824 .
Alex's cell phone from the Canada and the US is
01152 99 818 57210
And 01152 19998 865 4392.
Once in Cancun you will just dial 818 57210 or 88 654292.
Will you be carrying a cell phone
if I need to reach you.. What name will you be registered with at the your hotel. Many hotels will not place our telephone calls to your room unless we have your last name.
PLEASE EMAIL ME YOUR HOTEL INFORMATION BEFORE YOU TRAVEL.
1
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1. Original Passports + 3 colored copies
2. Copy of Marriage Certificate
3. 3- colored copies of your drivers license
4. 3 copies of a utility bill from your primary residence
5. The generic Purchase Agreement
6. A copy of your Bank's wire transfer instructions
7. A copy of the application and contact information for F.A.T.
8. Copy of your Mexican Tourist Visa (the 4 inch by 6 inch) Paper
document issued at the Cancun airport by Mexican Immigration.
9. It is prudent to carry color copies of your passport separate from your luggage
and to keep a set at home where a relative could find them and fax them to you in
the event your passport was lost or stolen.
WHEN YOU ARRIVE IN CANCUN
1. We will pick you up at your hotel lobby and within a few hours you will see the properties
you desire and you will have a good sence of the Cancun Real Estate Market.
2. Should you find a property you want to buy we will go to the office of Cancun Notary 3
and you can sign a purchase agreement. If you are not ready to sign a P.A. and
need time to consider your decision, you can elect to have our attorney act as
a 'limited power of attorney' in the event you decide to complete the purchase once
you have returned home, our attorney can sign all the documents for you.
3. A brief 15 minute visit to the office of the Bank Trust Officer and you will have singed
all the documents needed to start the purchase process.
4. The documents you singed will now be sent to the office of the Interior Ministry located
in Mexico City and then returned to Cancun. This process normaly takes 5 weeks.
4. Should you find a property you want to purchase you will need to schedule
1 hour of time during week day business hours to sign the Purchase Agreement
in the notario's office. If you do not want to make a 2nd trip to Cancun in 5 weeks
to attend the closing you will need to elect our recommended attorney to represent
you as your 'Limited Power of Attorney'.
