STARTING @ $125,000 USD

  Beach Front 2B/2B @ $255,000

  Starting below $129,000 USD

      Starting @ $89,000 USD

       Starting @ $85,000 USD
     Starting at $150,000 USD
   Starting @ $125,000 USD
Side-by-Side Studios @ $175,000
   Starting @ $125,000 USD

Cancun Home Buying Procedures

BEFORE YOU LEAVE HOME

CREATE A BUDGET

KNOW YOUR FINANCIAL STATUS
   1. Do you have adequate captial, financial reserves, is this investment right for you?

    I have told some potential clients that they were undercaptialized to buy even a $100,000 USD Cancun
    Beach Front Studio.
 
    Cancun remains a top real estate invetment for several reasons: sand, sea, security,
    proximity to the U.S. and the Caribbean's best infrastrucure.Cancun investements (which I started in 1998
    have proved to be my best financial and life quality investments that indeed did pay for themselves with
    the rental income they generated. 

   NEED A DOWN PAYMENT; FIND A WAY TO SAVE $7,000 USD  and join the pure tick trade room and   
   watch your money grow daily.


   
  


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Preparing a budget

1. Mexican closing costs area between 5% and 6% depending on notario used.
    How ever Mexican Property Taxes are about 450% less than US property taxes.

     Yes you can pay off our home with the property tax savings.

2. 90% of home purchases are with Cash. A home mortgage is a better option than a traditional
    mortgage. Contact www.MexLoan.com for mortgage and security backded loans.

3. Bank Turst Costs. In most cases you will be buying from an American or other Non-Mexican seller  who already has a bank 
     trust. In this case there is a $1,600 USD charge. If you must originate  a new bank trust I recommend Scotial Bank, Speak to
     David Martinez, the cost is $2,600 USD for  a term of 50 years. At the end of 50 years you many renew for anther 50 years.

4. Escrow costs: the $550 USD fee for establishing a US escrow account with First American Title is the smartest thing you can
   do to protect you funds during the pruchase. NEVER DEPOSIT MONEY TO AN AGENT OR BROKER.

5. Hiring Lic. Margaretta Leon P.C. Cancun attorney for $1,500 USD is recomened.

6. Title insurance while available in Mexico is not as common as in the U.S.

THE NOTARIOS RESPONSIBILITY

1. A Mexican Notario is an ellected offiicial (with a very lucerative office) he collects 1-2% of every property transfer.

2. The notorio is charged wsith the responsibility of upholding the public trust and to ensure all property transferrs
   are legal and correct.

3. Before a notario can transfer a deed he must obtain these official documents:
              1. Statement that all taxes are paid.
              2. Statement that their are no liens on the property. Note a notarios lien research is restricted to about 10 years.
              3. Statements that all utility and condominium fees have been paid.
              4. The notario must have an official copy of the property deed.

 4. When all these conditions are met the notario will apply for a permit from the Mexico City Department of the Exterior
     for a permit if the buyer is a Non Mexican Citizen.

5. The notario will communicate the necessary documents to the bank trust officer and approximately 5 weeks (for non
    Mexican Citizens) a closing can be scheduled at this time funds and the deed is transferred. The official deed is
   sent in 6 months from Mexico City.
   Funds are usually transferred by Wire Transfer.  There are usually at least 5 representatives recieving wires at a cost
   of $40.00 USD. This cost is paid by the $550 Escrow account fee paid in advance to First American Title and Escrow.

The Time Line

1. Sign a Purchase Agreement if possible in the office of the Notario
2. Open and escrows acccoutn and place a minimum 10% down payument into the account.
3. Supply the Notario and Bank Trust officer with your completeded forms-DO THIS IN CANCUN AN YOU SAVE HUNDREDS OF DOLLARS
4. Bring 3 colored copies of you passports (all parities on the deed) + drivers licence+ marriage licence (if applicable) and all of the
    Deed signers Tourist Visas (that 4x6) non-descript paper you are issued upon entry to Mexico at immigration. Keep this safe.
    Lastly a copy of a utiltiy bill that shows the primary residence of all deed signers.
5. Once this is done (and I strongly recommend you do this in Cancun (bring your check book) for preliminary notario and bank trust
   payments a closing meeting will be scheduled at least 5 weeksw in the future.

THE LIMITED POWER OF ATTORNEY ADVANTAGE

1. The closing is a 15 minute event. While it is your right to be present you can ellect to have our attorney or the attorney of your choice
    sign the documents in your name. The cost is approximately $150.00 USD.

YOU CAN ACCOMPLISH ALL OF THE ABOVE PRE-CLOSING DOCUMENT SIGNINGS IN LESS THAN 2 HOURS WHILE YOU ARE IN
 CANCUN. WE STRONGLY RECOMMEND YOU CHOOSE A ATTORNEY TO ACT AS YOU L.P.O.A. SO YOU DO NOT HAVE TO
RETURN TO CANCUN. ONCE YOU LEAVE MOST DOCUMENTS WILL NEED A SPECIAL SEAL ATTACHED, CALLED AN APOSTILLA,
THIS WILL COST $300/DOCUMENT IN THE U.S.

SAVE YOURSELF TIME, STRESS AND MONEY SIGN THE NECESSARY BANK TRUST DOCUMENTS AND NOTARIO DOCUMENTS WHILE YOU ARE IN CANCUN.

 

 

 

1. Spend enought time studying this website so you have an understanding
    of the Cancun Real Estate Market.

2.  Call me an get answers to your questions about the role of the Notario,
      Bank Trusts, the best way to finance your purchase ect.

3.  Bring the following documents with you to Cancun: 3 colored copies of
      your passport, marriage certificate, US utility bill and keep bring
      your tourist visa with you to the Notario.

4.  Make an appointment with us before you leave home. We will
      pick you up in the lobby of your hotel.

While in Cancun

1.  If your are a serious buyer sign the purchase agreeement in
     Cancun in the office fo the Notario.
 2.  Leave copies of your documents with our Cancun Office.

3.  Visit the Bank Trust Officer, we will drive you to meet these
      key proffessionals involved and needed for your purchase.
4.  Meet our attorney; I strongly recomend hiring the Cancun attorney
     we will refer you to. Sign the documents needed to have the attorney
     represent you as a Limited Power of Attorney. This will save you the
     time and money for a return trip for a 15 minute clsoing that you do
     need to attend.  However if you need an excuse for another Cancun
     Vacation that is fine.


 


 

Fees you will have to pay
 2  Rental income should at a minimum cover your operating costs 

   Condominium monthly feees : approximately $2.25 USD/sq. meter of area
    Taxes of .2% or $800 USD for every $100,000 of appraised value.
   Energy costs from $100/month for a studio to $200/month for a  2B/2/B
   Bank Trust Fee: Intial Trust Creation is about $2,600 (including one year's trust payment)

   Bank Trust Transfer Fee : If you are buying a property in an exisiting trust you save $1000 USD
   Closing costs: total 5% to 6% depending on the Notario this does not include extra legal representation
   Legal Representation: very few buyers use an attorney, the cost is about $1,500 USD and well worth
   the peace of mind. There is only one Cancun attorney I would use:

Closing Costs= Notario Fees + Bank Trust Fees+ Escrow Fees + Discretionary Fees

1. Permit to Department of Foreign  Relations                              $1,200.00 USD

2. Mexican Government Transfer Tax                                           2% of appraised value

3. Title Registration                                                                    .9% of appraised value

4.  Appraisal                                                                               .3%

5.  Notario's Fees                                                                        1.5% to 2% of appraised  value

6. Certificate of no-lein                                                                  $400 USD

7.  Miscellaneous                                                                         $400 USD

8. Creation of a new Bank Trust                                                     $2,600 USD

9. Transfer of existing Bank Turst                                                    $1,600 USD

The total buyer's closing costs are approximately 5.5% to 6% of  the purchase price.

Additional fees a buyer many desire

1. Certified English Translation of the 20 + pages of the deed= $20/page minimum

2.  Escrow Services: we adivse using First American Title and Escrow with a US office in Sunrise Florida
     and Mexican office at Playa Del Carmen. Call Teresa Cores in Florida at 1 954 846 3219, cost-$550 USD

3.  Efficient, reasonably priced Cancun English Speaking Attorney. You can hire an independent Cancun
     attorney to represent you and research your clsoing for $1,500 USD. Email us.

4. Title insurance available at .85% of sale price.