In Mexico all commissions are paid by the seller. So our advice and services are 100% FREE to you the buyer. Yes. If you are considering acquiring real estate in the Riviera Maya as a non-national, there are essential aspects to be aware of: RESTRICTED ZONES The Riviera Maya falls within the ambit of what is designated as the Restricted Zone in Mexico. According to Article 27 of the Mexican Constitution, Restricted Zones encompass areas within 100 kilometers (63 miles) from a national border or 50 kilometers (31 miles) from coastlines. Non-nationals have primarily two avenues for acquiring property within the restricted zone: either through the establishment of a trust with a national financial institution, involving an annual fee of approximately U$500, or by means of a trust administered by a Mexican corporation, which the purchaser establishes. While the majority of non-nationals opt for the former method, the latter is more suitable for individuals looking to invest in properties exceeding U$700,000 in value. This alternative, involving the establishment of a personal corporation, also offers certain tax advantages. Yes. If you are contemplating the sale of your property in the Riviera Maya, several considerations merit attention. Firstly, your property will be competing with newly listed properties entering the market on a weekly basis. This underscores the importance of adopting a marketing strategy distinct from that employed by developers. Several factors can expedite the sale of your property. Effective promotion and strategic listing of your home or condominium are paramount. Equally crucial is the presentation of the property itself. Notably, properties featuring upgraded kitchens tend to sell 30% faster than those with smaller or outdated kitchen spaces. Additionally, modest investments in enhancing the aesthetic appeal of the property, such as fresh paint or well-maintained landscaping, significantly contribute to accelerating the sales process. At Zoom Playa and Realtorz Mexico, we leverage our expertise to ensure that your property realizes its true value within the optimal time frame and through the most effective channels. Zoom Playa does not offer long or short-term property rental services. Our focus is solely on providing top-tier real estate solutions, helping you buy, sell, or invest in properties within the vibrant Riviera Maya region. If you’re looking for expert guidance in purchasing a vacation home, investment property, or even a permanent residence, we’re here to help. Explore our offerings and let us assist you in finding the perfect property that meets your needs. Contact us today to discover the best real estate opportunities in the Riviera Maya! Even though we work with various property management companies, Zoom Playa Real Estate itself does not offer property management services. In the Riviera Maya, there is a plethora of property management options available to choose from. While some firms boast higher occupancy rates than others, the majority maintain commendable standards of service. Typically, property management fees comprise two components: a monthly flat fee and a percentage of the gross income generated by the property manager. It is essential to bear in mind that certain developers impose restrictions on the selection of property managers. These restrictions are often stipulated in the purchase agreement, wherein buyers agree to engage the developer’s designated property management company for vacation rental purposes. Developers may entice buyers with figures, such as a guaranteed annual return on the property’s value, but it’s important to scrutinize the fine print, as the net return after expenses may hover around 5%. Conversely, a reputable management company can potentially yield a steady net return ranging from 8% to 12% annually. Absolutely. Despite Mexico’s inclusion in North America and the resemblance of many property laws and procedures to those of the USA or Canada (and occasionally Europe), it is crucial to acknowledge the value of engaging legal representation to safeguard investments in the Riviera Maya. Therefore, we consistently advise our clients to collaborate with a lawyer when undertaking property purchases in Mexico. At Zoom Playa Real Estate we take pleasure in recommending our adept legal team to meticulously oversee every stage of your property acquisition process, from the initial decision to make an offer to the final signing of the deed at the Notary Office. You do not need to have residency in Mexico to purchase a property. As mentioned in the first FAQ question, non-nationals have primarily two avenues for acquiring property within the restricted zone: either through the establishment of a trust with a national financial institution, involving an annual fee of approximately U$500, or by means of a trust administered by a Mexican corporation, which the purchaser establishes. Once you do have your property it is beneficial on the long run to have your residency. Since January 2020, meeting residency requirements typically entails a minimum investment of approximately U$300,000 in Mexico. However, there exist alternative avenues for residency qualification. Over recent years, we have effectively guided numerous clients through the process of obtaining residency and work permits in Mexico. We would be delighted to facilitate connections with individuals who can assist you in navigating this procedure seamlessly. Yes. Whether you are contemplating the acquisition of an existing property or considering its sale, it is advisable to ascertain its value beforehand. Property appraisal typically spans a duration of fifteen days to a month and necessitates endorsement by a certified local appraiser. An appraisal report typically furnishes three assessments: market value, physical value, and income value. Yes. At Zoom Playa Real Estate we offer construction project management services and collaborate with over 200 developers, engineers, and architects across the Riviera Maya. While the majority of these professionals are reputable and highly innovative, selecting the appropriate developer hinges entirely on the specifics of your envisioned project. It is advisable to consider various aspects of your project, such as the desired level of luxury and the targeted market sector, location and design factors to name a few. This is where our expertise proves invaluable: boasting over 20 years of experience in construction and possessing direct access to individuals adept at navigating the intricacies of zoning and building permits, we can guide you in identifying the right collaborators to ensure the successful realization of your project. From doing a market research and selecting the optimal architect to overseeing the various construction phases and harnessing the expertise of our marketing and sales team, we stand poised to offer comprehensive assistance. Share your vision with us, and allow us to elucidate how we can contribute to its fruition. Yes there are various financial and legal entities offering Escrow Services in the Riviera Maya. When purchasing a property directly from a developer or investing in a pre-construction apartment, the involvement of an Escrow service is typically unnecessary. In such cases, your down payment is directly remitted to the developer. In the Riviera Maya, developers commonly request a 30% down payment upon signing the letter of intent, followed by approximately 40% during the construction phase and 20% upon delivery of the unit with the remaining 10% settled at the Notary Office upon title signing. Conversely, when acquiring an existing property from its owner, akin to practices in the USA, Canada, and Europe, an Escrow account is essential. This account securely holds your down payment until the transaction’s culmination at the Notary office, whereupon the funds are transferred to the seller. At Zoom Playa Real Estate, we collaborate with several Escrow companies across Mexico, Canada, and the USA. Consequently, if you, for instance, are a US resident purchasing property in Mexico, your down payment will remain in the USA in US dollars until the transaction is finalized. Absolutely. According to Mexican law, all property purchases must be conducted exclusively through a Notary Office. In addition to transferring property ownership to the buyer, the Notary Office is responsible for verifying that the property title is free from debts or liens and that all property documents are current. The closing costs for a property can vary depending on the chosen Notary. While the taxes and government fees associated with property purchases in the Riviera Maya remain constant, the service fees charged by the Notary Office may differ. Generally, total closing costs amount to approximately 6% of the property’s value. At Zoom Playa Real Estate, we have established partnerships with several reputable Notary Offices throughout the Riviera Maya over the years. We are dedicated to assisting you in selecting the most suitable Notary for your needs. Our team contacts various Notary Offices on your behalf to obtain quotes for their services, enabling you to make an informed decision.
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