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Buyer Information |
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If you are looking to purchase property in Puerto Morelos, you've come to the right place!! Mayan Riviera Properties is uniquely qualified to provide Buyers with the best service, knowledge, and experience, allowing you to make informed decisions about your investment and enjoy the best representation during the purchase process.
Here's Why...
Mayan Riviera Properties Agents Are: ü Puerto Morelos Property Specialists ü Federally Certified Agents --- We're the ONLY Certified Agency in Puerto Morelos!! ü AMPI, MLS Realtors ü Knowledgeable ü Experienced ü Professional, Ethical, & Helpful
PUERTO MORELOS PROPERTY SPECIALISTS The Puerto Morelos Area is our specialty! We are intimately familiar with properties here and can show you a wide range of options in any budget. It also means that if you don't find what you are looking for from the available listings, we'll work our hardest to find it for you!
Attention Investors: Many properties have been bought and sold through our office that never hit the open market! We know our area and can do the research. Let us give you an inside edge!
The Puerto Morelos Area Includes: Puerto Morelos, Petempich, Playa del Secreto, Playa del Secreto, Colonia/Zona Urbana, & Central Vallarta. See Our Map Page!
FEDERALLY CERTIFIED BROKER & AGENTS WE ARE THE ONLY PUERTO MORELOS REALTY WITH CERTIFICATION!! Licensing and Certification are NOT required for Real Estate Agents in Mexico!! Mayan Riviera Properties' Agents ARE Federally Certified by the Mexican Government to represent Buyers and Sellers in real estate transactions. Additionally, we are members of AMPI (Mexico's Real Estate Organization) and International Members of the National Association of Realtors.
MLS REALTORS Our office is also the only Puerto Morelos Realty with access to the Riviera Maya MLS -- meaning that we have the unique ability to show you ALL of the area listings.
KNOWLEDGEABLE & EXPERIENCED We're not newcomers...All of our agents have lived in Puerto Morelos for years, giving us intimate knowledge of the area, new development plans, and possibilities that we share our Buyers. Additionally, the previously mentioned Federal Certification process requires rigorous testing on all aspects of real estate transactions. We also attend courses and regularly seek legal counsel to keep abreast of all of the numerous changes that are happening as Mexico modernizes its way of doing business.
Enjoy the benefits of true experience! Our experience is hands-on! Our company's roots are in Puerto Morelos investment and development. We personally have bought, sold, and developed property in Mexico for 10 years. In that time, we've run into nearly everything you can imagine!
PROFESSIONAL, ETHICAL, & HELPFUL Our motto is "Expect Excellence" and we mean it! You will not find better Buyer Services. We go the extra mile to ensure that your buying experience is a positive, educated experience.
For starters, all of our listings are substantiated with listing contracts. While this sounds incredibly basic, it's not by any means standard practice here and many Buyers are led on a wild goose chase with commission upon commission tacked onto a property that may or may not be for sale.
All of our contracts are in English or have an English translation so that you know what you are signing at all times! Our contracts were drafted by an attorney to be correct and legally binding under Mexican law. Mexico has certain standards which contracts must meet in form and content to be legally binding. Many are composed by realty offices according to U.S. standards which may or may not meet the legal requirements in Mexico.
You'll find our agents to be incredibly helpful throughout the buying process and beyond. Not only do we take the time to educate you about ownership in Mexico during your buying process and lead you through the various steps of sale that will be unfamiliar, we also help you settle in after the sale! Things that you take for granted aren't necessarily so simple here -- whether it be due a language barrier, unfamiliarity with Cancun and locations of offices, or just the sometimes confusing processes. First, we provide you with a Puerto Morelos Homeowner's Package loaded with information our Buyers have found to be very helpful in getting them off to a good start. Additionally, we can assist you in getting your place furnished, changing utilities into your name, recommending insurance agents, even getting you hooked up with satellite television.
Many Buyers are so satisfied with our services, that we now care for and/or rent their places while they're away in our property/rental management programs.
HISTORICAL OVERVIEW To fully understand the process of foreign ownership in Mexico, a bit of history on the subject is certainly helpful.
Beginning when Cordoba landed on the Yucatan in the 1500s and claimed it for the Spanish flag, Mexico has been dominated by foreign ownership. Even in 1822 when Mexico declared her independence from Spain, a majority of land was still owned by foreigners, Mexico’s upper class, and the Catholic Church. Due in large part to the unequal land distribution (1% of Mexico’s population owned 97% of Mexico’s land), the Mexican Revolution erupted in 1910. The Revolution resulted in a new government, a new constitution, and tumultuous land re-distribution. The new government and its constitution were created with an insular spirit in an effort to ensure that prior conditions would not be repeated. Fearing the persons seeking revenge for their loss of land, Mexico established a very private land ownership system, whereby the information regarding land ownership is not a matter of public record. In addition, Article 27 of the 1917 Constitution established a “restricted zone” within which foreign ownership was prohibited. This restricted zone was (and still is) defined as 100 kilometers of any international border and 50 kilometers of any costal border. The establishment of this restricted zone was viewed as a matter of national security, as it prevented foreigners from owning land along Mexico’s borders, through which armed forces or contraband could be smuggled into the country. It wasn’t until much later in Mexican history that Mexico saw the positive potential in foreign investment and began to shift its policies and open the door to foreign investment. This policy shift began in the 1970’s and continues to evolve. Most important to date, has been the Foreign Investment Act of 1993. This Act is the federal statute currently governing foreign investment. Its 39 articles modernize and promote foreign investment, regulate real estate acquisitions and the fideicomiso process, and expand several other areas of commercial foreign investment.
HOW DO FOREIGNERS OWN PROPERTY IN MEXICO? Foreigners are permitted to own land outside of the restricted zone with a fee simple deed. Land within the restricted zone, must be purchased through a real estate trust (“fideicomiso”). This trust functions very similarly to real estate trusts in the USA. With the approval of the Ministry of Foreign Affairs, a federally approved Mexican bank serves as the trustee on behalf of a legal beneficiary (the foreign investor). The trustee (bank) will act on behalf of the beneficiary in all transactions involving the property held in the trust. The beneficiary (foreign investor) controls all decisions regarding the property including its use, enjoyment, leasing, improving, selling, inheriting, willing – in the same manner as a fee simple deed. This trust has a term of fifty years and is guaranteed renewable for perpetuity.
There is much confusion among foreigners about owning property in Mexico, but:
IS OWNERSHIP IN MEXICO A LEGITIMATE, SECURE INVESTMENT? YES! Property ownership through a real estate trust is a very legitimate and secure investment:
WHAT IS THE EXPECTED SALE PROCESS? While each property and negotiation process will result in different terms and specifics, most transactions follow general pattern. Once you have decided on a property to purchase, the negotiation process begins:
WHAT IS A NOTARY? A notary is a neutral, government appointed representative that oversees and approves all real estate contracts and transactions (among other legal processes). Their oversight and seal of approval is required for the title to be transferred and registered. They are responsible for the accuracy of the transaction and collecting the proper amount of fees due the state and federal governments.
SHOULD I USE AN ATTORNEY FOR CLOSING? Unless you are going to be purchasing title insurance, an attorney is optional for buyers during the closing process. However, a good attorney can really be an asset during the buying process. All legal documents that you will be signing and issued are in Spanish. Additionally, there are not standardized contracts in Mexico, so good review of documents is important. Your attorney serves as your advocate during the transaction and looks after your interest. They are a great asset when making a foreign investment, of considerable value, in a foreign language.
SHOULD I PURCHASE TITLE INSURANCE? The purchase of title insurance is optional and is a one-time purchase that is very reasonable in price. Mayan Riviera Properties recommends the purchase of title insurance, as it has several advantages:
WHAT ARE THE COSTS INVOLVED WITH OWNING PROPERTY?
Area Attorneys
Financing
Furniture
Investment Group, construction, & Development
Title Insurance
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