Doug and I get many phone calls and emails asking us what
the home buying process is here in the Yucatan.
The area is receiving more and more interest for many reasons; it is the
safest state in Mexico, properties are still affordable, there is excellent and
inexpensive health care, there is great infrastructure and the local people are
friendly. If you purchase at the beach, the capitol city of Merida is only 30
minutes away, there you will find many stores that you are familiar with, Home
Depot, WalMart, Sam’s Club, Costco and more.
There are also many fabulous restaurants. Here at the beach, we have seafood
restaurants, small grocery stores and fresh fruit and vegetable markets, all of
the basics.
Most people who buy here are looking for a more laid back
and simpler lifestyle. They want their
money to go further while still enjoying a comfortable lifestyle. We live in a
2 story home with a nice backyard and pool, our annual property taxes are $36 a
year! We have a maid come in once a week
who works 6-7 hours for $250 pesos, less
than $25 USD. We have 2 gardeners that come monthly to cut grass, weed, plant
flowers, trim the coconut palms and clean the pool for $400 pesos, less than
$40 USD for both of them! Actually at today’s exchange rate of 12.9 that is $31
USD. It is easy to get spoiled here…
When you arrive here to find your dream home you will need
to bring a few things with you, your passport, a copy of the tourist visa that
you were given on the plane and a utility bill from your country. Nearly all homes are on a cash only basis
with no financing so please have your finances in order before you arrive. When
you have found your home a contract will be drawn up stating the purchase
price, address of the property, yours and the owners name and all the pertinent
information on the home. Both buyer and
seller will sign and receive a copy. The owner of the property will take all
the paperwork pertaining to the home to our Notario/lawyer and he will review
to make sure that there are no liens, no back taxes or utility bills and ensure
that the title is free and clear. When
you return home you have 3 days to send 10% of the purchase to the Mayan Living
Escrow account. If the home is Mexican owned you will need to also send $1450
for a fideicomiso. This is a trust
allowing you to own your home, rent it, renovate, tear it down, anything that
you want to do with it. I will be
covering the fideicomiso more completely in my next post.
The entire closing process takes 30-45 days from start to finish. After all paperwork has been verified to be
clean and clear you will be notified of the actual closing date. The remaining balance 90% plus closing cost
must be in the escrow account 72 hours before closing. If returning to Mexico
in 30-45 days is a problem we can arrange to do a limited Power of Attorney for
you, otherwise you will need to return to Mexico to sign the final closing
documents. In less than 6 weeks you can be the proud owner of your own piece of
paradise in Yucatan, Mexico.
Our home:
View from "my office."
Until the next time, we are just "chillin' in Chelem."
