Monday, December 17, 2012

BUYING PROPERTY IN YUCATAN, MEXICO





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."