Playa del Carmen's Mexico Real Estate Playa del Carmen, Playacar, Puerto Aventuras, Tulum, Akumal, Puerto Morelos, Cancun, Riviera Maya

FAQ The Buying Process

Frequently Asked Questions:
             The Buying Process

All about Buying

. . . . . . . . . . . . . FINDING THE IDEAL PROPERTY

- by Thomas L. Lloyd

OTHER FAQ's

FAQ: GENERAL
FAQ: FINDING PROPERTY
FAQ: MAKING THE OFFER
FAQ: MAKE THE CLOSING


Define your Budget

1. How can I know the estimated closing cost and other expenses?

I always advise to my clients an approximate rate of 6.5%, this is a conservative and high amount, and I have done many operations in the 4.5% range. I prefer to be conservative on the spreadsheet.  Clik here for further details of such estimated costs.
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2. What kind of options for financing are available in Mexico?

Only recently have new financing tools become available for Mexican foreigners. If using Mexican property as collateral, the rates may be higher, but it leaves home country equity free for other capital raising options. Please read more at  Financing Options.
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3. What is the price expected for the different properties available in the Riviera Maya?

The pricing per square meter is a constantly changing figure. Especially in the past 2 years, the price has been jumping constantly as this zone continues to be a booming area. Write me for the latest figures. 
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Include the closing costs on your budget

1. When buying or selling a property in Mexico, who pays the closing costs?

It is common that the buyer pays the transfer of acquisition tax and all other closing costs, including the Notary's fees and expenses, while the seller pays his capital gains tax and the broker's commission. 
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2. How much will my closing costs be?

See Article Closing Costs.
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Define if you need financing

1. Is there financing for foreigners in Mexico?

In Mexico, historically and in many occurrences today, when buying real estate, the transactions are cash operations. Mexican Banks are only recently starting to offer mortgage tools for property acquisitions for the Mexican nationals. Only within a few months ago this year, have major Mexican financial institutions begun offering options to Mexican Foreigners basically for Americans, Canadians, and Brittons. Most Mexican foreigners have used home equity or other assets from there home countries to raise capital for investing here in Mexico. With the new tools now available, allowing for Mexican Property to be mortgaged, many foreigners are now discovering new exciting options to purchase their Mexican ocean front homes. PLEASE READ Financing Options.
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2. Can I use my own bank to carry the mortgage?

Yes, you can finance, raise your capital from any bank in the US or Canada that will allow for such operation. In other words, here in Mexico there are no restrictions, it is basically the banks who are processing the loans who will advise to you whether or not they have a program to finance property, in another country. I will send you another email with an introduction to multi national bank here in mexico, who has just purchased a chain of banks up in the USA. They do offer mortgaging to americans for properties down here in Mexico, using the Mexican property asset as collateral. read up, and forward your quesitons.
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3. Is there a minimum down payment that is required if I was to use a Mexican bank?

That depends on which financial institution you decide to work with. It is still not very common for Mexican Banks to offer loans to Mexican foreigners. Bancomer mentioned above does have a new program, and I only imagine that this tendency will continue with the other 4 major banks of mexico. Bancomer is requiring 30% down , they will finance the remaining 70%.
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More Questions ?


If you have more questions, please fill this form
and I will be happy to help you. 

Tom


Thomas Lloyd
 

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TESTIMONIALS

"...Thomas put together a great dossier that met all our parameters, gave us his undivided attention and drove us around to all the sites and locations. His knowledge of the area was awesome and he found us the perfect place..."

Jeff and Beth

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"We had the pleasure of working with Thomas on a real estate deal in Playa del Carmen this winter. Thomas is very knowledgable of the laws, procedures and market of the properties in the cancun area. The best quality Thomas has to offer however is his absolute honesty and integrity, he really earned our trust" 

John

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"Thomas’s site Realty executives was the only one that took time to search for what we were looking for and
not what they wanted to sell. The properties offered appeared to fit the bill perfectly at a sensible budget... We are now about to start altering the property downstairs which will entail getting the builders in, once again Thomas is there
offering his assistance to monitor the works for us and sending photographs of progress. This speaks volumes about his integrity as most agents disappear in the dust when the property is bought, whereas Thomas is helpful to the end."

Terry

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