Buying Real Estate in Playa del Carmen & Tulum, Riviera Maya, Mexico

Buying property for foreigners in Playa del Carmen, Mexico is very easy, safe and simple. You do not need to have a residency or citizenship to be eligible to do so. However, foreign buyers have to purchase property either through a trust (=fideicomiso) or a Mexican corporation.

Step by Step Guide to purchasing property in Playa del Carmen

1. Determine how much you can afford

Keep in mind, that in Playa del Carmen the seller is paying the entire real estate commission and the buyer is paying for the closing.

2. Tour properties with your Real Estate Agent

Find your dream condo or house in Playa del Carmen with our expat agents that have a deep knowledge about the area and are specialists in matching your budget and needs with the perfect property.

3. Make an offer to purchase and pay deposit

Your agent will submit an offer to purchase outlining the price, conditions and terms as well as the amount of the deposit paid (good faith/earnest-money).

4. Get a lawyer for sales agreement, legal advice and closing

Our lawyer/notary team will assist in all the legal steps including preparing the sales agreement, establishing the trust/fideicomiso (or setting up a Mexican Corporation), obtaining and registering permission from Mexico’s Secretary of Foreign Relations, escrow services for paying deposits, down payments and balances.

5. Trust/Fideicomiso or Mexican Corporation?

As a foreigner you can own legally property in Playa del Carmen, either through a trust (=fideicomiso) or a Mexican Corporation. Your agent and lawyer will explain, so you can make the decision thats suits you the best.

6. Signing of sales agreement

This legally binding agreement between buyer and seller or builder/developer contains a number of dates including the closing date.

7. Get excited!!!

Congrats! Now it is a matter of time and you will take possession of your property in Playa del Carmen. Meanwhile the lawyer/notary team will prepare all documents for closing.

8. Closing and taking possession

The final day has arrived and you and seller are sitting at the notary’s table to sign the papers, your title/deed (=escritura). Confirmation of payments and or disbursements will take place here as well and you will get a certified copy of your title/deed (=escritura).

9. Registration of property at city hall

The notary will register your property in the public registry of the city of Playa del Carmen. This might take a while and once done, you will receive a confirmation letter.

Can a foreigner buy Real Estate in Mexico?

Yes, of course, there are no laws preventing non-resident ownership of Real Estate in Mexico. You do not need to have residency or citizenship to be eligible to do so. However, in order to purchase Real Estate in the Riviera Maya foreigners must acquire the property through a bank trust formalized with a Mexican Banking institution. As a buyer, you will be designated as the main beneficiary and can designate substitute beneficiaries in the event of death, that way avoiding probate procedures upon death.

Can I buy property through an LLC?

Yes, you can buy property in Tulum, Playa del Carmen & the Riviera Maya through an LLC, the trustee bank would designate the LLC as the main beneficiary of the trust. However, since the LLC is a foreign entity, there are additional requirements for such an LLC to conduct business in Mexico. Feel free to ask us if you are interested in purchasing property through an LLC.

Can I buy property in co-ownership?

Yes, you can acquire Real Estate in the Riviera Maya in co-ownership. In that case, both co-owners will be designated as the main beneficiaries of the trust. It’s expected that such co-owners designate themselves as substitute beneficiaries, and they can also select other 3rd parties, such as their children, as substitutive beneficiaries in the event of death.

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