If you are about to purchase Real Estate in Playa del Carmen, Tulum, or elsewhere in the Riviera Maya you need to know that your downpayment will be in a safe place. The very best way to ensure this is by using Escrow Service.
Through a financial agreement between buyer and seller, the Escrow Service company holds temporarily the funds from the buyer that are used for the real estate transaction. The Escrow Service company is a neutral, third party and only acts when both parties have fulfilled their obligations written out in the escrow agreement and purchase contract.
Benefits of using Escrow Service in Playa del Carmen
Security: the seller has the assurance that the buyer is committed to the purchase and can take the property off the market. The buyer is protected because his money is held in a neutral place until the signing of the title/deed.
Safety: both, buyer and seller are ensured that payments are only disbursed after both have fulfilled their obligations written out in the purchase contract.
Efficiency: funds are disbursed from one account according to the written instructions by the buyer and seller, usually on the day of signing of the title/deed at the notaries office.
Confidentiality: Personal data is protected and handled according to the local laws/regulation
At its core, escrow is a legal arrangement where a neutral third party holds the funds of the
real estate transaction until specific conditions are met. These conditions are typically
outlined in a contract or agreement, ensuring that each party fulfills their obligations before the funds are released.
