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Requirements to buy a house in the Riviera Maya
Buying a house in the Riviera Maya is a dream for many foreigners looking to invest in one of the most paradisiacal areas of Mexico. However, it is essential to know the requirements to buy a house in the Riviera Maya and make sure you comply with all legal regulations.
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In this article, we will guide you through the necessary steps and requirements to make your investment safe and successful. If you are a foreigner and are interested in buying a property in the Riviera Maya, read on to find out everything you need to know.
Requirements to buy a house: Bank trust
As a foreigner, you can legally buy a house in properties in beach destinations in Mexico such as the Riviera Maya, but you should know that there is a “restricted zone”. This is the land that is 100 km from the border and 50 km from the coasts. As a foreigner, you can buy in this zone, but you must do so through a fideicomiso.
The trust is formalized with a Mexican banking institution and is renewable every 50 years. The bank retains ownership of the property, but you, as the buyer, are designated as the primary beneficiary and can use or modify it as you wish.
Authorization from the Ministry of Foreign Affairs (SRE)
To comply with the requirements to buy a house in the Riviera Maya, you need to obtain a permit from the Ministry of Foreign Affairs (SRE).
This permit is essential for the bank trust to be valid. Making sure this step is completed correctly is crucial to guarantee a legal and secure transaction.
Requirements to buy a house: Purchase and sale contract
In order to meet the requirements to buy a house in the Riviera Maya, the buyer and seller must sign a purchase contract.
This contract must be reviewed by an attorney to ensure that all clauses are clear and legally protected.
Having legal advice is essential to avoid misunderstandings and to ensure that all conditions of the agreement are met.
This step guarantees a safe and smooth transaction, protecting the interests of both parties.
In order to meet the requirements to buy a house in the Riviera Maya, the buyer and seller must sign a purchase contract.
This contract must be reviewed by an attorney to ensure that all clauses are clear and legally protected.
Having legal advice is essential to avoid misunderstandings and to ensure that all conditions of the agreement are met.
This step guarantees a safe and smooth transaction, protecting the interests of both parties.
Notary public
Safety is crucial when buying a property abroad. Cancun stands out for its low crime rate and welcoming community.
This makes it a safe place to live and invest. Local authorities continually strive to maintain a safe environment for residents and visitors. In addition, the community in Cancun is diverse and friendly, making it easy for new residents to integrate.
Owning a property in Cancun is not only a smart investment. It is also an opportunity to enjoy a quiet and safe lifestyle in a community that welcomes you with open arms.
Requirements to buy a house: Legal and real estate advice
To meet the requirements to buy a home in the Riviera Maya, it is essential to have legal advice and a good real estate agent.
First, choose a reputable and experienced real estate agent to guide you through the buying process.
Also, hiring a local real estate lawyer is an excellent idea.
The lawyer will help you with the purchase and make sure all the paperwork is in order, ensuring a safe and smooth transaction.
You may also be interested in: How to ensure a smart investment in the Riviera Maya?
Requirements to buy a house: Mexico bank account
To meet the requirements for buying a home in the Riviera Maya, having a bank account in Mexico can simplify the payment of taxes and the maintenance of the property.
Although not mandatory, this account allows you to manage your finances locally and facilitates transactions related to your real estate investment.
Consider opening a Mexican bank account to optimize the financial management of your property and ensure a smooth purchase.
Find the home of your dreams with iBrokers
Buying a home in the Riviera Maya can be a complex process, but with the right information and advice, it is totally achievable. At iBrokers, we are dedicated to help you find the perfect property and guide you through all the requirements to buy a house in this beautiful region, contact us.
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