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FAQ

Questions you should ask before buying you home in México

Fred Coffin, your realtor, greeting you from the Riviera Maya. I have helped many families, buy their homes here in this paradise, located  in the Caribbean part of Mexico.

If you are starting your search for your second home or rental property in Mexico, this information will help you understand and prepare your steps. Here are a few questions you should ask before buying your home in Mexico. 

Yes, you can buy & title any property in Mexico. If the property is located in a restricted area you will need to use a bank trust (in Spanish Fideicomiso) or open your Mexican LLC.

A restricted area is located within a 100-kilometer strip along the land borders, and also those that are within a 50-kilometer strip along the beaches. This requires a trust. 

The initial cost to open a bank trust is around USD 2,200 and then USD 500 every year to renew it. To open a Mexican corporation will have a similar initial cost, but the process might take up to 3 months.

Yes.

The Riviera Maya is the area located between Puerto Morelos and Tulum. Here are the most popular area located within The Riviera Maya: Puerto Morelos, Playa del Carmen, Akumal, Puerto Aventuras and Tulum

No, you don´t. You can live in Mexico using a tourist visa follow immigration laws, and also own your home here.

No, you can use any bank account out of Mexico.

I usually get my clients a direct and personal legal assistant that is taking care of all the legal issues and costs during the purchasing process. The closing costs are around 9% of the purchase price and include notary costs, taxes and legal fees.

In Mexico the property tax (Predial) is very low compared to other areas in the world like the USA or Canada. Here in m{exico, the property tax is less than 1% a year. You expect to pay around USD 300 yearly tax (±)

The selling process is very similar to the one in the US r Canada. You need to find a realtor to list your home, and then when you and your buyer agree on the terms you will need to hire a lawyer to help you prepare a contract that will set the terms of this transaction, and open a escrow account if needed. When the terms are set and the money is in your account you will be required to pay your capital gain tax (30%) and the comission to your realtor.

In the Riviera Maya the seller is paying the realtor commission. The standard commission is 6%.

Yes you can. The law states the maximum cash amount that is allowed in a real estate transaction, as of 2024 this amount is $874,274.25 pesos ($425,000 USD ±)