Frequently Asked Questions
When it comes to real estate, having the right information is key. Our Frequently Asked Questions are here to help you understand the ins and outs of buying or investing in property in Riviera Maya.
Whether you’re new to this or have some experience, our FAQs cover a lot of topics.
Our FAQs have insights from experts. We want to help you make smart choices, whether you’re buying your first home or looking for investment opportunities.
With our FAQs, you can feel more confident about your real estate journey, armed with knowledge that comes from those who know the field.
Any special questions? Contact us!
Buyer's FAQs
Whats a fideicomiso?
The Fideicomiso is a 50-year, renewable bank trust granting a foreign Buyer the right to use, enjoy, improve, rent, sell or otherwise enjoy the property. The foreign Buyer is called the Beneficiary of the Trust
How long does the purchase process take in Riviera Maya?
60-90 days after the promissory purchase agreement is signed.
What are some of the best places to live in Riviera Maya?
Depending on your life style choose an area that fullfils your everyday life and activities you enjoy.
For example, Playa del Carmen is full of life, Puerto Morelos has a more laid-back vibe, Tulum enchants with its Boho spirit and Puerto Aventuras holds activities for the whole family in a private environment.
How to buy Property in Riviera Maya?
Determine how much you can afford, tour properties to find the property you want to purchase, begin by presenting an offer to purchase to the sellers detailing price, earnest deposit, conditions and terms. Once the offer of purchase is accepted by the sellers, earnest deposit is usually paid into a designated escrow account.
The promissory agreement (contrato de promesa) will be drawn up by your attorney, this binds both you the buyer and seller into a timeframe to execute the buying contract
Do foreigners pay property taxes? in the Riviera Maya?
Yes, the property tax is called predial, the cost is quite reasonable, compared to USA or Canadian properties the average cost is 0.1 % of the assessed cadastral value of the property.
Seller's FAQs
What are the Real Estate sales commissions in Riviera Maya?
Typically 6 to 7 % plus IVA Tax of the selling full price.
What are capital gains taxes in Riviera Maya?
Capital gains taxes are 35% of the difference between assessed values at the time of purchase and sale, with adjustments made for inflation and capital improvements.
What are the Real Estate closing costs in Riviera Maya?
Depending on the value of the property purchased. A transfer tax (ISAI) of 3% which goes to the Estate goverment, 2% for Notary fees, a registration fee of .05% of the assessed value of the property, fees for the tax certificate, title search fees and property appraisal, as well as miscellaneous office expenses. Basically 5 to 7 percent.
Retire in Riviera Maya
Where are the best places to retire in Riviera Maya?
Playa del Carmen, Puerto Aventuras and Tulum, but again, it depends on your lifestyle and budget. Click to see our listings here.
How much money do you need to retire in Riviera Maya?
Living in the Riviera Maya average cost could be $2,750 USD per month or more depending on your life style.
Retirement in Riviera Maya requirements – what are they?
The key is to plan ahead so you can figure out the big stuff for example how to live legally in Mexico, what location is right for you, how much things costs, all of the above will help you lead the life you want in the Riviera Maya and forget about the snow.