Recently, we’ve discovered an exciting new opportunity in beautiful, ecological beachfront lots for sale on the north shore of the Yucatan Peninsula called “Playa Kuka.” Before we talk about the Yucatan properties at Playa Kuka, let’s talk a little about the context of the properties – the surroundings in which they are set.

Flamingos at Rio Lagartos, Near Playa Kuka

Rio Lagartos Biosphere Reserve

If you have heard of Rio Lagartos on the north shore of the Yucatan Peninsula, you know that this is a magical place.  Most tourists know it for its wild flamingo breeding grounds and natural habitat.  Visitors arrive by means of a rustic boat ride through the reserve to arrive at a place where the natural, green landscape is filled with the splendid pink of the flamingos wading in the water.  The good news is that living on one of the beachfront lots, you will have good road access!

Yet, the flamingos are most certainly not all there is to Rio Lagartos.  There are more than 250 species of waterfowl which nest and breed in the estuary around which the reserve is centered.  Rio Lagartos covers an area of 31,750 acres.  There is a very large variety of flora and fauna, including mangrove growths and many species of birds, reptiles and fish.

The Fishing Village at Rio Lagartos

The Town

On the east end of the estuary, there is a classic Mexican fishing village called El Cuyo.  This village is quaint with colorful homes and the waterfront is lined with fishermen’s boats, which head out early every morning for the daily catch. These people live in the same relaxation close contact with nature that they have for centuries.

The Beaches

In the reserve, there is a total of 50 miles of beachfront; the beaches have soft sand, they are wide and they offer a beauty that can only be fully appreciated in the untouched natural surroundings, and unspoiled lifestyle of the relaxed fishermen.

It is on these beaches where Playa Kuka, one of the more unique opportunities in Yucatan properties, is located, and you can find lots 10 acres in size with 100 feet of beachfront for surprisingly low prices!  Here you can have your ecological dream home built and live in luxury and harmony with nature!

The beaches where your future dream home could be

Rio Lagartos is a magical, natural place full of rustic roads, surrounded by vegetation, birds and wildlife. Live here will definitely be relaxation in a way most of us have only ever imagined!

TOPMexicoRealEstate.com; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

A beautiful cenote

Two features which many Americans and Canadians look for when they buy Yucatan real estate are the area’s lush, green jungle, and the other is the relaxation of living in close contact with the mysteries of the ancient Mayans.  The recently opened “Mayan Cenote Park” in Chemax, Yucatan (February 2, 2012) combines the best of these two factors for residents.

The park, designed so that visitors can enjoy an unforgettable experience with nature in the Mayan jungle and ancient traditions is 10 hectares in size (about 25 acres) and is the largest ecological park in the area.

Part of offering experience with the ancient mysteries of the Mayan people are the natural wonder of the area’s “cenotes.”  These magical sites, which were sacred to the Mayan religion, are naturally occurring fresh-water pools at the entrances to the area’s underground cave and waterway system.

The main attraction is a cenote with an 80 meter diameter (about 260 feet), a depth of 24 meters (about 80 feet) and a height of 22 meters (about 72 feet) from ground level, at the opening of the cave, to the water’s surface.

A tour is offered inside one of the caves where visitors can enter by means of a traditional ladder, 34 meters long (about 110 feet). Visitors can practice sports like zip line and rappelling.

The park is located in the municipality of Chemax, near Valladolid, about 1 hour away from Merida.  The town is also about 2 hours away from Playa del Carmen, hence benefiting Playa del Carmen real estate owners as well as yet another beautiful attraction and place to relax in harmony with nature.

Grand opening of the restaurant, with various dignitaries

The construction of the park cost $56.6 million pesos, or about $4 million USD.

The park also includes areas for hammocks, thatched-roof “palapa” shades, handicrafts for sale, lockers, a restaurant with seating for 800 people, a kitchen and space for those who enjoy photography.

New attractions like this park promise to make Yucatan grow not only as a world-class tourist destination, but also as one of the leading Mexico real estate destinations.

TOPMexicoRealEstate.com; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

The Grand Opening at the Cenote

A new service is now being offered for getting to know Merida’s historical sites – an “audio guide” which allows visitors to take their time and go on a self guided tour, choosing where to spend more time, and where not to.  A great little perk for tourists, right?

Forget tourists, this is great for those of us who choose to live in Merida!  When you buy Yucatan real estate, especially if it’s a charming colonial Mexico home in the old city, you will be surrounded by and immersed in a rich culture and history.  Whether you actually go out to learn more, or you just chat with the locals (both Mexicans and expats who’ve been around for while,) you’ll begin uncovering layers upon layers of stories, anecdotes and explanations.

If you like this sort of thing, the new audio-tour service could be an ideal way for you to get to know this city’s history.  The way it works is that there are 6 different “routes” with audio information about historic sites, parks, monuments, museums, markets, etc. Users can choose which point on the route they wish to hear about, on a digital audio system.  Currently there are recordings for 56 different sites, and the information describes their historical, architectural and cultural significance, as well as related customs and traditions from Merida.

Users can choose the language – Spanish, English, French, Italian or Mayan.  There is a small fee of about $6 USD for the rental of the audio device for 4 hours.

Many expats who live in Mexico enjoy becoming “experts” on their area’s history, culture and little facts.  This service is an ideal way to become an expert on the city’s main historical sites.  This way, when family and friends come to visit, you can be their own personal tour guide!

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

We came across some excellent documentation and photos of the old Yucatan real estate region prepared by Mr. Carlos Rangel.  Click here to see his slide show.

These photos show Mexico land and how it looked over 80 years ago.

This is what Merida looked like in 1920.

This Mexico land was the market zone.  This area has gone through numerous transformations.

In the beginning of the 20th century, this zone was known as the “The horn of plenty”, given that along the length of the street, people could obtain a wide variety of products and services.

This is 65th street, at the beginning was the original and main avenue of the City of Merida.  “Paseo de las Bonitas”.

Today, you will not notice the facade of the Lucas de Galvez market.

The Citadel of San Benito, this is where the San Benito market also exists.  The military barracks are seen on the far side which no longer exists today.  The water tower stands on the right hand side

Above you can see the the facade of the Franciscanos of Yucatan.  This was the largest convent in Yucatan.

It was destoryed in the middle of the 19th century in order to construct the military barracks

Which was also destroyed in order to make the marketplace.

There have been many constructions where the current marketplace is located:

- The Pyramids of the Mayans of the City of T’ho,

-Then the Convent of San Francisco,

-Afterwards the Citadel of San Benito,

-Afterwards the Central School of Felipe Carrillo Puerto,

-it was even used as a parking lot at one point in time

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There are probably hundreds of different reasons to live in Merida, the colonial capital of the State of Yucatan, and the surrounding towns, but these 5 reasons summarize the core benefits most expats will find.  If you buy Yucatan real estate, you will enjoy:

Culture and History

Well-kept-up colonial cities, Mayan Pyramids, beautiful architecture, traditional music, live jazz concerts, art shows, local handicrafts, artisan shops, museums and galleries are just a glimpse of the culture you will enjoy in Yucatan.  You can enjoy romantic evening walks, or also find a vibrant, living city center.  In addition to Merida, which has the second largest colonial city center in Mexico (after Mexico City) there are a number of beautiful colonial cities and towns in the area to visit.  Chichen Itza has been named one of the new Wonders of the World for a good reason, and dozens of other Mayan Pyramid sites in the area mean you never run out of new choices.

Beachfront and Nature

Merida is only 30 minutes away from the resort town of Progreso, and the long stretch of beachfront along the north of the peninsula, known as the Emerald Coast, offers many beaches to visit, in addition to ecological wonders, such as the flamingo reserve in Rio Lagartos.  The area is also famous for its cenotes, cool, naturally formed pools at the entrance to underground caves and waterways; some are ideal for refreshing swims, others are beautiful just to see.  The surrounding countryside is ideal for horse-back riding, and the jungle can be enjoyed in many, many ways, from ATV rides, to wildlife watching.

Variety in Properties

There are few places where you can find colonial Mexico homes, luxury beachfront condos, gated golf course communities and large countryside ranches all in virtually the same place.  You can choose a traditional Mexican home with a lots of flowers and a courtyard with a fountain, but you can also enjoy a relaxing lifestyle in completely modern properties.  Out on the country, you can buy a ranch or a large plot of Mexico land and have whatever kind of home built that suits your tastes.

Low Cost of … Everything

Well, just about everything.  Properties not only come in all shapes and sizes, but they are very affordable.  What’s more, the cost of living will be very low.  You will hardly notice the water bill, and electricity is also cheap (unless you use a lot, in which case the rates go up!)  Fresh fruit, vegetables, excellent food and going out for the evening tend to cost much less than in other places.

Modern Services

To top off all of this, Merida is a modern city of a million people; there are new malls, large-screen movie theaters (some are played in English), international stores, new golf courses, excellent hospitals, wide express ways, internet service and much more.  While you enjoy the romance of an old colonial city, and the variety of the area’s nature, you will also enjoy modern comforts.

Thomas Lloyd
512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

How would you compare the cost of utilities in the Yucatan real estate region to the cost of the same utilities in the United States? Electric, gas and water?

Electricity in nearly all of the Mexico real estate regions are controlled by the government owned CFE “Comision Federal de Electricidad”  The amount you pay for electricity is based upon usage and is billed on a three level tier -  Basic, Intermediate and High.  The lowest level is generally subsidized to provide cheap electricity to the poor.  However, as soon as you get into the higher levels, electric usage can be expensive.  There is ample motivation to use energy efficiently.

Mexico generates electricity by utilizing thermoelectric, hydroelectric, coal-fired, geothermal, wind powered plants and a nuclear power plant.  For more information on CFE see their website at: http://www.cfe.gob.mx/Paginas/Home.aspx There are a few pages in English.

Natural Gas in Mexico is basically the same price as it is in Texas.  In 1997, the Comisión Reguladora de Energía of Mexico implemented a netback rule for linking the Mexican natural gas price to the Texas price. At that time, the Texas price reflected a reasonably competitive market.

Most residential user of natural gas purchase it by the tank.  Some homes have tanks on the roof others use smaller tanks that are mobile.  There are several gas companies that sell natural gas in Yucatan and they provide service directly to your home or you can refill your tanks at the operations facilities.

The Yucatan real estate region is truly blessed to have an abundant supply of sweet water.  Water in Yucatan and the cost associated with it’s house hold use is very inexpensive.

Can I get a mortgage to finance my purchase of a house in the Yucatan?

Mortgages are available in Yucatan for Mexican and Foreign home buyers.  Scotiabank, Banamex, Bancomer and several other international banks and mortgage banks will provide mortgage backed funds for a home purchase in Mexico.

HOWEVER, the loan process is expensive, time consuming, brain damaging and very rarely utilized in Yucatan.  There are numerous difficult issues that will confront a home buyer wishing to use institutional financing to purchase real estate:

*  Most lenders will not make loans for purchases of less than $100,000.00-usd.

*  Down payments run 30% or higher.

*  Interest rates are generally much higher than what a buyer would pay in the USA.

*  The law requires that all transactions be recorded at actual sales price or an appraised value determined by the Office of the Catastro. The Catastro is  concerned with establishing a valuation, the valor catastral, used as the basis of property taxation.  Since this value of property in Yucatan is frequently much less than the actual sales price, a host of problems emerge for a financed purchase.  It is very difficult to find reliable Comparables.  There can be significant tax issues that  severly impact the Buyer and Seller financially.  Sellers who are not able to avoid capital gains taxes (ISR – Impuesto Sobre la Renta) face a 30% taxable rate on their gain.  Buyers pay a 2% (in Yucatan) transfer tax based upon the purchase price or valor catastral of the property.  To issue a mortgage, banks will require that the actual purchase price be recorded at the sale and an independent appraisal that supports the purchase price will be required.

*  Most lenders will not make a loan for raw Mexico land, raw beach, properties that are in very poor condition or located in industrial or business type areas.

Where do most of the expats live in Merida?

By far, the majority of expats living in the city of Merida, live in the Central Historic District, known simply as “Centro”.  Centro is a very large geographical area.  In fact, Mérida has one of the largest centro historico districts in Mexico (surpassed only by Mexico City). (note to Ellen – maybe this is a good place for a link to google map of centro)  Generally speaking, Centro is a couple square miles and it is populated by thousands of colonial homes, shops, restaurants, parks, squares, theaters, schools, businesses, government offices, markets, art galleries, sidewalk cafes, stunning  architectural treasures and a few, unfortunately ugly buildings like the Telmex box.

Most expats love the ability to walk to the theaters, parks, squares, markets and businesses located in Centro.  There are cultural events nearly every night of the week in Centro – folkloric dance, concerts, poetry and musical recitals, ballet, the symphony orchestra, comedy, lectures, home and garden tours, The Merida English Language Library, cantina’s and much, much more!

Has the Yucatan housing market been affected by the downturn in the housing market in the USA?

The mortgage crisis of 2008 and the ensuing global financial crisis of 2009 had a an impact on the Yucatan real estate market.  However, the S1N1 Flu scare of 2009 was more devastating to the Mexican economy and Yucatan real estate market than the global financial crisis.  The double punch of the late 2008 mortgage meltdown and the April 2009 Swine flu pandemic scare lead to the worst real estate market we have witnessed in Yucatan since 9-11.  Most Mexican schools and nonessential businesses were asked to voluntarily close for a week in April.  The resulting negative press and global fear effectively killed the tourism, restaurant and real estate businesses for the remainder of 2009.

2010 was a good year and we saw a number of foreign and local buyers return to the market.  The number of American buyers is still below average which we believe is due to the lingering weak economy and a “shell shocked” American consumer.  Canadians, Europeans, Mexicans, South Africans and South Americans have returned to the market place.  We believe 2011 will be a better year than 2010.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

There are several reasons why Yucatan real estate is an ideal place for your Mexico retirement.  While most of the features can be found in some other parts of Mexico, Merida, the capital of Yucatan, and the surrounding area provide a fairly unique combination of the following features.

Colonial Magic

When the Spaniards conquered the Yucatan Peninsula, the city of Merida was founded on the site of an ancient Mayan city.  The narrow streets, old buildings and traditional Mexican homes still reflect the magical atmosphere of centuries gone by.  With traditional music to be heard in the streets and handcrafts to be found in community markets, retirees can enjoy this rich lifestyle to its fullest.  Mexico homes within walking distance can be found for very low prices.

Beachfront Luxury

Only 30 minutes away from Merida is the beachfront resort community of Progreso, where modern condos can be found with ocean views.  Eastward along the north coast of the Peninsula is the Emerald Coast, which is a beautiful stretch of small communities along amazing beaches.  Whether you live directly on the beach or not, you will be able to spend many retirement days walking in the sand.

Modern Services

Merida is the largest city and cultural center of Yucatan.  It includes new shopping malls, large international stores, an international airport, excellent highways to nearby areas, modern hospitals and much more.  The magic of the old city and beauty of the beachfront is balanced well by modern convenience.

Many Activities

Besides the restaurants and galleries of Merida, and the oceanfront activities on the beach (diving, snorkeling, etc.) retirees can enjoy professional golf, sight seeing in ancient Mayan pyramid sites, swimming in the “cenotes,” which are cool, natural fresh water pools, shopping, English movies, libraries, live Jazz concerts and much more.

Healthcare and Retirement Specific Services

To make all of this even more appealing to retirees, the city government has recently begun to make an effort to attract retirement-specific healthcare facilities, in addition to other services.  This is in addition to the excellent hospitals which already exist.

Retirees can enjoy life in a charming lifestyle in an old colonial city, a close-knit community, and at the same time have easy access to the conveniences and services necessary.  Merida is a rare balance of all of these very attractive features.

Thomas Lloyd 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

Yucatan real estate offers one of the finest Mexican retirement communities, combining a historic colonial city, Merida, with a very nearby beachfront and a large selection of modern services.  Yet, the government of Yucatan hasn’t just sat back and “let it happen;” the state and the city are continually investing and making efforts to make Merida and Yucatan more attractive and liveable for tourists and retirees.

One of the most recent efforts was announced with an upcoming investment of about $12 million dollars into the maintenance of Merida’s historic center, as well as the development of tourism infrastructure projects in Merida and nearby Yucatan communities such as Progreso and Valladolid.

The investment will include “romantic” touches like the illumination of colonial-aged churches built in Merida’s city center.   It will also include programs to help build awareness of, and offer information about the buildings, museums and landmarks located throughout the city.  In a city already known for romantic evening walks past picturesque old buildings, with the sound of street musicians, such improvements will continue to contribute to the unique atmosphere which this Mexican retirement community already provides for American and Canadian retirees.

Another recent investment focus, interesting on the practical side for retirees, is on attracting a larger number of retirement-specific medical services.  Merida’s hospitals are already known for their high quality and accessible prices, drawing patients from all around the Yucatan Peninsula (even beyond Mexico’s borders.)  This new effort is intended to bring specialized clinics that work specifically with the needs of retired expats living in the city – offering service in both Spanish and English.

These are only two examples of how Yucatan is working to make Merida and the surrounding communities one of the best options for U.S. retirees, combining a very relaxing lifestyle close to home, with culture, activities, and low prices.

Thomas Lloyd

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

Have you ever dreamed of living in a traditional home in a charming colonial city, where you can enjoy an evening walk down lamp-lit streets, past beautiful old buildings with music in the air?  If you have, you may wish to consider Yucatan real estate, especially the capital city of Merida, which combines all of this romantic charm with modern conveniences, and a wide range of homes, both in style and in price.

Merida is full of culture, both defining the visual atmosphere and lifestyle of the city.  Besides beautiful examples of colonial architecture in old cathedrals and public buildings, there are numerous museums, art galleries and theaters; Merida is also a place where music and dancing are a part of day to day life of the people.  After you have made Merida your home, you also will enjoy each of these as a part of your day to day life.

For those who are planning for this kind of lifestyle, rich in culture, but need to do so on a budget, very affordable properties can be found a short distance from the historic center.  Small, but comfortable homes are available for under $100,000.  Those who like the idea of a personal project can find old, very traditional style homes that are in need of some investment for under $75,000.  Of course, the size of the project depends a lot on the condition of the house; but even colonial age properties can be found, rich with potential to become a home like no one else has!

On the other end of the spectrum, for closer up towards a million dollars, a Mexico home can be found that dates to the beginning of the last century, when the tastes of the dictator Porfirio Diaz influenced many members of the upper classes to use a European for their homes.  Spacious courtyards, elegant fountains, lush gardens and many luxuries will complement a fully restored home from this era.

These are only two ideas; Yucatan real estate in the city of Merida could be a huge mansion from the heyday of the city’s upper class, costing closer to 2 million, or it could be just about anything in between this broad span of ranges, all offering a truly Mexican style home in a city most suitable to offer you its charm and romance.

Merida and the surrounding area also offer many options in modern style real estate, not to mention many modern conveniences.  While the city center is rich with history and tradition, Merida also includes large, new shopping malls, large-screen movie theaters, world-class golf, top-of-the-line hospitals, international restaurants and much more.  And to top it all off, these two worlds which combine in Merida are brought together in a safe and secure city; you will not feel worried about your safety here.

Thomas Lloyd

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

In order to consolidate the Merida international airport as one of the best in the Mexico real estate region, in June 2010 authorities announced that the Asur, operator of the airport in Merida as well as in Cancun and other locations, will invest 280 million pesos (approx. $22 million U.S.) into upgrading the terminal over the next five years.  For Yucatan real estate buyers, the new investment will mean ongoing comfort for travel to and from home, as well as improved services for tourists, supporting the area’s tourism industry.

The chairman and CEO of Asur, Fernando Chico Pardo reported that the planned works, will be added to those carried out up to 2009, which incurred expenses of 455 million pesos (about 40 million U.S.). The remodelling and expansion activities in Yucatan include work in the boarding corridors, an expansion of 100% in the waiting rooms for boarding and the creation of a centralized area for checked baggage with high-efficiency technology.   A new area for culture and art, which will add to the existing one, considered one of the best in the country of Mexico.

With a 8.5 percent growth in passengers and operations over the past month, the Merida International Airport has become a national example for Mexican airports, and the announcement of this new investment will continue to develop world-class services for residents of Yucatan.

The Yucatan real estate area is already a world-wide favorite for tourism and for property acquisition, unique in its current-day culture and lifestyle, its ancient Mayan history and natural attractions.  The ongoing improvement in the airport and similar infrastructure will continue to promote Yucatan as a place which provides property owners from the U.S. and other countries with an ideal combination of these elements with world-class services.

TOPMexicoRealEstate.com; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

MERIDA, Mexico, April 13 – Mexico International Real Estate reported strong 1st quarter earnings for 2010. The company is dedicated to the Yucatan real estate industry specializing in assisting non-Mexicans.   “Our gross sales the first three months of 2010 were just about equal to our gross sales for the entire year of 2009. We typically gross over $10 million a year in sales but last year we just broke $3 million,” stated Mitchell Jay Keenan, CRS.

Keenan is Mexico International’s director and broker of record. Mexico International is headquartered In Merida, Yucatan, Mexico. The company specializes in helping Canadians, Americans and Europeans relocate to the Mexico real estate market. Merida is the capital of the Yucatan. It is renowned throughout Mexico, Canada, Europe and the USA for excellent health care and hospitals, safety, diverse culture, beautiful nearby beaches, proximity to the Mayan ruins of Chichen Itza and an inexpensive tropical lifestyle. Merida enjoys a thriving diverse community of Mexicans, Canadians, Europeans and Americans. Visitors find a welcoming population, cultural events, excellent restaurants and exciting nightlife.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

I have edited and updated a few article to include new tax laws and closing costs for the Yucatan Real Estate region.  These updates will compliment my article I posted last 14th of June.

To see this post please click here (Yucatan Real Estate Capital Gains Tax).

The updates for 2010 include a capital gains tax of 29% as well a regulation that home owners who qualify to avoid a percentage, or all of the ISR,  are allowed to exercise that privilege once every 5-years.

CORPORATION CAPITAL GAINS taxes are a little more complicated.   If you are holding title by utilizing a FOMC (Foreign Owned Mexican Corporation) it will be most beneficial to employ a sharp accountant.  They will counsel you in order to reduce your ISR obligations to the minimum possible when you sell your Mexico real estate.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

Merida will soon be enjoying the wonderful sounds of ballroom jazz with a concert performed by the areas “BIG BAND MUSICIONS”.  The Merida real estate market has been one of Mexico’s most popular second home and retirement destination for many Americans and Canadians.  The warm weather and even warmer society has been a welcoming attraction for many non-Mexicans.  As more “northerners” fill the streets of this Mexican Colonial city during the winter months, more activities such as art exhibitions, sports events, and concerts become available for the enjoyment of the locals and out of town residents.

The concert will be played this coming Saturday, February 27th at 5:30 pm and will be sharing the swinging sounds of Duke Ellington, Glenn Miller, Artie Shaw, Benny Goodman, Count Basie and many more classics from these and other big band stars.

The concert will be played near to the Yucatan beachfront properties in SAN BRUNO under a FULL MOON and thousands of stars direct from the Mexican Yucatan!

Mitch Keenan and his company Mexico International Real Estate are proud sponsors of this event whose proceeds go to benefit the school children of TELCHAC PUERTO.    Mitch Keenan is a Mexico Real Estate top broker with over 20 years of experience working in the Yucatan region.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

The Yucatan Real Estate market has been increasing in popularity as more people discover its Haciendas, Colonial Homes, and inexpensive Waterfront properties along the Gulf of Mexico.  From Celestun to Progreso to Isla Holbox, Yucatan Beachfront properties on the Guld Coast, also known as The Emerald Coast or The Flamingo Coast, enjoys miles of undeveloped and virgin beaches. This coast offers more variety and opportunities to budgets large and small, than the majority of the Mexico real estate properties located on beachfronts along the Caribbean, Pacific, and Sea of Cortez regions.

 The majority of the Yucatan Beachfront real estate are populated with wild Pink Flamingos that live, year-round in the lagoons and marshes that frame the beach coasts of the Yucatan Peninsula.  You will find numerous small, traditional fishing villages. All have electricity, city water, internet, telecommunications, health clinics, gas stations, restaurants and some simple lodging. Good highways allow for an easy drive to the coast’s largest port, Progreso, where you will find movie theatres, great restaurants and bars, discos, clubs, hospitals, clinics, hotels, banks and shopping.

In comparison to the Caribbean coast, the Gulf coast of Yucatan has a more “original” feel. The Gulf coast is not geared towards tourism and does not have a touristy or glitzy attitude as is commonly found on the Caribbean coast.  The towns along the Gulf coast have been here for years.  The have their own unique personality, vibe and soul.

There is something here for everyone! 

Progreso, located just 20-miles from the Merida real estate market, is Southern Mexico’s busiest port.  It’s 4-mile pier hums with activity 24-hours a day.  Cruise ships dock here and their travelers may choose from a menu of day trips and adventures that include: The Mayan ruins of Uxmal, Xcambo or Dzibilchaltun; a visit to the fabulous markets and architecture of Merida; Cenote diving/swimming; tropical bird watching; sport fishing or just hanging out at the beach restaurants and bars that line Progreso’s Malecon (mile long beach walk).

From Progreso you can travel west to the villages of Chelem, Chuburna and Sisal.  All are small Yucatan beach towns that are populated, year-round, predominantly by fisherman families.  But, they are also becoming popular expat Yucatan retirement communities.  People from all corners of the globe, including locals, maintain beach homes in these small pueblos.  You can find homes here to fit any budget.

Continuing west around the Peninsula brings you to Celestun.  Celestun is also a small, remote fishing village situated on the west coast of the peninsula near the Campeche – Yucatan state border.  It is about a 90-minute drive from Merida, on a paved highway that passes through several small towns.

Celestun is known for its Flamingo Reserve, fresh water springs and estuary.  There are several decent hotels and restaurants.  There are also some beautiful stretches of beach.  Celestun is located in an ecological reserve and building on the beach lots outside of the municipal zone can prove to be difficult.

Traveling east from Progreso you will arrive first in Chicxulub Puerto (which has grown together with Progreso  – they seem like the same town). Continuing down the highway you will come to Uaymitun (there is a Flamingo observation tower located in Uaymitun), San Benito, San Bruno, Telchac Puerto, San Crisanto, Chabihau, Santa Clara and Dzilam de Bravo. The beach road ends in Dzilam de Bravo. 

The wealthy Yucatecos started building upscale Yucatan homes on the beach in Chicxulub and Uaymitun years ago.  There are some very beautiful and expensive beach homes in both areas.  The last 5-years have witnessed substantial growth of beach homes all the way to Telchac Puerto and beyond.

Generally speaking, the stretch of beach beginning from the east side of Progreso to Telchac Puerto is the pricier beach, populated with many luxurious beach homes.  Beach prices are generally higher on this stretch, compared to the beaches on the west side of Progreso. 

(Note: Beach property is generally priced by the linear meter of beachfront.  You will find this to be true in all parts of Yucatan.  If you stumble upon a property being priced by the square meter, square foot or linear foot of beach front, you should be extra cautious about purchasing.)

The State of Yucatan recently enacted an environmental protection law “Decreto 801” designed to oversee construction and development on all beaches within the state.  It is advisable to make certain that your Yucatan beach property will fall within the parameters of this law if you are planning to build.

There is an especially deep and high and beautiful beach, located to the west of Chuburna Puerto that falls within the parameters of “Decreto 801”.  There are several very nice lots here available for purchase.  Please feel free to contact me for more information on these lots or with questions about any of the beach areas in Yucatan.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

The Yucatan real estate market has many property types for choosing.  But some with the highest demand are haciendas.   Haciendas are large farms, or can also be plantations, or factories which are mainly found in Mexico, but also present in other Latin American countries such as Brazil and Argentina.  Throughout the Mexico real estate market, some of the most famous Haciendas are in the states of Yucatan, Campeche and in the Yucatan peninsula.  Mitch Keenan is an active broker for the Yucatan real estate region and has become very knowledgeable on these type of properties that have become quite popular over the past several years.

It is amazing what you can pay for some of these old colonial structures, fix them up, and then see a new transformed and restored property.  It can be a very memorable adventure, as you learn of the Mexican history while restoring, search for suppliers of talabera or other typical material found in old colonial Yucatan homes from different cities and regions throughout Mexico. 

This is all part of the fun while taking on a “fixer-up project” in another country or within the Yucatan real estate area.  I was just speaking with some Canadian friends of mine who mentioned she had found a small Mexican village in the middle of no-where outside of Valladolid.  Several families from the village had small crafts/businesses where they were rock carvers.  They made various objects and accesories from rock of which she bought wall light covers for $15 usd and in Cancun they were being sold at $40.  She was very excited of her find and wanted to travel even further into the near by states of Oaxaca and Chiapas to find more crafts and accesories to be able to purchase such products straight from the factory. 

If you have any further interest on Haciendas or the Merida Yucatan region, Mitch has been dealing in this Yucatan region for nearly ten years.  You can see and learn more about him and his listings as he writes and shares some of his stories by clicking here, mexico real estate blog.

512-879-6546

THE www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

Mexico Real Estate offers many great opportunities.  However, because of the fact that laws and processes are different here in Mexico, many non-Mexican buyers make costly errors because they don’t take the time find the information they need first.  In some cases when buying Mexico homes, the new buyers even make blunders that they would avoid back home – simply because of the uncertainty of being in a different business culture.  Based on their years of direct experience in the Mexico property market, a panel of experts from the TOPMexicoRealEstate NETWORK, “certified professionals that specialize in guiding new buyers through the Mexican purchasing process,” has identified the top 5 mistakes made by non-Mexican buyers.  The following is a compilation of their answers, giving a general overview of their answers for each of the five points, then giving their exact answers below.  Each mistake is followed by advice from the panel on how to avoid causing problems for yourself in that area.

The real estate experts who contributed to this article are:

Jim Scherrer – Puerto Vallarta Real Estate

Linda Neil – La Paz Real Estate

Mitch Keenan – Yucatan Real Estate

Thomas Lloyd – Playa del Carmen Real Estate

The top 5 errors non-Mexican buyers make are:

#1 Not surrounding yourself with reliable, experienced professionals

The panel’s answers point to this as the number one error that non-Mexican buyers make when buying Mexico Real Estate.  The key behind this is to find an experienced, reliable broker or agent.  After this, it is also necessary to find a notary public – again with knowledge and experience to do things right – and a Mexico title insurance company, among others. A reliable agent is central, as they can also help point you to other trustworthy professionals.

The panel’s answers are:

“Not using a reputable Agent/Broker, not using a reputable notary public, and using a Title Company.” – Mitch Keenan – Yucatan Real Estate

How can you avoid this error?

“Check with the USA Consul in Mexico. They have a list of recommended Notary Publics and Agents.” – Mitch Keenan – Yucatan Real Estate

“When you select an agent, make sure that the agent is member of AMPI, The Mexican Association of Real Estate Professionals.  Also, check references.  This agent is representing your purchase in a country where you are not familiar with the laws; you need to be confident that that person is.” -  Linda Neil – La Paz Real Estate

“These top 5 errors are only a few examples of the items and risks that a non-Mexican buyer must administer. There are hundreds of other topics that a buyer must address and decide upon; only through EXPERIENCE can teach us to look for these issues. The best way to avoid all of these mistakes and other errors in the purchasing process is to surround yourself with experienced players. It costs the same commission rate to hire an agent with 15 years experience vs. an agent with only 2 months experience.  If you are making a $200,000 dollar investment wouldn’t it make sense to hire someone with credentials and years of experience to represent you.” – Thomas Lloyd – Playa del Carmen Real Estate

#2 Buying from the listing agent and not finding an exclusive buyer’s agent

Even if an agent seems honest, reliable or experienced, no agent who is representing the seller can also represent they buyer fairly, since each one needs an agent protecting only their interest.

The panel’s answers are:

“The most common mistake I have seen are for new buyers to retain the services of a real estate representative just because he was advertising a property on the internet and had his email and phone number on a yard sign next to a property. I am surprised as how some non-Mexican buyers who are very diligent in their money investment decisions while in their home countries come to Mexico and will choose to retain the services of a real estate agent based on the fact that the agent is able to speak English.” – Thomas Lloyd – Playa del Carmen Real Estate

“Buying anything from a listing agent or the sales agent representing the developer; their loyalty is to the seller and they have a fiduciary duty to that seller. No matter how honest, nice, and sweet that agent may seem, it would be a conflict of interest for him to discuss any negatives about the property or to truly help the buyer in getting the best price and contract protection.” – Jim Scherrer – Puerto Vallarta Real Estate

How can you avoid this error?

“Use a professional buyer’s agent exclusively representing buyers and having no listings.” – Jim Scherrer – Puerto Vallarta Real Estate

“The agent who represents you as a buyer cannot represent the seller as well.  Agreeing to and signing an agency disclosure agreement can serve as further protection.” – Linda Neil – La Paz Real Estate

#3 Not carefully considering the implications of different property types, locations, etc.

Different property types have different have various considerations to be made.  Especially the area of pre-construction purchase of Mexico Condos needs special attention; preconstruction offers excellent opportunities, but for the buyer’s protection, the right steps need to be followed.

The panels answers are:

“Buying a pre-construction Mexico Condo with a payment schedule based on the calendar.” – Jim Scherrer – Puerto Vallarta Real Estate

“Buying in a remote (and supposedly growing) area in order to save money. As everyone knows, the three main rules to buying real estate anywhere are location, location, and location. During periods of recession and/or slow growth, these remote areas are the first to drop in value and the last to recover. With current economic conditions the way they are, it may be many years before the remote areas see any appreciation in value.” – Jim Scherrer – Puerto Vallarta Real Estate

“You should not attempt to buy Ejidal property. Ejidal property offers considerably lower prices, but it must be converted to private property before it can be sold.” – Linda Neil – La Paz Real Estate

“When purchasing in preconstruction, to allow for some money to be held back until the legal possession has been delivered. Many times the buyer will have paid out the entire value of the property, have received the physical possession, yet remain waiting for the developer to deliver the legal possession.” – Thomas Lloyd – Playa del Carmen Real Estate

How can you avoid these errors?

“The buyer needs an agent that knows how to write purchase contracts that protect the buyer’s initial deposit and progress payments. They should be prepared with payment schedules based on construction milestones, delivery dates, closing date, etc. as opposed to calendar dates. They should also have construction delay penalty charges, contingencies for 100% refunding upon failure to perform, and escrow protection.” – Jim Scherrer – Puerto Vallarta Real Estate

“Include only private property in your property search.” – Linda Neil – La Paz Real Estate

#4 Not reviewing contracts and documentation or following processes properly

Reviewing all documentation and following processes properly is necessary in any real estate purchase.  However, this is especially true when buying Mexico Real Estate, where regulations are not as well defined to protect the buyer, and taxation and other processes follow different rules than what buyers are used to in their home country.

The panel’s answers are:

“Many first time buyers do not understand the implications of the Capital Gains Tax issues. They believe that capturing a low acquisition cost on a property will decrease their closing costs expenses but forget to understand the more expensive capital gains tax levied against profits on the sale of the property.” – Thomas Lloyd – Playa del Carmen Real Estate

“A potential risk is not to check if you are dealing with the legal owner of the property.” – Linda Neil – La Paz Real Estate

“Assuming everyone they deal with has the same business ethics as they are accustomed to in the US or Canada, thereby not paying extremely close attention to ALL documentation they are signing.” – Jim Scherrer – Puerto Vallarta Real Estate

“Not including a clause in their purchase sales agreement to allow for the first beneficiary (the buyer) to have the voting rights transferred from the fiduciary for condo association meetings.” – Thomas Lloyd – Playa del Carmen Real Estate

“Some non-Mexicans believe they can hold property with a private contract and avoid paying closing costs and taxes. They are placing much of their hard earned money at risk by not receiving a title duly subscribed with a notary public and filed in the public registry.” – Thomas Lloyd – Playa del Carmen Real Estate

“Depositing money in an agent’s or seller’s personal account.” – Mitch Keenan – Yucatan Real Estate

How can you avoid these errors?

As Thomas Lloyd points out above, “these top 5 errors are only a handful of examples of items and risks that a non-Mexican buyer must administer.”  It is almost impossible for an new buyer to manage, and often even be aware of, all of these considerations.  Therefore, it is of key importance to have a reliable agent whose experience gives them the necessary knowledge of the various contracts, processes and documents involved.  Additionally, the panel points out the following:

“Never deposit money or give money to an agent or a seller without verifying that the agent has a verified earnest money account or escrow account.  It is always a good idea to spend the extra $500 bucks to set up an escrow account with a title company to hold the deposit.”  – Mitch Keenan – Yucatan Real Estate

“Deal only with the legal owner of the property or a legal power of attorney.  It is necessary to request, receive and review a copy of the title.  For cases such as this, your agent will have to know Spanish, or you will need to get a certified translation.  You should also have a title investigation, and buy title insurance.  Even if the prices are high, it is worth avoiding risks involving the title.”  – Linda Neil – La Paz Real Estate

#5 Rushing a Decision

Your Mexico real estate purchase is one of the most important decisions you will make, whether it is property for your home, or for an investment.  Rushing into a decision can have undesired, long term consequences.

The panel’s answers are:

“Being pressured into a hurry up decision.” – Mitch Keenan – Yucatan Real Estate

“Spontaneously buying on the beach, having no idea of the many magnificent properties available with better views, neighbors, lifestyle, etc.  than can be found on the beach.” – Jim Scherrer – Puerto Vallarta Real Estate

How can you avoid this error?

“Never be pressured into a deal. Take your time do your due diligence.” Mitch Keenan – Yucatan Real Estate

If you feel you are being pressured, or not being presented with all the best options, also see the advice for error #1 “Not surrounding yourself with reliable, experienced professionals,” and error #2 “Buying from the listing agent, not finding an exclusive buyer’s agent.”

For further information about buying Mexico Real Estate and avoiding costly errors, contact a Mexico Agent in the TOPMexicoRealEstate NETWORK; OUR EXPERIENCE; thousands of Property transactions & years of assignments in Mexico AT WORK,  PROTECTING YOUR INTERESTS.

The weather in Yucatan is Tropical. Welcome to life in the tropics If you are looking for real estate in Yucatan it gets hot and gets humid Hurricanes are common on the Caribbean side of the peninsula but much less so on the Gulf Coast Tropical weather can be severe However, the temperature does not get below freezing and it NEVER snows. If you dream of owning a Yucatan home or hacienda and you like to garden, you will love the year round growing season!

Mexico Real Estate Prices

You can get a lot of home in the Mexico real estate market at very reasonable prices! Our property prices start as low as $40,000.00-usd for a fixer upper on the beach or in Merida. Construction prices are very reasonable, currently running below $80.00-usd per sq. ft. to build new or remodel. Labor wages are low and you can hire domestic help for around $20.00-usd a day. Stretching your dollar is easy!

HEALTHCARE

Healthcare in Yucatan is on par with the USA, Canada and Europe. There are numerous good and clean hospitals and clinics Many facilities arestate of the art. Office visits are inexpensive Anyone living in Mexico may enroll in the national health program (IMSS). There are numerous well-trained physicians, dentists and clinicians throughout Yucatan Procedures, medications and treatments are usually much more reasonable here than in other parts of the world.

TRANSPORTATION

It is easy to maneuver throughout the Yucatan. Well-maintained roads intersect most of the peninsula. TheGreen Angels patrol the main highways and provide assistance to travelers The police also have units designed to help travelers with mechanical problems You can go anywhere by bus or mini van Public transportation is inexpensive Bus routes are well serviced with good frequency. Taxis are also readily available Taxi fares have recently gotten less expensive in Merida due to new competition While it is easy to have a car here, it is not essential. Traveling around the Yucatan is easy and affordable!

CRIME

It is safe here! Yucatan has one of the lowest crime rates per capita in Mexico. Violent crime is a rarity In Merida (Yucatan s bustling capital city) women walk the city streets at all hours without being intimidated or molested. Guns are prohibited. A strong police presence and a low toleration for crime provides for safe streets A sense of tranquility and safety pervades the community.

LOCAL ECONOMY

The local economy in the Merida real estate region is stable and growing. Agriculture, fishing, import/export, construction, construction materials, education, health care, tourism, real estate, legal services, government, retail services and entrepreneurialism provide a constant revenue exchange.

ACCEPTANCE OF FOREIGNERS

There is a large ex-pat Yucatan retirement community across the state People from all corners of the globe find the Yucatan a warm and welcoming place to call home. TheYucatecan people kindly embrace most foreigners into their relaxed and friendly way of life.

That said, Mexico is not for everyone Type-A personalities, impatient types, demanders, whiners, complainers and those who expect Mexico to be likewhere they came from , are going to have a difficult time adjusting here.

If you are reasonably relaxed, not in a hurry, willing to learn a new way of living, socializing and experiencing life, living in Mexico and especially Yucatan can be richly rewarding Everyday can be an adventure From tending your tropical garden to exploring Mayan Ruins – from a solitary stroll on a lonely beach to a bustling and exotic market there is something here for everyone with an open mind, a willingness to learn and a youthful sense of adventure!

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

Mexico s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!

I have written several articles on the Yucatan real estate purchasing process here in Mexico Articles about the role of the Mexico Notary Public, about rectifying property measurements, and even about Mexico real estate taxes Below are the last points I wish to share with you before covering other topics dealing with owning property in Mexico

CORPORATION CAPITAL GAINS taxes are a little more complicated. If you are holding title by utilizing a FOMC (Foreign Owned Mexican Corporation) you are definitely going to want to employ a good accountant He or she will be able to help you reduce your ISR debt when you sell.

TITLE INSURANCE

Title insurance is available in Yucatan and Quintana Roo Advise your agent and notario that you would like title insurance.

MEXICO MORTGAGE LENDERS

There are mortgage lenders that will loan to foreign buyers Ask you agent for a reliable lender Keep in mind that lenders in Mexico usually require a minimum 30% down stroke, interest rates are typically higher than in the USA, there are many hoops to jump through and junk fees are pricey Deals that involve a mortgage usually take more time to close and often cause a lot ofbrain damage for all parties.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. 512-879-6546

THE www.TOPmexicorealestate.com NETWORK

Mexico s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!

The Mexico real estate industry is faced with many twists and turns that are not normally experienced in property transfers within our own home countriesFor example, it is common in some operations in the Yucatan real estate market the need to rectify property measurements If this occurs, this means most likely, that there is going to be a delay in the Mexico real estate purchasing process. Essentially, the escrituras on file with the Catastro and the seller's copy of escrituras have a (usually small, often infinitesimal) difference in the meets and bounds measurements stated in the documentation.

If the property is to be held in a Fideicomiso, the bank requires that the escrituras of the seller and the escrituras filed with the Catastro be absolutely the same. If they are not, the Catastro will need to send an engineer to the Mexico property to re-measure the property and record it properly. After the engineer re-measures and issues the new measurements, the owners of all the properties that bound the re-measured property must literally “sign off” on the new measurements. This can be a long and arduous process, especially if the property has numerous neighbors adjoining it.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. www.TOPmexicorealestate.com 512-879-6546

Yucat n has been the attention of many international real estate investor in recent years With the many Haciendas, the old colonial architecture, and the increasing amounts of non-Mexican buyers, where can people begin their process into buying property here in paradise We asked Mitch Keenan, a Yucatan Real Estate broker, very well known throughout the entire Yucatan Peninsula, and with many years of on hand experience in Mexico Real Estate to help us out with this post and blog.

This post is about real estate in the states of Yucat n and Quintana Roo The author, Mitchell Jay Keenan,CRS is the general director and the operating broker for Mexico International Real Estate.

Keenan has been living and selling real estate in Yucat n for over 10 years. He has been a licensed broker in the USA since the 1980's. He holds a GRI (Graduate Realtor Institute) and a CRS (Certified Residential Specialist) certifications from The National Association of Realtors (NAR). He currently lives on his Quinta between M rida and Progreso with his partner and their four companions; Wazer, Lover, Lucky and Miri.

Yucatan Real Estate Brief History

Understanding the dynamics of the real estate market in Mexico requires a reflection on the socio-economic conditions that have developed in Mexico over the last several decades. The large middle class that has emerged in the last 30 years has provided for a more robust market. Additionally, with the growing foreign interest in living and investing in Mexico, the market is becoming more dynamic and secure for investment and ownership.

Historically, Mexico was a country of basically two large economic groups; the rich and the poor. The poor rarely owned real estate and the rich tended to subdivide what real estate they had and pass it on to their heirs.

The current real estate market (where two previously unknown parties come together to buy/sell real estate) is still a relatively new business in many regions of Mexico. This is the reason why, in most of Mexico, there is no MLS, no real estate licensing requirements for agents, no governmental oversight, limited institutional financing, and few large, organized real estate companies or real estate professional organizations.

The exceptions to this current scenario are Mexico City, Monterrey, Guadalajara, and many of the coastal resort areas, where there are limited MLS's, large brokerage firms, and functional professional organizations like AMPI.

It is important to remember that Yucat n has been like an “anonymous region” separated from Mexico for decades. Yucatecos tend to think of themselves as Yucatecans first and Mexicans second. Rules, regulations and new businesses practices have tended to evolve here more slowly than in other regions of Mexico.

Mexico Real Estate Purchasing Process

Historically, in Yucat n, when two individuals come together in an agreement to buy/sell real estate, the parties have utilized a “promise to buy/sell” real estate agreement. The agreement is typically drawn up by the Buyer's notario.

Note: the buyer is responsible for paying the notario and closing costs. The seller is responsible for paying their capital gains taxes.

Upon signing, the buyer gives the seller a deposit to hold as earnest money to seal the deal. In return, the seller provides the notario with current and notarized escrituras (title documents), cedulas (tax statements), planos (lot plan), personal data, and corresponding information.

This “promesa de compra/venta” is a vehicle still popularly used in Yucat n, and it is not unusual for a seller that is not represented by a real estate agent to require this contract with the understanding that the seller will hold the earnest money deposit.

Should the buyer fail to buy, at no fault of the seller, the buyer will forfeit the deposit. Should the seller for no fault of the buyer, refuse to sell, there is a penalty clause in the contract penalizing the seller to return the amount of the original deposit and pay a penalty equal to the amount of the deposit. If the seller does not return the deposit and pay the penalty, the buyer will have a very strong case for filing a lien against the property and pursuing legal action against the seller.

Mitch Keenanhas been a Licensed Broker in the United States since the 1980s He holds a GRI and a CRS from NAR (National Association of Realtors) With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service www.TOPmexicorealestate.com 512-879-6546