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Real Estate Agency
What To Be Cautious Of When Buying Real Estate In Costa Maya
With an investment opportunity as exciting as that of the Costa Maya, you can bet that there are those trying to make a quick buck by taking advantage of foreign investors. When purchasing any foreign real estate it’s important to do your research and make decision based on your mind, not heart. Here you’ll find a few things to be aware of when purchasing Costa Maya real estate.
Don’t bank on promises:
Never pay for a title to “now”, that you’ll receive in the future. Believe it or not, property owners have paid locals for untitled property with a promise to receive the title in the future. You should get the title when you pay.
Check the property title:
Since there are no real estate licenses in Mexico, anything goes because anyone can legally sell you a piece of real estate in Costa Maya. When you receive your title, verify that it is in fact the title for the real estate lot that you think you’re buying.
Don’t fall for the price hike:
When a price is agreed upon there is no written document holding the agreed upon price while the details are being completed. Sellers often try to take advantage of this by hiking up the price at the last minute. When buying Costa Maya real estate from a local or an agent your not sure of, it’s best not let yourself get emotionally invested until after the deal is done so that you can walk away easily if you feel the deal is going sour.
When buying Costa Maya real estate – or any real estate in Mexico, always:
·Purchase title insurance
·Get a lawyer
·Work with a reputable agent
·Get a guarantee that the land is buildable zoned for your intended use
·Find out about availability of water, phone lines, and electricity
Buying directly from locals can be less expensive than buying from an agent, but make sure you’re fully aware of the Mexican laws of property transfer and ownership and well versed in the native language.
However, you may prefer the turnkey approach to buying Costa Maya real estate, meaning that instead of finding various locals to handle different aspects of the transaction you hire one, reputable English speaking company. In this case, consider Trans Caribbean Trust, the only Costa Maya real estate agency recommended by the Oxford Club, a private international group of investors.
Any type of real estate investment requires knowledge of the local areas and reliable resources to count on. With a little research and a few key contacts, buying in Costa Maya can be a seamless and extremely profitable experience.
Christine Harrell
View all articles by Christine Harrell
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