After Coco & Lum Realty has helped you find your ideal property, there are still a few things you need to do. Buying property in México and Mayan Riviera is really all about getting your finances in order. We have some tips to help you out.There are three key steps and time frames you need to bear in mind:
Once you’ve found a luxury apartment or home that you wish to buy, you’ll need to sign a Provisional Sale & Purchase Agreement. An initial 5% holding deposit of the agreed-upon sale price is paid to the vendor upon signing this contract.Remember: buying property in Riviera Maya can be stressful, but it should also be exciting!
Typically two weeks after signing the provisional agreement the formal S&P Agreement is signed. This document is prepared and executed by each parties’ solicitors. Now, a further down-payment ranging between 5-10% is payable.You’re now another step closer to your dream luxury property in Riviera!
Completion is when you finally get to have the keys to your new home. Typically this is two months from signing the first document. The balance of the purchase price plus related costs are transferred to the vendor’s solicitor on or before this date. If you have applied for a mortgage, your lawyer will draw down the loan on the date of completion and make arrangements for the payment of Stamp Duty.Prior to completion you are entitled to a final inspection of the property to ensure that it is in the condition agreed to by both parties.Congratulations! You are now the proud owner of a beautiful luxury apartment in Riviera Maya.To start your real estate search, call us on +52 998 3074556 now.