If I was to but an apartment for 600,000 pesos cash does anyone know how much more I would have to pay to put it in my name and pay someone to sort out the bank trust thing, paperwork etc. What do you reckon the total cost "all-in" would be? And does anyone know a reliable man/woman here who can sort it all. I haven't got a clue how it all works and I don't want to get done up like a kipper! Thanks in advance!!
I don't know the cost, but as far as an attorney to handle the paperwork, I'd recommend this guy. Very knowledgeable, explains the legal framework in layman's terms, and speaks English. I didn't use him for a real estate transaction, but went with my sister when she was using him for a land purchase (which he wisely talked her out of considering who the seller was and problems with ejido land). Juan José Corona Barssé Corona Barssé Reno 45, SM.20 77500 Cancun, Quintana Roo, Mexico Telephone: +52-998 884 3437
Every transaction is different. Initial trust fees will run something around $2500 USD give or take, but it will depend on the bank you use. I recommend getting someone to make sure the property is free and clear, no liens etc. And I would make the purchase conditional on the positive result of that search. Carmen Bianca is a local bi-lingual real estate agent with a lot of experience in Cancun's condo market, she might be able to help you do this search. She's honest and quite competent. I have no idea what she would charge for that. PM if you want her contact info. Fernando Doblado is a local bi-lingual attorney who works in real estate. He recently charged one of my clients $1000 USD for a full history title search on a property in Cancun (he went back over 20 years). His office is completely professional and I recommend him highly. His firm's site is here: http://www.lawfirmmexico.com/bio_fd.html It's difficult to obtain title insurance here. So it's wise to make sure you do your own title search. You may also want to get estimates on closing costs from more than one Notario Publico. The costs can vary widely from one Notario to another.
You may find these sites helpful. The first gives an idea of the associated costs and the second has a list of Cancun Notarios. http://www.settlement-co.com/closingcosts.htm http://www.cancun-webs.com/cancun_legal_services/inicio.htm When we bought our house last summer, we had the services of Notaria # 3 and were extremely pleased with how he handled everything. I'm sure others will have other names as well. Best of luck.
Real Estate I agree. Contact Carmen Bianca. She knows the right people to contact and to get you settled into your investment without any hassles. She will help you along the way with its many bumps as the real estate transactions have a tendency to do.
Matt, You don't need a broker. You need an attorney. I can recommend mine who has handled two rather problematic transactions for me. I am happy with her fees, performance and communication. She is bi-lingual. Please note that I said LINGUAL. I am happy to introduce you or give you contact info if you want to PM me. She was recommended to me by Joe from My Place, which may be before your time. She handled a lease agreement for him on a large retail space in the HZ. The total cost varies and the buyer typically pays everything but brokerage and seller's attorney fees. I would say 8-10% is a decent estimate but there are games that can be played to make costs cheaper. Your lawyer does a lot of work to protect you and I would NEVER do a real estate deal without one, and I do this for a living. A friend recently sold a property and when he bought it he made about every possible mistake that he could make, the first of which was not hiring a competent attorney. I also could refer you to that attorney as this was one of the problem transactions I referred to. Attorney #1, my attorney, represented the buyer and #2 represented my friend, the seller. Let me know if I can help. Good luck.
My suggestion of Carmen was that she might help you with the title research and to make sure that the papers are all in order. She's really detail oriented and knows how to get things done. I was not suggesting that you add an agent in the middle of a deal, that wouldn't work. But you might consult with Carmen, she's one of the most experienced agents in Cancun. One concern with buying a condo is maintenance. Are the neighbors paying maintenance? Or are they letting the building rot? Remember that you are buying a situation, not just a property.
