| emd3 |
Jan 4th, 2017 12:56 PM |
We own two condos in Playa del Carmen. Our most recent purchase was from the developer SIMCA, a reputable builder. Our transactions with them went well, they have English-speaking staff, it was much like dealing with an American builder re the closing, walk through, list of things to be done before closing by the developer, etc.
I assume you know that anywhere in MX if you own land within 50 miles of the coast you must have a trust called a fidelicomiso that is held by the bank. You must pay a fee for the bank to hold the trust. You own the condo and can sell and deed it, but the bank holds the trust.
It is customary to pay 100% cash for condos in that area. The companies/banks do not like to finance, and you will pay dearly for it if you do it. I know no one who has put 30% down. We have two condos and paid cash for both.
Be caregul about the developers. There was a HUGE scandal with the Cantex group in Playa a few years ago. They developed El Faro, a very nice condo development on the beach, and proceeded to manage the condos and scammed the owners out of huge amounts of money (they were renting the condos and not telling the owners when they rented, among other things, keeping all the money for themselves. Heads rolled and leaders of that co. went to jail. It happens.
Get a reputable and recommended realtor down there, do not try to deal with the developer yourself. I would never do that. It costs you nothing to have a realtor, and you gain nothing by not having one as a buyer. (Selling is different, but we would stil use a realtor). And get a VERY good lawyer down there to review all the documents before you go through closing. There have been instances where the developer never gets clear title to the property and therefore the owners never get clear title either...a disaster.
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