purchase in mexico

A First-Time Buyer’s Guide to Purchasing Property in Mexico

If you’re considering a real estate investment in Mexico for the first time, we want you to know that it is legal, simple, and affordable. And since Selva Escondida is a brand-new development, and you are buying directly from the builder, it’s even easier.

Some people are under the impression that you need to have residency in Mexico to purchase property here, but that’s not the case. The only requirements are a valid passport, a driver’s license or another form of ID, and a recent utility bill to show proof of address.

1. Select your new home away from home

At Selva Escondida, we have both condos and townhomes. What’s the difference? Our condos are larger and have a utility room off the kitchen. The single-level townhomes are slightly smaller and offer your own outdoor living space. Both are two-bedroom, one-bath. We have knowledgeable sales agents who can show you floor plans, what’s available and provide accurate price breakdowns of all associated costs. You will be able to select a specific condo or home from our properties.

2. Choose a payment plan

We have payment plans for every nationality! With the help of our trusted lending partners, we can offer financing for Canadians, Americans, and Mexicans living aboard. And if you decide to pay in cash, you may be eligible for a special discount. Our knowledgeable sales agents can explain the different options and find the one that will work the best for you.

3. Place a deposit

To reserve the home or condo, we require a 10% deposit. If you need a little more time to make the decision, you can place a risk-free 8-day hold of $20,000 MXN. (about $1,000USD) The funds can be sent electronically to your local bank or by using an online transfer service such as TransferWise or OFX. You’ll also receive a purchase order from us detailing the property price, payment plan, and completion date of your property. The purchase order can be signed electronically.

4. Sign the contract

Shortly after making the deposit and signing the purchase order, we’ll have your contract ready for review. It is a clear, easy-to-understand English contract, and it can be signed electronically. An attorney is not necessary to purchase property in Mexico, but you are free to hire your own to assist in the process.

5. Set up the bank trust

Since we are just two miles from the coastline, a Mexican bank trust is required for foreigners to own at Selva Escondida. It is a very easy process and using a trusted bank, we help you set this up. The initial setup fee is approximately $2000 USD, and $500 USD annually after the first year. This step starts before closing and can also be done via email.

6. Receive your home and sign the title deed

We deliver your finished home or condo to you by appointment. You will walk through your new home and inspect it with one of our closing agents. You will also have an appointment to sign the title deed. These appointments can be scheduled during the same trip, or in some cases, the same day! You can be present for the delivery and title signing or appoint a power of attorney to do this for you.

7. Enjoy the good life!

This step is even easier than the rest… now it’s time to enjoy the beach life and discover the wonders of the Riviera Maya.

We love to help you own a piece of paradise at Selva Escondida. If you have questions or want to get started on making your dream a reality, feel free to contact us. For a more in-depth look at how it all works, you can also read our article: 10 Facts to know for Confident Property Buying in Mexico

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