If you follow the right steps, buying a Playa del Carmen Property can be one of the most rewarding experiences in your lifetime; if you don't it could turn into a nightmare. This is a fact that 15 years ago, most people didn't really consider, and because of this ignorance people put themselves at unnecessarily high risks; risks that can be avoided by contacting an experienced, reputable agent.
The ignorance of acquiring real estate in Playa del Carmen, and all of Mexico, was true for foreigners and Mexican nationals alike. An extreme example can be seen in the “land invasion" which allowed Playa del Carmen to develop into a separate municipality; this land invasion had just about everything wrong with it – from political motives to legal issues and ownership disputes.
This historical land invasion led 150 families to move (illegally) onto disputed property (which is now the working class neighborhood of Colosio at the north end of downtown) with the support of various politicians. While the conflict between the involved parties has mitigated over the years, and residents of the neighborhood now have the option of paying to have proper deeds drawn up, still 16 years later, many of these residents are tangled up in legal disputes. This 16 year process of complications is considerably drawn out (much more than usual), but even foreign buyers who failed to follow proper procedures have found themselves in shorter, but perhaps no less nightmare-like situations.
These “nightmares" provides a stark contrast to the clear information and processes now available to Americans and Canadians buying land and other property in Playa del Carmen . If done properly, acquiring Playa del Carmen Land is now a safe, clear process, which can open great opportunities for investors and home builders. Here are a few of the main points to consider.
Although non-Mexicans cannot legally own Mexico Land , or other property within 50 km (35 miles) of the beachfront (which includes all of Playa del Carmen and well beyond), a special bank trust has been created allowing a bank to hold the property, and giving the non-Mexican all the rights and privileges of ownership, including building, modification and passing on to an heir. This bank trust is a completely safe method of foreign ownership.
Also, in the wake of the North American Free Trade Agreement, new funding options have appeared, making methods such as direct mortgage on the property being purchased, and seller funding, guaranteed and safe-guarded by a bank agreement, both available and safe for non-Mexican buyers.
Perhaps one of the most significant advancements has been in the professionalism of the real estate industry in Playa del Carmen, and Mexico as a whole. As recently as the 90's, it was more or less the norm for even American and Canadian buyers in Mexico to complete the transaction, quite ignorant of the legal implications and necessary steps in the process, thus putting themselves at unnecessarily high risk. A reliable, experienced agents can now provide information, guidance and step by step assistance in this process to minimize these risks.
While we look back at the how much the land invaders of that working-class neighborhood at the north of Playa del Carmen risked in their actions – some of them getting lucky enough to have gained legal ownership of their properties, while others are still struggling with ownership dispute they may never resolve – we as international real estate buyers in the current day have the resources available to make a safe property purchase in Playa del Carmen.
Make sure you do your homework; find an experienced, reliable agent to represent you in your Playa del Carmen property purchase. Make sure this experience becomes a dream come true!
TOPMexicoRealEstate NETWORK; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely