Buying a Home in Cabo?
Let’s get you started!
There has never been a better time to purchase your dream home in Los Cabos, one of the most soughtafter tourist destinations in the world.
Whether you’re looking for a luxury vacation home in an upscale community, a beachfront condo perfect for a weekend getaway, a fairway view villa on a world-class golf course, or a stylish residence with family-friendly amenities, our real estate agents are ready to help you find the right property for you.
The Cabo Experience for Foreign Buyers
Cabo’s real estate market is just as lucrative for foreign buyers as it is for Mexicans. However, there are differences on a few aspects that you need to be familiar with. If done right, you can acquire full ownership rights and benefits over the property regardless of your nationality. Yet, there are a few things you need to be aware of beforehand:
The Mexican restricted zone
All the land within 30.5 miles of Mexico’s ocean coast line is, by the definition of Mexican Constitution, the restricted zone. Baja California Sur, including the Los Cabos municipality lies within that zone. Restricted zone is the area where foreign ownership is not recorded on a fee simple-basis. In fact, it is held within Mexican Trust through “Fideicomiso” i.e. using a Mexican bank as the trustee for the trust.
Fideicomiso is similar to Bank Trusts or Family Trusts in the United States. Fideicomiso has proven to be very helpful in effective estate planning not just for foreigners, but also the nationals in Mexico. Sit with one of our agents to get complete and comprehensive understanding of how it works and why it is important. Their knowledge of local laws, regulations, and real estate can prove extremely beneficial to your decision and overall experience of buying property in Cabo.
An Overview of the Property Buying Process in Mexico
Property buying process involves a lot of activities and aspects that might get a bit confusing and complicated without a professional by your side. An agent that understands the market, criteria, and legalities involved can actually break down and simplify the process for you, increasing your odds of making the right decision. That is exactly what we do.
For starters, let’s just share an overview of the property buying process in Cabo.
The Prep Steps
- Make a list – The Internet is a real-estate haven and it is really helpful if a little homework and online research is done by you on the properties you have added to your wish list.
- Call an expert – Well, not everything on the internet is credible. So, you need to contact an agent in order to find out what more they can tell you about your preferred property.
- Get on ground – Still no luck? Visit Cabo to find a property you can fall in love with on first sight!
- Start the Process – Now this is when things start to get real and you actually are just one step away from initiating the purchase process.
The First Steps to Owning Property in Cabo
- Meet the Experts – Meet your Cabo real estate experts and discuss your needs, wishes, budget and technicalities such as payment terms and total cost.
- Take a Tour – Visit the property with your agent to make sure it is able to fulfill your needs, fits your budget, and is worth every buck you are investing.
- The Real Deal – Despite the price tag, we can always help you make and offer you deem fair and negotiate the prices, terms and conditions. This might take more than one meeting, and a couple of counter offers.
- The Paperwork – This is where we will assist you in getting all the paperwork ready, collection and submission of information to the closing agent, and preparation of opening the Escrow.
- Closing Process – As Escrow opens, you will need to deposit Earnest Funds as well as half the closing costs with the help of a closing agent. There are plenty of documents and applications you will need to submit;
• Beneficiary Forms
• Foreign Permit from the Secretary of Foreign Affairs
• Title Search and Draft by the Notario
• Trustee Bank review of Trust (title document)
• Certificates of No Liens
• Certificates of No Debt
• Final Deposit of balance of Purchase Funds and Closing Costs
Closing process also includes scheduling of trips to Cabo for Title signatures. As Transfer of Property Possession and Escrowed purchase funds are released, the formal recording process begins.
Finding the Right Home in Cabo
At CENTURY 21 Paradise Properties, we understand that buying the ‘right’ home means finding the right building with the right amenities, at the right place, and in the right price. The definition varies from buyer to buyer, and we align you with a property that is ‘right’ for you. While Cabo has a plethora of such properties available, know that the ‘best deals’ are the quickest to get off the market. However, that is no excuse for leaving out all the due diligence.
With our help you can grab your ‘right’ home quickly. Through our experience, expertise, and professional commitment to provide complete and reliable support, we are here to make your Cabo property buying experience the most value-yielding one. So head for the right start by submitting your contact information and we will get back to you along with the best Cabo property purchase experience created exclusively for your needs.