How to Find and Make an Offer On Your Dream Condo in Tulum Mexico as an American
So you’ve been searching and found condo properties you really like in Tulum Mexico. Well, now it’s time to think about checking these properties with a real estate agent and making an offer on the condo that you like.
Here are the 7 Steps to finding and making an offer on a Condo in Tulum Mexico as an American.
Step 1: Find a Condo in Tulum Mexico with a Real Estate agent.
There are a lot of Condos in Tulum Mexico to choose from, but finding the right one is a matter of knowing what to look for and getting a good deal.
Perhaps you’ve already been exploring some condo listings and have a few you really like. It’s time to discuss with a real estate agent about these condos and explore other condos that are available that you might not have reviewed yet.
Step 2: Review and Check the Condo.
After selecting 2-5 condos that you really like, it’s time to check these condos for any encumbrances and to verify they are able to be purchased legally.
You and your real estate agent will review the properties to check they have a proper title and all documentation for being able to purchase safely and securely.
If the condos do not meet these requirements or have any encumbrances then your real estate agent will explain this to you and advise you not to go through with making an offer on the property.
If the condo is deemed to be properly titled and has all required documentation to make an offer then the good news is you will be able to become the owner of the condo and you can move on to the next step.
Note: If you are applying for condos on another website or directly dealing with a developer then you run the risk of buying a Tulum condo not properly checked and you are not being represented as the buyer.
We recommend you contact our qualified Tulum real estate agents who will perform all the necessary checks on the properties and will help you throughout the process.
Step 3: Reserve the right to buy the condo
The next step is to reserve the right to purchase the property. This step is important as other buyers are looking for condos and could reserve and put an offer before you. This could mean missing out on putting an offer and buying the property.
At this stage with the help of your real estate agent will put in a small refundable deposit to reserve the right to buy the condo.
Once the deposit is received you have up to 15 workdays to decide if you want to buy the condo. Within these 15 days, you can retract the right to put an offer on the property, and your full deposit it paid back to you. The condo will be unreserved and can be purchased by somebody else.
In most cases, the deposit is $5,000 USD and in some cases less than this amount. Then you go through with the downpayment and purchase of the condo this deposit is added in.
Step 4: Review the deal and sale contract. Negotiate price and deposits.
During the reserve to buy 15 day period, you will be reviewing the sales contract as well as being able to negotiate any discount which can depend upon the amount of the first downpayment.
Your real estate agent will be assisting you in the checking of the sale contract. They will help you negotiate on the price and help you amend any additions to the sales contract between you the buyer and the condo seller.
This is an important step as the sales contract needs to be properly reviewed and clarified. As the buyer, our real estate agents help you understand and clarify the sales contract with you.
If you are thinking about making an offer on a condo then it’s important to use the service of a qualified real estate agent. Click here to contact our real estate agents in Tulum Mexico now.
Step 5: Make 1st downpayment
So everything has checked out to be fine, you have clarified the terms of payment and negotiated any discount. It’s now time to put a downpayment on your new dream condo in Tulum.
With signing the sales contract the next step is the put down your first downpayment. This can be anything from 20% to 50% depending upon the agreed-upon terms in step 4.
The exciting news is you are getting closer to the ownership of your new condo in Tulum Mexico.
Step 6: Finalize your fideicomiso
In this step, you are working on finalizing your fideicomiso which grants you the right of ownership through a trust. You will be working with a lawyer and notary who will process and finalize this for you.
Step 7: Get Ownership of your Condo
So you’ve finalized your bank trust and you’ve fully paid your condo in deposits or installments. Now is the time to get the keys to your dream condo and start using it as you intend to.
You can rent or use your condo however you want. It is now your condo.
As an American, the finding and buying of your condo in Tulum Mexico is a fairly straightforward process. However, it’s important that you do it right. This means being represented by a real estate agent and following all the correct processes to guarantee a safe and secure transaction.
Buying your dream condo in Tulum is an exciting and rewarding experience. To ensure you find and buy the condo you want be sure to use our qualified real estate agents in Tulum.
They will help you free of charge and will represent you as the buyer. This is important as sellers make sure they are represented but you as the buyer are often left to your own devices.