Menu
Expat.com
Search
Magazine
Search

Closing costs for New Developments in Playa Del Carmen

K
#1
Hi Everyone:
I am buying a new construction in Playacar and I was told the closing cost would be 2%. THis comes out to like $27K and I am wondering WTF this closing costs entails since I am supposed to be buying directly from the developer's sales office. My question to the forum is this high closing cost typical for new construction in Playacar? I am not used to seeing buyer closing costs since the seller is the one who pays the closing costs but I digress this is Mexico not the U.S.
Appreciate all insights. Thank you.
See also
Kat11
#2
In Dominican Republic they charge a 3% transfer fee for an existing condo/or villa and new construction this fee is usually waived. But we bought a new $300k condo on the beach so didn't pay fee. If your paying 27k I guess your spending $1.3million on  place... Wow I thought Mexico was  supposed to be cheap for real estate.
K
#3

@konablacksand

I'm a licensed broker in Playa del Carmen, and this question comes up a lot.

A 2% fee from a developer is usually only one piece. In Quintana Roo, total closing costs for a buyer usually run 7 to 10% of the purchase price. That total includes the acquisition tax, the notary, setting up the fideicomiso (bank trust) and its permit, the appraisal and the registry.

So when a developer quotes 2%, ask in writing:

1. What exactly does the 2% cover?

2. Who pays the acquisition tax and the notary?

3. Is the trust setup included?

4. Can I get the notary's itemized estimate before I sign?

The notary's estimate is the number to trust. Get it before the offer, not at delivery.

****

Moderated by Bhavna 2 days ago
Reason : Advertising
We invite you to read the forum code of conduct

Essential services for your expat journey

Choose the best health insurance
Choose the best health insurance
Protect your health and get easy access to treatment for expats in Yucatan.
Plan your international move
Plan your international move
Facilitate your move to Yucatan by getting a quote from our top rated movers.
Open a bank account that suits you
Open a bank account that suits you
Discover the best international banks to manage your money securely.
International life insurance
International life insurance
Simple term-life insurance covering you & your family across borders
Other discussions on networking in Yucatan
Ask your questionOther discussions about networking in Yucatan

Further reading

Working in Cancun
Cancun and surrounding areas are popular destinations for both tourists and expatriates alike. Cancun is the ...
Working in Jalisco
The Mexican state of Jalisco has vast cultural, historical, and economic importance. It is the land of tequila, ...
Working in San Miguel de Allende
Located in the center of Mexico, San Miguel de Allende is a small city with a rich artistic, cultural, and ...
Starting a business in Mexico
Setting up a business in Mexico is no simple task. It involves a lot of paperwork and bureaucracy, which means ...
Accommodation in Mexico City
As you get better acquainted with Mexico City, you will start to gravitate towards certain types of renting ...
The tax system in Mexico
Mexico has a pretty straightforward tax system. Nevertheless, for someone that is not familiar with it, obtaining ...
Visas for Mexico
Foreign nationals planning to move to Mexico can choose from a range of visas. If you want to stay in the country ...
Study in Mexico
If you're planning to move to Mexico with your family or choose to study there, here is all you need to know ...