Interested in buying Real Estate in Costa Maya? Want to know how to avoid real estate scams in Costa Maya? Our guide gives you the tip on the most common scams used to con foreign buyers.
Costa Maya Mexico is fast becoming the most talked about area in Mexico to buy real estate. Not only is the Costa Maya a popular choice for Mexicans wishing to buy a second property either for a vacation home or as an investment, but increasingly many Americans are becoming interested in buying real estate here. There are a couple of reasons for this. Firstly, the idea of owning a property on the beachfront overlooking the golden beaches and warm blue seas would appeal to anyone. However, the fact that the US real estate market currently seems to be stagnating has led many US buyers to look towards the Costa Maya on the basis that real estate values in the area look set to sky rocket over the next decade or so.
Real Estate Scams in Costa Maya
With so much enthusiasm surrounding the real estate market in Costa Maya right now, it’s inevitable that a few unscrupulous characters are going to find a way to get in on the action and scam some unsuspecting foreigners out of their money. There have been a few reports of Americans getting scammed out of their money when buying real estate in Costa Maya which is why it’s important you take a few basic precautions to avoid the scam happening to you.
Costa Maya Real Estate Price Scam
The process of buying real estate in Costa Maya involves several stages. Often what can happen is that you as the buyer will reach an agreement over a price with the seller verbally before embarking on the process of filling out paperwork and cutting through all the red tape. The verbal agreement on the price, however, is not binding and what can happen is that you are presented at the last minute with a legal document to be signed in which the price has been raised from the originally agreed upon figure. The hope of the seller is that you’ll either be unable to read the Spanish and sign the document or even if you do notice it by that time you will have spent so much time working to get the real estate that you’ll just agree to the price hike.
Costa Maya Real Estate Title Scams
Very often real estate scams revolve around the title. Sometimes you’ll be asked to pay in good faith and the title will be given to you later on. There’s usually a story accompanying this scam that involves the title being unavailable currently due to some legal process but you should pay up front as many other people have put in offers and in order to avoid disappointment you need to show your commitment. Needless to say you should never agree to this.