I was asked by Tactialtj to start a thread about home ownership and the trials and tribulations of purchasing property in Cozumel.
Just a little background. My wife and I had dove in a number of places; Costa Rica, Jamacia, Cayman Islands and several places in the US. She and I both loved Cozumel
and we began toying with the idea of home ownership.
In early 2004 we began looking in earnest. We drove around, walked and had the dive op we use help us follow up on the size and price range we wanted. As those of you that have driven around in the subdivisions know, much of the proerty is surrounded by walls, gates or fences. So it made it quite difficult to really see all the property.
Also knowing two or three dozen words and being able to have an intelligent conversation in Spanish are two totally different things.
We met with some ex-pats who lived in Cozumel and found out what their experiences had been. We were told about the different fees and the procedures so went into this with our eyes open.
We had made over a dozen trips diving and looking before we were finally committed to buy.
We decided that we wanted a place in town and something that was already built. We looked at several of the realty websites and saw several pieces of property that interested us on the Coldwell Banker website.
During Thanksgiving Week 2004 we found a 2,000 sq. ft. two-story house on 70th Street. It had been built about 40 years ago but was sound and in good condition. It had new tile, a new front door and the electrical had been redone within the last 10 years. This was the fixer-upper we were looking for.
We asked Rita at Coldwell Banker how much below the asking price the owner was willing to come down as we saw evidence of home for sale signs that he had put up over the years. Her reply was solid," If you're truly interested make him offer I know that he wants to sell."
Coldwell Banker told us that an upper level attorney or Mexican Notary (only three on the island) would have to process the application and that his fee was from five to eight percent of the sale price. In addition there would the trust fee which would run about $500 to $800 per year depending on the bank used.
We came home took off 10 percent of the asking price and made an offer. We signed a letter of offer and sent a $500 deposit to go into escrow back through Fed Ex.
A closing date of Jan 6th was set but had to be rescheduled for Jan. 16.
Continued on next thread.
Just a little background. My wife and I had dove in a number of places; Costa Rica, Jamacia, Cayman Islands and several places in the US. She and I both loved Cozumel
and we began toying with the idea of home ownership.
In early 2004 we began looking in earnest. We drove around, walked and had the dive op we use help us follow up on the size and price range we wanted. As those of you that have driven around in the subdivisions know, much of the proerty is surrounded by walls, gates or fences. So it made it quite difficult to really see all the property.
Also knowing two or three dozen words and being able to have an intelligent conversation in Spanish are two totally different things.
We met with some ex-pats who lived in Cozumel and found out what their experiences had been. We were told about the different fees and the procedures so went into this with our eyes open.
We had made over a dozen trips diving and looking before we were finally committed to buy.
We decided that we wanted a place in town and something that was already built. We looked at several of the realty websites and saw several pieces of property that interested us on the Coldwell Banker website.
During Thanksgiving Week 2004 we found a 2,000 sq. ft. two-story house on 70th Street. It had been built about 40 years ago but was sound and in good condition. It had new tile, a new front door and the electrical had been redone within the last 10 years. This was the fixer-upper we were looking for.
We asked Rita at Coldwell Banker how much below the asking price the owner was willing to come down as we saw evidence of home for sale signs that he had put up over the years. Her reply was solid," If you're truly interested make him offer I know that he wants to sell."
Coldwell Banker told us that an upper level attorney or Mexican Notary (only three on the island) would have to process the application and that his fee was from five to eight percent of the sale price. In addition there would the trust fee which would run about $500 to $800 per year depending on the bank used.
We came home took off 10 percent of the asking price and made an offer. We signed a letter of offer and sent a $500 deposit to go into escrow back through Fed Ex.
A closing date of Jan 6th was set but had to be rescheduled for Jan. 16.
Continued on next thread.
