MARINA TOWERS DEVELOPMENT

• What is the Marina Towers development?

  Marina Towers is a gated luxury beachfront condominium development featuring:
  · A masterplan of three towers
  · The construction phase for Tower A is 24 months, beginning in July 2023. Timelines for Tower B and Tower C are yet to be determined.
  · Each tower will have 25 floors.
  · Each tower will have 4 high-speed elevators, three of which will be for owners and one large elevator for moving furniture and medical emergencies.

• What amenities does the development offer?

  Amenities include paddle courts, pickleball courts, movie theater, kids playroom, lush tropical gardens, pet park, yoga/meditation area, business center/coworking, pool bars, games rooms/sports bar, private marina, yacht club, beach club, extensive wine cellar, fire pits, solar panels on tower roofs, and special events venue for owners.

• What services will the development offer?

  Services include electric water taxis, electric bicycles, 24/7 concierge, 24/7 security and CCTV, Tesla and Rivian chargers, ocean view restaurant/bar, and 24/7 on-site medical services provided by SANMARÉ Health-Care Group.

UNIT TYPES AND FEATURES

• What unit types are available?

  Unit types include studios, one-bedroom, two-bedroom, and penthouse units. Here is a breakdown:
  · First Floor (Garden Villa): 1 unit
  · Floors 2-19 (Types A, B, C, D and E): 6 units per level
  · Floors 20-24 (Types C and F): 3 units per level

UNIT DESCRIPTIONS

• Type A

  Bedrooms: 2
  Bathrooms: 3
  Area: 1,672.71 Sq. Ft | 155.40 M2
  View: Beachfront
  Parking: 1 space included

• Type B

  Bedrooms: 1
  Bathrooms: 2
  Area: 1,297.37 Sq. Ft | 108.96 M2
  View: Beachfront
  Parking: 1 space included

• Type C

  Bedrooms: 4 + flex
  Bathrooms: 5
  Area: 3,161.46 Sq. Ft | 293.72 M2
  View: Beachfront + Bay View
  Parking: 2 spaces included (tandem)

• Type D

  Bedrooms: 2
  Bathrooms: 3
  Area: 1,319.33 Sq. Ft | 120.53 M2
  View: Bay View
  Parking: 1 space included

• Type E

  Bedrooms: 2
  Bathrooms: 2.5
  Area: 1,729.54 Sq. Ft | 162.29 M2
  View: Oceanfront + Bay View
  Parking: 1 space included

• Type F

  Bedrooms: 3 + Flex
  Bathrooms: 3
  Area: 2,791.94 Sq. Ft | 261.43 M2
  View: Oceanfront
  Parking: 2 spaces included (tandem)

• Is storage space available?

  Yes, but only for the 3- and 4-bedroom units. Storage spaces are limited and will be given to the first units sold.

• What are the services and social amenities on the ground floor?

  There is a lobby with 24/7 concierge service and security, as well as bathrooms for both genders, storage area, an electronics site, an owner and guest lounge, and a co-working space.

PRICING AND FINANCING

• What is the range of unit prices?

  Prices vary according to unit size, location, and amenities. Detailed pricing information is available at http://34.229.212.161/en/availability/.

• Are there any financing options for buyers?

  Yes, a direct financing option is available from the developer during the construction phase.

COMPLETION AND FEATURES

• What is the estimated completion date?

  Tower A is scheduled for autumn/winter 2025. This is subject to change as construction progress.

• What is the neighborhood like?

  Marina Vallarta itself can be considered a micro-destination in its own right. It was built around two anchor points: a large 450-slip marina and an 18-hole golf course. With more than a kilometer of beach, this exclusive community is recognized for hosting world-class hotel chains and for offering a wide variety of activities and entertainment.

• Is the development pet friendly?

  Yes, but the specific pet policy will be provided in the Rules and Regulations.

• Can buyers customize their units?

  No, customization is not allowed during construction.

• How much is the Home Owners Association (HOA) fee?

  The fee is 0.33 USD x FT2 and covers the maintenance of the common areas, amenities and common expenses. This fee is subject to change.

• Is there a warranty on the units?

  Yes, warranties are in accordance with Mexican law, with 1 year on finishes and equipment and 5 years on structural integrity.

INVESTING AND SELLING

• Can investors buy units for rental?

  Yes, investors can purchase units for rental. The condominium rules will outline the minimum stay.

• What is the deposit plan for purchasing a unit?

  There are options for 30%, 50% and 80% down payments.

• Are there any restrictions on the resale of units?

  Units can be resold once construction is complete and the unit has been notarized in the buyer’s name.

PURCHASE PROCESS

• What is the closing process for a unit purchase?

  The process includes:
  · Purchase request.
  · Delivery of the buyer’s documents, including the “Know Your Client” format.
  · Signing the contract.
  · Scheduled monthly payments.
  · Receipt of the unit.
  · Notary closing and deed.

• What is the payment plan for unit purchase?

  A deposit of 10,000 USD is required to secure the unit. Within 10 days the contract must be signed and the down payment (30%, 50% or 80%) paid. Monthly payments of the balance must be made during construction, with 10% due on delivery of the unit.

FOREIGN BUYERS

• Can foreign buyers legally own a property in Mexico?

  Yes, foreigners can own property in Mexico. While there are some restrictions on owning direct beachfront or border properties, foreigners can purchase property through a bank trust system called “fideicomiso” or in certain areas, through a Mexican corporation. This allows foreigners to have the legal rights to the property, including the right to sell or lease.

• What is a “fideicomiso”?

  A “fideicomiso” is a trust agreement with a Mexican bank that allows foreigners to purchase property within restricted areas (i.e. within 100 kilometers of the border or 50 kilometers of the coast). The bank acts as trustee, while the foreign buyer is the beneficiary of the trust and retains full control of the property, including the right to sell, lease, modify or bequeath it.

• How long does a “fideicomiso” last?

  The trust is initially set up for a period of 50 years. However, it can be renewed indefinitely, ensuring that property remains within the family or can be passed on to heirs.

• Are there any additional costs involved in setting up a “fideicomiso”?

  Yes, there are fees to set up the trust and annual fees to maintain it. These fees vary depending on the bank and the value of the property.

• Can foreigners get a mortgage in Mexico?

  While it is less common for foreigners to obtain mortgages directly from Mexican banks due to high interest rates and shorter terms, some international banks and lending institutions offer mortgage products for foreign buyers in Mexico. In addition, many developers, including Marina Towers, offer direct financing options.

• If I decide to sell my property later, are there any restrictions?

  No, as the beneficiary of a “fideicomiso” or owner through a Mexican corporation, you have the right to sell your property to any buyer—Mexican or foreign. If you sell to another foreigner, the process of transferring or creating a new trust will be required.

• How are property taxes determined for foreign owners?

  Property taxes in Mexico are determined by the local municipality based on the cadastral value of the property, which is usually lower than the market value. Foreign owners pay the same property tax rates as Mexican nationals.

• What other legal considerations should foreign buyers be aware of?

  It is important for foreign buyers to work with reputable real estate agents and notaries who are familiar with transactions involving foreigners. They can guide you through the nuances of Mexican real estate law, ensuring that all legal requirements are met, and your interests are protected.