 |
....was constructed approximately .... years ago...
 |
 |
 |
 |
 |
 |
DATA:
Purchase And Closing Process:
All legal matters (contract, earnest money escrow, title search, closing) to be advised and handled by a local Notario Publico office of the buyer's choosing. There are at least two Notario offices with English-speaking attorneys on staff. We can help you set up appointments with either of these if you like. (Notario Publicos in Mexico are special, government-appointed attorneys, charged with handling real estate transactions in a manner fair to both sides. They conduct the title search, acquire the foreign-ownership permit, and set up the foreign-ownership trust for the buyer. The process takes about six weeks, on average, from signing of the sales contract to day of closing. Buyer need not necessarily be present at closing. Buyer may appoint a representative to act in his/her behalf if desired.)
In Mexico, mortgages are only beginning to be used, and are still rare. The vast majority of real estate purchases in Mexico do not involve mortgage loans. Most often, people here simply save until they have the funds to buy outright. A few US lenders are now making dollar-based loans on Mexican properties to US citizens. Rates, however, are fairly high, but this is an option for some, at least as a means of making a purchase, until a better source of funds is found.
Closing Costs:
In Mexico, seller pays realtor fees, if any, plus Mexican capital gains tax, if any. Buyer pays Notario Publico fees, foreign-ownership permit, tax appraisal fee, deed registration fee, first year's trust fee, etc. Total buyer's closing costs usually run from 5% to 7% of purchase price.
Annual fideicomiso (foreign-ownership trust) fee is roughly $450 US.
