Buying a home or property is a significant, time-consuming decision, one that can seem almost overwhelming, at times intimidating, in a foreign country. Royalty Real Estate San Miguel will be your guide every step of the way and you can always depend on our integrity, honesty and loyalty.
Royalty Real Estate’s pledge to you:
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We listen to our clients to ensure we are aware of all your real estate needs
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We provide as much information about the neighborhoods and types of properties available to help you make an informed decision
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We will take you to visit homes/areas that match your specific criteria
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General information about buying property in Mexico:
Once you decide to make an offer on a property, a formal written offer is presented to the seller. If the seller agrees to the offer, a binding contract is established; the buyer provides a down payment of 10% of the purchase price.
Mexico has long been a center of real estate investment and there are numerous foreign homeowners here in San Miguel who have full title to their properties. Since the enactment of NAFTA in 1994, foreigners can own property outright in most areas of Mexico (except within 30 miles of the coastline or within 50 miles of the border with the U.S.).
Financing is still not as readily available in Mexico as in the United States, however, some American lenders and Mexican banks have begun offering financing options to Americans and Canadians, especially in prime investment zones such as San Miguel. We will be happy to help you in exploring all of the financing options available.
This deposit should be made by certified or cashier’s check, and will be held by Royalty Real Estate until closing. The buyer will have several days to provide the deposit as circumstances require – for example the buyer may need to return to their home country to access these funds. This is a normal procedure with all real estate transactions in Mexico and we will help in this process.
The Buyer and Seller will determine the date of the closing (usually within 30 – 45 days) which will occur at the office of a local Notario Público (Notary Public). Mexican Notarios are highly trained attorneys authorized by each individual state to attest to the genuineness of the documents they prepare or certify; they act as officials designated by the government to collect real estate taxes and insure that all transactions are carried out within the law.
Notarios play several important roles; however, in real estate transactions their main responsibilities are to formalize the transaction and withhold taxes from the parties involved. At the time of closing, the earnest money and balance of the purchase amount will be presented to the seller and the property transfer will occur. The Notario Público will release the new property title (escritura) to the buyer at this point.
The Buyer will need to provide their current passport and visa. It is not necessary for the Buyer to hold a FM3 Visa (permanent visa) – a Tourist Visa will suffice.
The closing costs required are negotiable and depend on each Notario Publico and include a transfer tax of 0.004368% of the sales price and closing expenses such as Appraisal, Certificate of no Liens, Deed Registration, and other Certifications.
The Seller pays all capital gains tax and the agent’s commission. Royalty Real Estate San Miguel will help determine closing costs prior to closing as they are unique to each transaction depending on the purchase price and other variables.While this process may seem daunting, it’s really quite simple. Royalty Real Estate San Miguel will be your guide every step of the way and you can always depend on our integrity, honesty and loyalty.