Your Guide to Buying Your Dream Home in Mexico
Here’s what you need to know!
Dreaming of waking up to ocean views? Thousands of expats like you have chosen Bahia de Banderas as their home, and it’s easy to understand why. This guide covers everything from finding the perfect property to completing the purchase smoothly.
Your Dream Team:
Finding the right real estate agent is crucial. Look for someone affiliated with AMPI (Mexican Association of Professional Realtors), ensuring professionalism and expertise. Coldwell Banker La Costa agents are thoroughly trained and committed to guiding you through the entire process.
Understanding Fideicomisos:
Since most properties in coastal areas like Puerto Vallarta fall within restricted zones, you’ll likely use a fideicomiso, a trust held by a Mexican bank on your behalf. Your agent will explain everything in detail.
The Buying Process:
- Finding your property: Browse online and explore different areas. Consider factors like budget, lifestyle preferences, and the difference between Puerto Vallarta and Punta Mita.
- Making an offer: Your agent will guide you based on current market trends.
- Escrow and Deposit: Once your offer is accepted, an escrow agreement is signed, and a deposit is placed.
- Due Diligence: This involves verifying title, permits, and other legal aspects. Your agent will manage this process.
- Closing Costs: Closing costs are typically around 4-6% of the purchase price and are the buyer’s responsibility.
- The Closing: The final step involves signing documents and officially taking ownership of the trust.
Key Points:
- Notaries in Mexico play a vital role in real estate transactions, holding government appointments and overseeing the legal aspects.
- Closing coordinators can help with paperwork and translate documents, ensuring a smoother closing experience.
- Upon purchasing, you officially own the beneficial rights of the trust, granting you full control over the property.
- Trusts have a 50-year lifespan and are renewable for subsequent periods at a minimal fee.
- Capital gains tax applies when selling the property, but there are potential exemptions depending on your visa and residency status.
Don’t hesitate to reach out to a Steve! He’ll answer your questions and guide you through each step of your journey to owning your dream property in Mexico.
Ready to embark on a global real estate journey?
Contact Steve Szabo & let him Guide you to Buying Your Dream Home!
