Hopefully, by now you have gone through the rigorous journey of finding your ideal property, and your offer to purchase has been accepted. Now it’s time to start concentrating on the closing process. Here is where many first time buyers get a bit confused. It is very easy to get frustrated during this procedure!
But not all is lost. In this kit, we will walk you through all the necessary steps to owning a home in paradise. These are the topics included in this kit:
Attorney fees – Legal representation and counseling need to be considered in your closing costs. Having a lawyer who knows the local law is an absolute must. He will also keep you away from the mistakes made by people who don’t totally understand the closing process. Have a lawyer review the closing paperwork before proceeding to the closing appointment.
Title research and insurance – The closing costs include a title search to make sure that the property doesn’t have any liens against it – private or personal. Title Insurance is not mandatory in Mexico but highly advised. Even though a title search was conducted, a private party, family member or past lien holder could possess a claim against the property.
Permits, Bank Trust and a Mexican Corporation – There are certain permits that need to be obtained and recorded with the municipality and state officials. Holding title in Mexico can be somewhat confusing, especially if the property is located within the restricted zone. There are two options for a foreigner to hold title in Mexico: creating a personal Bank Trust or through a Mexican Corporation. All this will be covered in the kit.
Notary Public fee – When calculating the closing costs in Mexico, you need to add the notary public fee. It will vary from .075 to 1.125 percent of the selling price. Instead of a title company to close the real estate transaction like in the US & Canada, in Mexico the responsibility falls directly to a notary public. Have a lawyer review the closing paperwork before proceeding to the closing appointment.
Acquisition Taxes – This kit explains how the property taxes in Mexico work. Even though the closing costs are higher than in the US and Canada, the property’s annual tax bill will be considerably lower. This kit will explain further the advantages.
The closing costs in Mexico are relatively higher than in neighboring countries. But in the long run, you will pay less when it comes to property taxes. For any further information feel free to contact us at Top Mexico Real Estate. We are here to help!