Test Your Knowledge About Acquiring Real Estate in Mexico
So often, acquiring real estate in Mexico is based on emotion, the beautiful sunsets, the fantastic crashing sounds of the waves and the fantastic Margaritas. All of the above are great reasons but consider the following checklist and test your knowledge of acquiring real estate in Mexico:
- Do you understand what is a Mexican Trust or Fideicomiso?
- Did you acquire a title search or title report to insure that the property has clear and marketable title?
- Do you really understand the closing costs?
- Are you aware of the annual expenses during your ownership term?
- Did you investigate the status of the horizontal condominium regime, or read the last homeowner's association minutes?
- Are you aware if the HOA has filed their annual minutes with the appropriate governmental agencies?
- Did you receive a copy of the seller's existing bank trust/fideicomiso to see the remaining term of said trust?
- Are you prepared to pay cash, if financing is not available? If you finance, when do you get the title?
- Do you understand Mexico's capital gains? Are you aware of the seller's basis?
- Do you understand the role of the "Notario Publico" and the powers and the responsibility of this official?
- Will you be acquiring a foreign relation permit? Do you need and FM3 work permit?
- Hacienda is Mexico's IRS. Do you need to file Mexican income taxes? So what is this I.V.A.? Who do I pay these taxes to?
- Which bank am I going to select for the fideicomiso / trust? How much are the annual fees?
- Do real estate taxes have to be paid in cash, annually? Where?
- Who and where do I pay the taxes, insurance, utilities, and bank trust fees?
THE ABOVE LIST IS NOT PRESENTED TO SCARE YOU but rather to suggest that you secure a competent team of professionals to help you complete a safe real estate transaction. Venegas Realty can assist you in this transaction in Puerto Vallarta. Our professional team includes experienced real estate agents, competent real estate appraiser, lawyers, a cooperative trust bank, a helpful lender, and a "Notario."Enjoy the Margaritas, the sound of the crashing waves and the fantastic sunsets from that beautiful home you are buying in Puerto Vallarta. We know you will be a professional in making this transaction a positive experience! |
contact us 
