Buying property in Mexico is a more complicating process than you may be used to if you have previously purchased property in the US. Our brokers and agents at TD Luxury Properties are ready to walk you through process, and we will be with you every step of the way. Here are some important steps to follow:
Do your research: Before starting the process of purchasing a property in Mexico, it is important to do your research. This includes researching the location, the type of property you are interested in, and the rules and regulations for purchasing property in Mexico. It is also a good idea to consult with our local agents or lawyer who is familiar with the local market and can guide you through the process.
Get a Mexican Bank Account: In order to purchase property in Mexico, you will need to have a Mexican bank account. This will allow you to transfer funds into the country and pay for the property.
Hire a Lawyer: It is highly recommended that you hire a lawyer who specializes in Mexican real estate law. We can provide you with a recommendation. They can assist you with the legal aspects of the purchase, including reviewing contracts, verifying the property’s legal status, and ensuring that the purchase is in compliance with all relevant laws.
Obtain a Fideicomiso: If you are a foreigner purchasing property within 50 kilometers of the coast or 100 kilometers of the border, you will need to obtain a Fideicomiso, which is a trust agreement between the buyer and a Mexican bank. The bank acts as the trustee and holds the title to the property, while the buyer is the beneficiary and has full use and control of the property.
Obtain a Permit: Before purchasing property in Mexico, you will need to obtain a permit from the Mexican government. This process can take several weeks, so it is important to plan accordingly.
Make an Offer: Once you have found a property you are interested in, you can make an offer. The offer will typically be in the form of a written contract, which will include the purchase price, terms and conditions, and any contingencies.
Close the Deal: Once the offer has been accepted, you will need to arrange for the transfer of funds and sign the necessary paperwork. This will typically be done at a notary’s office.
Pay Taxes and Fees: There are various taxes and fees associated with purchasing property in Mexico, including a transfer tax, registration fees, and notary fees. These will vary depending on the location and value of the property.
Enjoy Your New Property: Congratulations, you are now the owner of a property in Mexico! It’s time to enjoy your new home and all that Mexico has to offer.
Even if you are just thinking about purchasing property, please contact our office and we will explain the process and challenges to you. We’ll do our best to ensure everything goes smoothly.