Closing, also known as completion is the final step in executing a real estate transaction. On the closing date, the ownership is transferred to the buyer. The closing date is the day the property becomes yours, and the title deed is signed. The date is previously agreed on by the...
You have found your dream home in Mexico: What is the next step?
From making an offer to closing the deal, a lawyer here in Mexico can guide you through the process and provide sound advice about purchasing real estate in Mexico. Discuss your plans for the property with your lawyer. Are you buying to retire? Live in Mexico full or part time? Do you...
Did you know foreigners can buy property in Mexico without holding resident status
Although visitors to Mexico can purchase real estate without applying for temporary or permanent residence, holding a resident card will benefit you when it comes time to sell. Claiming the property as your principal residence may exempt you from any capital gains tax on the sale. Obtaining Mexican citizenship will...
Can a USA or Canadian citizen own real estate in Puerto Vallarta?
You sure can, by placing the property in a bank trust, or “Fideicomiso”. Title of the property is transferred to a trust with a Mexican bank acting as Trustee. The Trust Agreement is formalized by the issuance of a permit from the Mexican Ministry of Foreign Affairs. There are three...
I keep hearing conflicting rumors about changes in the Mexican capital gains tax. Can you help clear up the confusion?
The law regarding capital gains taxes has indeed changed, has always and will continue to change. Mexico is no different than any other country who levies taxes in that it will continue to modify its tax codes to meet its needs. That said; let’s look at what has changed, what...
What questions should I ask when selecting a Realtor in Mexico?
Selecting a Realtor is as important as selecting a doctor, attorney, or other professional advisor or confidant in your life. Purchasing a home is the single most important financial decision you’ll make in your life, so it stands to reason that selecting the professional that is going to guide you...
How does the process of buying a place in Mexico differ from buying a home in the U.S.?
Along the coastline and near the border of Mexico, foreigners can hold title through a fideicomiso (often called a “bank trust”) vs. Mexicans who can purchase this property outright (or “fee simple”). The property is held in a trust through a Mexican bank, wherein the bank is the trustee, you...