How to buy a home in Mexico?

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Find a qualified real estate agent

Buying property in Mexico has many similarities to what you maybe accustomed to in either Canada or USA,-  BUT there are a few important differences, mainly being that all purchases /closings of real estate transactions must be done through and  completed and registered through a Notary Public. Our agents, at Realty Executive Mexican Bay, can help and lead you through the purchase and application process very quickly and easily.

How does the buying process works in Mexico?

Firstly, the recommendation is that you use a qualified real estate agent. Someone who has lived and worked at least five years in the area. There are many people who pass themselves off as a qualified??? agents, but may be just passing through and only work the area for a few months a year, so it is best to interview a few brokers to get a feel for their knowledge and experience.

As you travel around Manzanillo specifically and Mexico in general, you will see a lot of FOR SALE signs by Owner. There are a number of private transactions that go without any problems, BUT a good percentage of times problems will surface such as, title, registration and ownership issues.  So hence it is better to use a qualified real estate agent. If the seller is motivated enough, he may not be too happy to give up some money and yes, you could possibly end up paying 2%?? more, but this could save you $100’s of thousands of dollars through the long haul, minus the possible years of aggravation, stress etc. in trying to recoup either the property or your money.

BANK TRUST

All non- Mexican citizens, when purchasing property in Mexico within 30 miles of the ocean and about 50 miles of the US/ Mexican border need to apply through a Notary Public to the  (US or Canadian equivalent of)  Minister of External affairs for a BANK TRUST (called Fidio Comiso). This process can take a minimum of approximately 15 working days from the time of deposit and a signed application .

Property outside the area perimeters mentioned above can purchase on title, fee simple, as you would back home.
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NOTARY PUBLIC

We ( but all agents should), have a qualified Notario, whom will work with you to make the purchase and closing transaction simple and worry free.  They will also give you a confirmed closing cost estimate once you have an accepted offer.

BUT for information purposes at this point, you have to consider at least an extra 5 to 6% on top of your purchase price, for your closing costs, which include transfers, registrations at City Hall and Land Titles, general expenses, the Notario fees, plus the federal tax ( IVA).

This is a very short overview of the Purchase and closing process.
We invite you to call us with any questions or concerns or more in depth explanations.