A Couple Details of Closing on a Property: How it’s Done in Mexico Explained
The excitement is high! You have searched for real estate in Mexico and are taking the plunge and deciding to buy your home in paradise. We know that in all transactions there are always questions, especially when closing on a house in Mexico. This is especially true when purchasing in a foreign country. We are here to answer them, making the entire process uncomplicated and straightforward from beginning to end. We want to explain the home-buying closing process in Mexico as real estate agents in Mexico.
The Purchase Process
For us, helping to define some basics is fundamental for a confident buyer. Using this and our expert knowledge of the process and local markets is the first step in a new and exciting lifestyle. We know the home-buying process. Experts beginning to end, we do not stop working for you. We start the dream home buying process by looking at your budget and securing financing if necessary. Next, we bring your dream to life. By answering questions like location preference, style of home, amenities are essential, budget, and what my lifestyle wants and needs. The search is on and we use our vast resources and local market knowledge to turn your dream into a reality.
We are committed to getting you the best possible value for your dollar so you have a profitable investment. An offer is made when you find your tropical paradise and we work for you with our extensive knowledge and negotiation skills. At this point, we work to get your offer accepted using our understanding of the local market and experience. You should have a timeline for when conditions like inspections and financing will be completed. When all the conditions are fulfilled, the offer becomes a legally binding contract. Lastly, we are with you at the Notario to complete the closing process. We guide you through and are there every step of the way in the home-buying closing process in Mexico until the keys to your dream home are in your hand.
Home Closing Costs on a Property and Taxes in Mexico Explained
Now that the buying process is clearly outlined, some questions can come up. The home closing process in Mexico is simple. Fees and taxes need to be addressed during the closing of the property. We want to share a few common questions and their answers demystifying this process and making it a piece of cake.
The first question that generally comes to mind is: who pays the closing costs? In purchase transactions, the buyer normally pays the majority of the closing costs. This includes the transfer tax, Notario Publico fees, and other related costs. Usually, the seller uses proceeds from the sale to cover capital gains tax and the broker’s commission.
The next question is: how much are my closing costs going to be? The home closing costs in Mexico can vary widely. This depends on several factors, but they generally range from 5-10% of the purchase price.
Lastly, do I pay taxes when I sell? Mexican law says that income in its jurisdiction is subject to being taxed. This applies to any capital gain that occurred from the sale of Mexican property. Additionally, this goes along with worldwide tax collection and legislation norms.
All of these costs are collected by a Notario Publico whose job it is to be the legal entity acting on behalf of the government to facilitate the purchase or sale of a property in Mexico. Aside from overseeing the transaction, they also verify everything. This means there is assurance that all documents are valid, have been double-checked and everything is by Mexican law. When Notario Publico collects the tax for property transactions, they forward the money to the (Mexican) tax authorities.
We are With You Every Step Of the Way in the Home Closing Process in Mexico
The home-buying closing process in Mexico is safe and hassle-free. This enables buying and selling with one hundred percent confidence in the process. We are ecstatic to support you in this journey with our practical knowledge and local expertise to ensure you buy your dream home or property. We can not wait until you are closing on your dream property in Mexico. Get in touch with us and see MexHome’s amazing houses for sale in Mexico.