A quick guide to buying a house in Mexico
If you have decided to live, invest or retire in Mexico, there are many places where you can find a good deal on buying real estate here. From the big cities to the beach resort areas, Mexico has plenty of real estate opportunities. One of the best-kept secrets in Mexico is the Yucatan region and the capital city of Merida. Many people decide to pack up their lives to purchase real estate in Mexico. They may be deciding to buy a second property for vacation purposes or they may want to own real estate for their permanent residence. Either way, there are some great places to choose from. Merida Property Management can help you with everything along the way.
What you may not realize when you decide to purchase property in Mexico is that the rules may be quite different than where you are from residing now. It is never a good idea to make a significant investment in real estate, anywhere, unless you understand what is involved. For this reason, you want to find a reliable real estate company that can help guide you through the process. Before you start to look for any property, it is worth learning what to expect and what the process is for owning real estate in Mexico when you are a foreigner.
The buying process
Searching for property in Mexico is similar to other countries. You can work through a Mexican real estate agent that lists properties for sale in the area you are considering. Once you locate a property you are interested you can negotiate on the sales price. Upon the agreement on price, you usually give the owner a deposit. You then need to obtain a permit to buy the property from the foreign secretary’s office. This is called a fideicomiso. Essentially, this is a 50-year agreement with the Mexican government. Once obtained, the seller needs to provide the land deed. At this time, it is a good time to have a lawyer review the deed for any issues. The deed is then transferred to you and you pay the remainder of the money to the seller.
Costs for buying property in Mexico
In addition to the agreed upon sale price of a property, there are other costs that have to be paid. This is typical in just about every country. The buyer pays notary costs, acquisition tax, registration fees and title insurance. The seller typically pays the real estate agent fees.
Make sure that when you are buying and owning property in Mexico that you have the help of a professional who is experienced in real estate buying and selling. This will help you get exactly what you are looking for without any risks. At Merida Property Management, we have experienced real estate agents to help you find that dream home you are looking for. Come have a look at our properties for sale and see if we have what you are looking for.
Trust MPM to help you find the best properties that Merida and the Yucatan region has to offer.