Buyers Documentation:
Proof of full names, any applicable marriage certificate,
proof of dates and places of birth, official identification
with a photograph (driver’s license or passport) and
you will need to be able to prove that you are in Mexico
legally.
Anticipated Buyers Costs: 4%-6% of purchase price which
Should include the following:
Notario Publico fees -- Generally 2% to 3% of the
appraised value of the home. Some notarios,
though, will work on a flat fee basis.
Appraisal fee -- This fee depends on the value
of the property. In addition, the rate varies from
state to state. Generally between $100 and $500.
Title insurance -- About $5 per each $1000 of
coverage. Generally this is a BUYERS CHARGE
Transfer taxes -- This fee is generally 2% to 3%
of the higher of the sale price or the assessed
value.
Deed recording fees -- Varies by location.
Property taxes (predial) -- Property taxes in Mexico
vary but are generally quite low compared to
property taxes in the United States.
Seller Documentation:
Copy of passport, marriage certificate and
the existing public deed (escritura
pública) complete with recording information, and
a current copy of the lien certificate (certificado de
libertad de gravámen) and items such as up-to-date receipts for
taxes or you do not owe taxes, subdivision fees, water and any other public utilities and evidence that you are up to date in payments.
Your trustee/fiduciary bank (if title is held in a
title trust); and a certificate from the local Public Registry
of Property showing your ownership and no
encumbrances or liens - contact information if so
Determine the capital gains tax to be paid by the seller based on the purchase
price and the price that the seller paid for that particular
property. Consider the amount shown on the records for ‘appraised value’
Obtain a copy of any Covenants, Conditions
or Restrictions for the property and any
homeowners’ association bylaws, budget and
financial statements. Condominium Regine (?)
If the seller is a Mexican corporation, capital
gains taxes are paid on its annual corporate tax filings.
(The seller normally pays the capital gains tax, unless
there has been an agreement that it be paid by the buyer.)
Other items: Cable/Telephone providers – Trash – Internet –
Escrow agreement for the deposit and full agreement
Initial Offer to Purchase
Agent contact information – Buyer – Seller - Lender
Attorney, notario publico, Title Company contact nos.
Estimated dates:
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