A client who recently bought a condo in Puerto Vallarta, called and said, “Please write a summary of the basic points of foreign ownership: so that not only I can speak about it better, but to teach or remind other foreigners what a unique opportunity we have to own properties near the ocean in Mexico.” This is a summary of the characteristics of a fideicomiso trust: Legal ownership of real estate in Mexico for foreigners comes from the Foreign Investment Law which was approved by President Luis Echeverria in 1971 and became law in 1973.
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Vallarta Rentals
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Buying or Selling Real Estate
Are You Dealing with a Coyote?We make choices every day. They need to be informed ones. President Kennedy said: “We choose to stay with the comfort of opinion rather than the discomfort of thought”.
A recent discussion with a seller made me realize she needed to become aware of misunderstandings which could happen by her not understanding Mexican immigration and tax requirements. In this local real estate market, nationals and foreigners should be registered to do business and pay taxes to Hacienda or the Mexican IRS. However, there are people who choose not to be registered and illegally earn income they do not report.
Buying Property in Mexico
Real Estate Escrow and DepositsIf you have found a property, and you want to make an offer, I recommend the following: Your offer should include time for you to conduct due diligence, an inspection, or other concerns. Beware of your having to put your deposit into the escrow company before these issues are resolved. Mexico does not require funds to be put up by the buyer in order to have a binding offer. In fact, the country does not require escrow. But for you, as a foreign buyer these two issues are important to understand for your safety.
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Puerto Vallarta Real Estate
How to Determine Fair Market ValueThose of us living in Mexico who are from other parts of North America probably take the concept of fair market value for granted. We assume that this measure of value is used in other markets and other countries. Actually, it is not common outside of the USA or Canada to have sold market data. In order to have information about sales prices and to adjust for differences in properties; data needs to be available. If we start out with the objective to have fair market value, where, do we as consumers normally go? There are no websites as in Canada and the USA such as Zillow and Trulia offering a large number of properties for sale as well as average sales prices by areas.
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Contact us today to get started
Harriet Murray
Owner / Agent
Email: harriet@casasandvillas.com
USA/Canada: +1 (504) 298-6730
Puerto Vallarta: +52 (322) 223-4027
Puerto Vallarta Cel: +52 (322) 205-7550
