Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

Real Estate in Puerto Vallarta

Do You Really Know Your Real Estate Agent?

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.

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Buying Property in Mexico

What You Need to Know About Escrow

Escrow as we know it in the US and Canada is not required in Mexico. The choice to use escrow is negotiated between buyer and seller.  Using a third party to hold funds is what most Americans and Canadians believe is the proper way to purchase or sell a property. A Mexican has a different experience.  A third-party holding purchase funds is a risk, to a national.  His experience is the opposite: If a buyer wants to purchase a property, he gives the seller a deposit, directly.  When the buyer has all his funds, two parties go to the notary and the deed is signed. Many times, there is no mortgage or trust, so what funds the buyer needs to pay, are paid directly to the seller with no third-party escrow.

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Puerto Vallarta Real Estate Basics

Before You Buy or Sell Property in Mexico

Buyer or Seller Beware. There is no compulsory licensing in Mexico of real estate agents.   AMPI, which is the Mexican association of real estate professionals, is the closest organization to the National Association of Realtors and the Canadian counterpart.  Members of AMPI work to regulate and elevate their degree of professionalism in the practice of real estate in Mexico. They have education and a code of ethics.    

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Real Estate Basics to Know

Buying Your Dream Home in Mexico

Here are some of the real estate basics to know and understand before you purchase real estate in Mexico: Understand the scope of work of the notary. The concept of the “notario publico” needs to be explained to the foreigner buyer or seller. The Mexican notario is an experienced, specialized attorney who decides if the seller has the authority and ability to transfer his property. The notary is required to file the fidecomiso or deed with the public registry, and he is a neutral party to the transaction.

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