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.
In my opinion, it is most important that you interview and select an agent who will represent you, because they have experience here representing buyers and not the seller. This agent should also have the degree of ethics and professional behavior, to put you first in this transaction. This is, of course, what you want from an agent, whether you are looking at resales or new. But there is more risk for you buying property which does not legally exist when you have an accepted offer. The contracts of the developers will not have the elements in them which we use in resale contracts.
Insist on a comparative market analysis of the” solds” and a list of the competition on the market for any villa or condo you are considering buying. Don’t take no for an answer. Although it is true that historically there has been a history of not recording true sales prices in the Mexican public registry, this doesn’t have to continue, and it is illegal. You, as a buyer have the right to information before you spend your money.