I have been involved in hundreds of Mexico Real Estate transactions Hardly any of the Mexico Real Estate Purchases have had the same procedures, or the same situations to occur As in any real estate transfer, there are many factors and parties involved, and when dealing in Mexico, with Mexican foreign buyers or sellers, the variables only increase
Thus, there is a high probablity that when you go to buy Mexico Real Estate transaction, it will be unique in itself, have its unique obstacles but following a common and legally protected Mexico Real Estate processI have written an introductory guide from my many years of Mexico business experience outlining the steps involved in How to Buy Real Estate in Mexico which I have shared with many first time Mexico buyers and sellers.
MEXICO REAL ESTATE DEFINITION
Lets start with the definition of Mexico Real Estate Click here to see a general DESCRIPTION OF MEXICO REAL ESTATE. As outlined in this web page definition, Mexico’s Purchasing Process has several EXTRA steps if the buyer or seller is a Mexican Foreigner. There exists a Mexico Restricted Zone where the buyer will need to establish a bank trust Or, if you purchase outside of the restricted zone you can hold the property out right but just need to receive a simple permit from the Mexico Foreign Affairs department
MEXICO REAL ESTATE PURCHASING PROCESS
a) MEXICO REAL ESTATE AGENT
First tip, surrond yourself with a very well qualified Mexico Real Estate agent and broker When you are hundreds of miles away back in your home country, simple obstacles can easily become headaches if you have not taken the first intelligent step of surronding yourself with professional agents Ask for certificates, diplomas and credentials Are they members of any associations, if Mexican foreigners how long have they lived in Mexico and working in the real estate industry. Do they speak spanish? AMPI link
b) MEXICO REAL ESTATE FINANCING
Second, define the amount of money you plan to invest in your Mexico property investment If you plan to Mexico financing the purchase, begin to study and see if you qualify for such resources Do you plan to finance using the Mexican property or raise money from your home country Define these issues before investing time and money on your Mexico property search.
c) DEFINE THE MEXICO REAL ESTATE CLOSING COSTS
Third, understand all the costs that will be involved in the real estate acquisition Mexico closing costs include several extra items that most people are not accustomed or aware Although the entry costs may be a little higher, the carrying costs (property taxes, maintenance fees etc) are on average much less here in Mexico than in other parts of the world
With the above three items defined and understood, put your agent to work on collecting qualified properties that match your criteria search Review the options, have your agent prepare visits to the properties, do your comparison evaluations and ….have fun
There are various more steps involving preparing the offer to purchase, the contracts, notary publics and other issues for the Mexico property purchasing process which are outlined in several of my articles To see these articles and to learn more, please click here Mexico Real Estate Purchasing Process
Thomas Lloyd www.TOPmexicorealestate.com