Mexico Vacation Home Buyers Purchasing for Financial Gain, Not Just Family Getaways
Mexico Vacation Home Buyers Purchasing for Financial Gain, Not Just Family...Read more
That is not correct. However, only in the border (100kms/ 62 Miles of the border line toward the interior of the country) and in the coast line (50 kms/31 Miles of coast to the inland) you must use a figure called “bank trust” (“fideicomiso” in Spanish) that allows you to acquire the rights of a property and keep them for as long as you wish for. You can sell, inherit, exchange the property or whatever you wish, doing the corresponding bank trust process.
Of course: when you buy a property in México you are protected by the Mexican laws. In Mexico the only authority authorized lawyer is a "Notario". As long as a "Notario" hasn’t placed in protocol the agreements and registered the deeds in the city’s Public Registry, the process of domain transfer on that property hasn’t completed and the property will not be yet legally yours.
Unfortunately, Mexico is still working in the required laws to give a higher certain to the buyers, specially in implementing the real estate License that has been implemented already in some states, but hasn’t implemented yet in the Sinaloa state. Mean while the only practical way to be sure you’re not a victim of a fraud is to go to a true real estate professional, that has a well established business that allows to locate him, a brand that backs him up, and that belongs to the highest reputation real estate professional organism in the zone. If the agent does not belongs to these organisms is possible that he/she wasn’t admitted or has been expelled because of improper or un ethical behavior, so we recommend to ask reports on this agent in this organizations. One of the most important organisms and with a higher prestige is AMPI (Real Estate Professionals Mexican Association) who has mutual recognized agreements with "Realtor" in USA and with "CREA" in Canada.
Of course. RE/MAX Sunset Eagle is worldwide leader in designation of "Buyer Representative". We can guide you with confidence and help you be protected through the buying process, no matter the property that you want, if it’s a property that is advertised with us or with another agency, with no cost for you, assuring you professionalism and extra protection.
According to many foreigners, even when there are still good options to buy properties in USA, the convenience of buying a property in Mazatlan is still significant in spite of the cost of living that is below from USA’s. Same as the taxes related with the purchase, for use and property (property taxes), and the possibility of exempt the payment of "Capital Gain Taxes".
On the other hand Mazatlan represents an opportunity inside Mexico (comparatively speaking), that’s way even when the world economic situation lower the buying rhythm on the foreigner’s side, it allowed that the national buyers we’re still interested in Mazatlan and buy their properties.
We have constantly perceived this question in our clients during the past years. Invariably they come back to Mazatlan to establish their home here. According to our neighbors from other countries, there are basically three things in Mazatlan that they don’t find in other places in México.
1.Mazatlan is a true Mexican city with history, sea, and baseball.
2.The cost of living and cost of the properties is under the average.
3.The people are incredibly kind and it is easy to find bilingual people.
Mazatlan has medical services that have agreements with foreign institutions that allows to recognize as valid some medical covers. In the same way, Mazatlan has transportation services, all kind of bilingual professional services and great restaurants. There are all kind of self service stores, from the traditional "Mercado" in downtown, to Walmart, SAM’s and Home Depot.
As the foreigners that live in Mazatlan say: they feel completely safe and consider that unfortunately the media tends to exaggerate the news especially when they’re about Mexico.
No. You can start your buying process simply with the tourist visa and letting us help you to find the property you wish for. You may book the property of your dreams and come back when the paper work is ready to sign.
There are different ways to do it, but the most common way is through bank transfer from a USA or Canada account to an account in Mexico, or to an account that is also in USA or Canada.
Yes. We help you get financing here in Mexico.
Yes. The Banktrust has an approximate cost of $2,300 USD when it’s the first time you get it and it lasts 50 years. When purchasing a property with a current Bank Trust, normally it has only a few years of use, and the most part is still current. The process is faster and the cost is lower according to the Bank that has the Bank Trust.
Yes. You can hire these services. In fact, we have signed agreements with companies that provide these services worldwide and depending on the case we suggest whether is necessary to do it or not.
Yes. In fact, many of the best opportunities can arrive in this way and we have the required experience to guide you through this process.
Yes. The chances that the offer is accepted or not will depend on the joint of conditions in which the proposal is specified, but we will advice you so you can increase the chances that your offer is accepted.
This will depend on the agreement made in the offer of purchase; however, regularly we recommend that this be done in the moment when the total amount is paid, unless there’s a purchase agreement –sale with booking of the domain in front of the Notario. In this case, you can agree something different depending on the amounts paid as down payment.
This will depend on your profile as a buyer. In the Real Estate market, as in other markets where you can speculate, exists some risk. There are some people that have a high threshold to the uncertainty and like to get risks more but, of course, they are looking for higher yields.
When you buy in presale there’s always a risk that the construction will not deliver on time the property that you’re buying.
We advice you in the best way possible, using the best specialists and connoiseurs, as well as using the best network to the best of the levels to let you know how high is the risk in every case, suggesting you if it’s needed to get away from certain projects or see other ones. As we say in Mexico “Nobody sells bad bread”. This means that when you read or listen to the advertisement of a certain company, it will be hard to get an objective opinion on the seriousness and reputation of this company. Let us help you in this decision, because that is our purpose: to Protect you during the whole buying process so you can take advantage of our privileged presence and position in Mazatlan’s Real Estate Industry.
Depending on the type of purchase you wish to do, there are several zones. RE/MAX Sunset Eagle will advice you in the best zone depending on your needs and preferences. Some of the best’s zones are Cerritos, Marina, Sábalo, Gaviotas and Zona Dorada, as well as Palos Prietos and Playa Sur.
Normally is used as the “Rule of Thumb” that is between the 6 and 7% of the price of the operation, although in some occasions it can be much lower, depending on the purchase and the property you want. (This does not include the bank trust cost that is approximately $2300 of opening).
Depending on the case, for example: if we’re talking about houses and condos (properties with a residential purpose), and we have water, electric, phone bills, banking accounts and/or department stores, that are on the name of the owner(s), and that are addressed to the property we’re selling address. You can exempt the capital gain taxes. This is not so in the case of lots or constructions with commercial or industrial purposes where you’ll always have to pay ISR (Capital Gain Tax) according to the appraisal or operation value (the one that’s higher).
Approximately $2600 usd to establish it and $406 usd per annual management fees. There is no problem in case of selling, if you pay a small amount close to the monthly payment, depending on the bank where the bank trust was established, in case of transferring it and/or extinguish it. This costs can vary with time and depending of the bank trust company.
Public deed (the most common in the urban part), property title, certificate divided into plots (cooperative) and certificate of cooperative rights, are the most common documents, although to be able to sell according to the law only the first 2 are the completely valid.
Change the utility bills on your name, especially if it’s a property with residential purpose.