Mexico Property & Mexico Real Estate by Caribbean Land & Property. Search our Real Estate for homes, houses, land or investment property in Mexico. Buy, sell or invest in real estate, or commercial property in Mexico, with Caribbean Land & Property experienced in Mexico Real Estate & Property Sales.
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Mexico Property and Mexico Real Estate

Mexico Property

Mexico Property Buying Information

Buying property, a home or a business in Mexico is not difficult but for a foreign national will take time and commitment. Mexican Law provides for the private ownership of property by foreigners as follows :-
Property may be purchased and owned outright for residential use by foreign nationals outside of a 100km restricted land border zone, or outside of the 50km coastal zone.

Inside the above restricted border/coastal zones, it is still possible for a foreign national to own property through a "fide comiso" which is a trust set up in Mexico to provide for ownership of the property in all but name.  The fidei comiso needs to be created, registered and maintained by either a local notary public or "notario" or by a local bank and is normally administered by the bank. The charges made by the notarios and banks for these service and the yearly maintenance of the trust, depend mainly on  the value of the property.

To obtain a fidei comiso, the buyer/s needs to provide their name, address, phone number, occupation and nationality. The buyer's will also need to provide a copy of their passport and tourist visa.

The fidei comiso holds the deeds to the property, and the buyer or other named persons are the sole beneficiaries to the trust and therefore the property, allowing the property to be developed, rented, leased, sold and generally used as the buyers own the property.

Buyers who own a property through such a trust, do not have to reside in Mexico and therefore do not need to qualify for resident status under immigration laws in order to have a property investment in Mexico.

The cost of organising a fidei comiso varies from bank to bank, with the setting up fees costing up to US$750 and annual service charges between US$300 and US$500.


Title Insurance

It is worthwhile when buying property in Mexico to consider taking out Title Insurance on the property. Such an insurance covers the buyer against such possibilities as liens being discovered against the property. This is particularly relevant if the property being purchased has been privatised, previously having been classified as "Ejido" lands. Title Insurance costs approximately 0.5 to 0.6% of the property value and is a one time cost.


Mexico Property Management
There are many local managing agents in Barbados that offer services to handle the day-to-day running and maintenance of properties and ensure that the property is run smoothly and is ready to receive guests or owners.

 

Mexico Property and Mexico Real Estate


Mexico Property Closing Costs & Taxes


Acquisition Tax
Acquisition Tax of around 2% of the property value, depending on the state in which the property is purchased, is payable by the buyer, whenever a property is purchased, placed into trust, or otherwise transferred.


Registry Fee
A fee of 1.3% of the property value, is paid by the buyer to register the property.


Legal Costs
Many sales are conducted through the real estate agent and public notary, however the buyer may choose to hire a lawyer and should negotiate and agree these additional legal costs in advance of using the services.


Public Notary Fees
The fees for services provided by the Notary Public cost about 1.5% of the property sales value, plus the cost of the official appraisal.


Appraisal Tax
The Mexican authorities may choose to perform a commercial appraisal on a property after it has been purchased. If the appraisal value is more than 10% higher than the price paid for the property, the owner will be asked to pay 20% tax on the difference between the two amounts, payable within 15 days of the date of the appraisal report.


Survey Costs
The cost of a land or building survey will depend upon the type of building, complexity and extent of the survey.


Service Fees
The annual service fees for anyone buying an apartment, condo or home in a development range from US$100 a year to US$1000+ a year, depending on location and amenities offered.
Value Added Tax - VAT
Residential properties are free of value added tax, however commercial property transactions are liable to VAT at the current rate in addition to the Acquisitions Tax.


Costs and Taxes - Seller

The seller will need to pay for any professional services agreed with a lawyer an deal estate agent. Additionally, if the seller has not owned and used the property as their main residence for at least 2 years before selling the property, the seller will also be required to pay income tax on the property, at either 20% of the gross value of the property sale, or alternatively 40% of the net profit obtained from selling the property. Commercial property is taxed at above rates, regardless of how long the property has been owned.

Time to Complete Sale
The time to complete a property sale can vary from a few weeks, to several months, and usually takes around 3 months from the time the initial sale agreement is drawn up to closing.



Mexico Property
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Contact Us
Our local representative in Mexico can be contacted by emailing us through our Contact Us page


Mexico Property and Mexico Real Estate


Please note that the information on this page is subject to constant change and revision and may not be fully up to date. Users are advised to verify any information that could effect their decision on buying a property, visiting this country or any other matter of importance.

Mexico Property and Mexico Real Estate


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Last Updated On 21 Aug 2017