Who needs to be present at closing?
The general rule is that, in the case of a new trust, only the Seller needs to be present, however, many banks are now requiring the presence of the buyers as well. In the event that you are assuming an existing trust, both buyers and sellers must b ... read the whole article
The Public Notary
A Public Notary is a government-appointed lawyer who processes and certifies all real estate transactions, including the drawing and review of all real estate closing documents, thus ensuring their proper transfer. Furthermore, all powers of attorne ... read the whole article
Mortgages
Home Loan financing is now available in Mexico with the ease of loan processing in the USA.
Home mortgages in Mexico are available today! Financing your Mexico home has never been easier. Until recently, f you wanted to buy a home in Mexico, you ... read the whole article
Real Estate Trends for 2007-2008
The growth of the Vallarta real estate market continues to be very strong, with sales tripling for the local real estate association’s MLS (Multiple Listing Services) and doubling for developers compared to the 2003-2004 season.
There doe ... read the whole article
Who Is Involved in Real Estate Transactions in Mexico?
Normally, there are three to four players involved in any real estate transaction in the restricted zone:
• A Real Estate Company
• The Buyer’s Lawyer
• A Bank
• A Public Notary
All four are helpful in their respective areas in ass ... read the whole article
The Real Estate Industry
Status
The real estate industry in Mexico is similar in many ways to that of the United States, which is probably the most advanced in the world. It is developing quickly, taking advantage of today’s technology: however, it seems to be pa ... read the whole article
The Bank Trust
All residential property located in the restricted zone must be held in a bank trust if the purchaser is: a) foreign individual; b) foreign corporation; or c) Mexican corporation with foreign shareholders. Mexican corporations with foreign sharehol ... read the whole article
Closing Costs for Buyer and Seller
Closing costs for the buyer are different from what many foreign buyers first expect in Mexico. Because the majority of the Bay of Banderas is in the restricted zone, a foreign buyer must own his residence in a trust.
This trust is administered b ... read the whole article
Trends 2007-2008
#1 Younger Buyers Profile
There is much talk about the aging Baby Boomer and how they will be spending their time and money as they enter retirement; and their numbers are remarkable: There are 70 million of them and they control more than ... read the whole article
Purchase/Sale
Process
Most real estate transactions are “opened” after a written purchase offer is accepted by the seller and when a purchase-sale agreement (promissory contract) is signed by both parties. In most cases, a deposit is required by the b ... read the whole article
Taking Control of Trust Fees
Watch out for boilerplate trust agreements. Over the years, many foreigners frustrated with the fees they have to pay to the bank acting as their trustee have contacted us.
Unfortunately, it is usually found that when their trust was set up they ha ... read the whole article
Explanation of Closing Costs
The closing procedure generally takes from 30 to 45 days unless there are extenuating circumstances such as financing, holidays, etc. These costs are paid by the buyer. Note: All amounts are in US Dollars, with an exchange rate at the time of calc ... read the whole article
Buying Real Estate in Puerto Vallarta
It is a common misconception that foreigners cannot own real estate in Mexico, but the reality is that they can. Outside the Restricted Zone, a foreigner or foreign corporation can acquire any type of real estate, holding the property as a direct ow ... read the whole article
The Restricted Zone and “Fideicomisos”
The law declares that the Mexican nation has original ownership to all land and water in Mexico, as well as minerals, salts, ore deposits, natural gas and oil, but that such ownership may be assigned to individuals.
The Mexican Constitution prohib ... read the whole article
Why AMPI?
Do I really need a real estate agent to help me buy or sell a property in Mexico?
The answer is YES!
When you’re ready to think about buying or selling your property, you need to ask yourself the following questions:
Do you have the time, ... read the whole article
Escrow, Title Insurance and Home Insurance
Currently there are a couple of companies offering escrow services in Mexico, First American Title and Stewart Title.
At the present time, there is no general use of title insurance in Mexico, although the above mentioned escrow companies are pr ... read the whole article
Multiple Listing Services
A couple of electronic multiple listing services (MLS) are now operating in Mexico. Producciones Viva, the company that publishes the Real Estate Guide, has been offering MLS services to Vallarta for the past 12 years, available in printed catalog a ... read the whole article
Selling Your Real Estate
Pricing
This process generally begins with a determination of a reasonable asking price. Your real estate agent can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and conditions of c ... read the whole article
The Buying Process
The process of buying a home or investment generally starts with determining your buying power; that is, your financial reserves plus your borrowing capacity. If you give a real estate agent some basic information about your available savings, incom ... read the whole article