Let's understand the Process
When you decide to purchase your dream home or ideal investment property in Mexico there are several prerequisites that need to be arranged and fully understood.
Know why and how will help make your buying experience more pleasurable. This simple but informative brief outlines several knowledgeable points to review. That way buyers will cover everything during the purchasing process. In this particular case, we're focusing on funding .
Avoiding problems with funds
Having your finances in order beforehand is a must.
Purchasing property in Mexico requires cash-only transactions in most cases. In some instances, there are owner financing options, however, this is only advised if it is for a family member or close friend. Make sure you have your funds readily available before making an offer. When making an offer on a property you will need to back it up with earnest money.
Here are a few ideas to help you when asked for money down and/or secured funds with your offer:
- Have your funds in an account that can be easily accessible and under your control, whether it's in Mexico and/or your specific location.
- Prearrange any special wiring procedures and/or instructions along with any chargeable fees.
- Work with a professional realtor and a banker who has experience in foreign trust/escrow exchange and transfers like the one that work with us.
The above bullets focus only on a few of many things you should be aware of when setting up a transfer that will be extracted from your bank account.
You as a buyer won't pay realtor fees, that is in charge of the seller.
The notary's and goverment fees has an estimated between 6% to 7 %.
Owning a property in Mexico is very obtainable. Thousands of North Americans have acquired first and second homes as well as investment properties south of the border.
One things all property owners have in common is that they have purchased through a reputable real estate company.
Make sure your agent and their company have plenty of experience working with foreign buyers. You should also hire a qualified lawyer to assist you through the whole procedure from start to finish.
The lawyer can also offer advice on finding the right bank for holding your trust.