How to buy a property in Mexico | Beachside Real Estate.

Many of our international buyers often inquire about how to buy a property in Mexico. If you read below, you’ll notice that buying a home in Mexico is very similar to buying a home in the United States or Canada. However, there are a few key things to look out for to ensure your security during the transaction. Buying real estate in Mexico is a great way to escape your hometown for the winter and enjoy the sunshine. Say goodbye to shoveling your snowy driveway, or living under an umbrella when you buy a property in Mexico. Read the text beneath to discover how to buy a property in Mexico!

How to buy a property in Mexico — Steps 1 to 4

Make an Offer

The first thing you’ll want to do is get your agent or another agent to help you find the vacation home of your dreams. Once you’ve found a great property in Mexico, it’s time to make an offer. This offer will be produced by your lawyer and presented to the other party.

Provide a Downpayment

If your offer is accepted, then it’s time to gather your earnest money. You will need to put ten to twenty percent down as earnest money in escrow. This money needs to be held by a neutral third party. Talk to your real estate agent or lawyer to determine the right course of action for your earnest money. Where it is held and what currency it is held in can be major factors in your financial security. The last thing you want as a buyer is for the deal to fall through and you be responsible for eating the cost of the currency fluctuations.

Additionally, it’s important to find a trustworthy escrow agent as the legal requirements are much different than in the U.S and Canada. If your escrow agent flees with your deposit, it’s unlikely that you’ll get it back. Hiring a trusted agent or attorney will help protect you from situations like this.

Title Search & Insurance

Having the property title investigated and acquiring title insurance are two parts to a safe and secure real estate transaction. If you decide to not buy title insurance, the title will still be searched. However, the search will not be as thorough. While it’s unnecessary, having title insurance will provide foreign buyers with a safety net if something comes up with the property title. Moreover, your insurance company will do an in-depth discovery of the property’s past and ensure everything is up to snuff. If the insurance company discovers that the property isn’t clear, back out of the deal.

Draw Up a Contract

Having a trusted agent/lawyer really comes in handy during step four. Now that you’ve put earnest money down and decided on title insurance, it’s time to get a contract of sale drawn up. This will likely be in Spanish, so they both must match up when you are going over the translation. The language barrier makes it easy for things to slip through the cracks. Be sure that your agent goes through and explains everything in detail.

How to buy a property in Mexico — Steps 5 to 8

Closing the Sale

Now that you have all of the contracts drawn and the property is clear of any debts, you can close on the sale. This process is very similar to buying real estate in America or Canada. As long as you’ve been given the green light on the property’s title you’re good to go. Once the contract is ready to be signed you’ll meet with the other party and complete the transaction.

Register Ownership

Make sure that once the deed is in your hands your notary registers your ownership. This is incredibly important and you to check in to make sure your deed is registered with the land registry office. Once this is done you can take the papers to the land registry office and determine how they’ve been recorded in their books.

Succession Planning

If you intend on passing your property on through your family, getting a Mexican will is important. This will ensure that the property is handed down to the rightful heir. Without this step, the intended new owner of the property could spend lots of time-fighting with the government over their property.

Alert the Ministry

Lastly, on how to buy a property in Mexico, is alerting the ministry of foreign affairs. This is a standard procedure and you shouldn’t worry about having to wait long periods of time to process paperwork.

Additional help:: How to buy a property in Mexico

For buyers who require additional information or support on buying a property in Mexico, don’t hesitate to reach out to us with questions. We are more than happy to help you buy a property in sunny Sayulita, Mexico. Check out our Instagram for updates, news, and more. We are so excited for you to join us and buy real estate in Mexico! Contact us here, we look forward to hearing from you!

Originally published at https://beachsiderealestategroup.com on August 3, 2021.