Closing Costs in Mexico
So you are taking the plunge on investing in Mexico, today’s post will help you know in advance this important step that most agents don’t disclose to you, and is a very important one. The closing cost and process in Mexico.
After you decide on a property, the next essential step comes into play, closing your property. The process and steps related to closing a property are quite different. It is essential to consider these closing costs in your initial budget as it will help you plan and determine which property is right for you.
Depending on your purchase price, we recommend that you add an extra 5-8% above for closing costs in Mexico. Keep in mind that this is an estimate and will vary depending on the price of your home.
Other closing costs are flat fees and, meaning that they are the same for all purchases, and the value of the property doesn’t affect that value. For example, municipal fees, permits, setting a bank trust, etc.
The closing costs in Mexico should include all the following:
- Acquisition taxes
- Permit with the Minister of Foreign Affairs
- Setting a bank trust (fideicomiso) or Mexican corporation
- Registration of the title deed.
- Appraisal
- Attorney fees
- Notary fees
- Prorated Property taxes
The closing costs in Mexico are higher than in the United States and Canada, cause, in the countries, the government revenue from the property is generated primarily from property taxes. In Mexico the process is different, the exchange or transfer of property is where the revenue is generated.
Your PIM REAL ESTATE ADVISOR will be able to provide you with an estimate of closing costs. As a reminder, be mindful to include the closing costs in Mexico as part of your budget.
If you need further information regarding closing costs in Mexico, contact PIM REAL ESTATE and let our agents help your doubts with your doubts to make clear decisions. Or download ower Ebook Closing a Real Estate Deal in Riviera Mayai
