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Real Estate in Mazatlan |
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By Carol Sinclair de Ibarra from Walfre
Real Estate
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Tips For Seliing Your Home In
Mexico
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| The first and most important step towards selling your property is getting all the documentation together. This will include: |
| *A copy of the deed to the property (you don’t need the original as long as the public registry information is on the copy) *A current property tax bill *The most recently paid water, electricity and telephone bill *An old telephone or electricity bill (as old as possible) *The receipt for your paid homeowner’s association or maintenance fee if applicable *The receipt for your trust fees *House plans or property plot map if possible |
| The next step is finding out what your costs will be: |
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| In Mexico it is customary for the seller to pay: *The realtor’s commission which is usually between five and seven percent of the sale price of the property depending on the total value *The capital gains tax if any. In the case of a home which has been your residence there is a full capital gain exemption in Mexico but the lawyer-notary who transfers the title will ask you to provide an FM3 permit or resident status in Mexico and other proof such as bills or bank statements which have your name and address of the property. If you do not qualify for the exemption, then you need to have an experienced accountant calculate the gain taking into consideration all the legal deductions. *If your property is in a bank trust, there is usually a charge associated with selling. Each bank is different but for example BBV- Bancomer recently charged less than $400 Dlls. In Mexcio, the buyer customarily pays all closing costs such as legal fees, transfer taxes and public registry fee etc. |
| Another important question is how the final payment will be made. The quickest and safest way is by bank to bank wire transfer. |
