Selling Tips

Real Estate in Mazatlan

By Carol Sinclair de Ibarra from Walfre Real Estate

Selling Tips

The first and most important step towards selling your property is getting all the documentation together. This includes: — 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 paid property tax bill

With the help of an experienced realtor the information on these documents will help to establish a listing price that will correspond to the dimensions of the property and the size of the construction and to calculate the capital gains tax, if any.

The Bank Trust & Beneficiaries

One of the best features of the bank trust for foreign property ownership in Mexico, known as the “fideicomiso,” is the designating of substitute beneficiaries so that in case of death of the primary beneficiary, the substitute beneficiary takes over the rights and obligations of the trust without probating a will. In the past year, two of our elderly foreign residents passed away and I had the sad but rewarding experience of helping the heirs sort out their affairs in Mazatlán. In both cases, the documentation was well organized and close at hand so all that was needed was minor guidance. In any case, we decided that it would be helpful to tell others what is needed.

In the case of a home, condominium or any other property registered in a “fideicomiso” the beneficiaries and substitute beneficiaries should have access to the following documents:

— A copy of the deed to the property known in Spanish as the “escritura” — A copy of the current or most recently paid property tax bill known as “el impuesto predial” — A copy of the current or most recently paid trust fee — Copies of water, telephone and electricity bills, current and past It is also very important to have the name, address and telephone number of a contact person in Mazatlán, whether it be a property manager or a trusted friend. This article is dedicated to George and Iris Bays, Pauline Kohl and their families.