How to buy a house in Mexico?
4 Steps for buying a house
- You must decide if your payment will be cash or credit.
- If you are buying with credit, check with your bank the payments for the seller, or ask your broker what financial institutions lend to foreigners. Cash transactions are simpler.
- A sales transaction contract must be signed in front of a public notary (government lawyer that certifies real estate transactions) between the broker and the client.
- After the transaction The Public Notary will sign and certify the sale (around 30 days). After that you will get the ownership title.
*All the contracts and transactions must be in Spanish.
Costs of Buying a House in Mexico
- The price of the property.
- The cost of the bank trust (does not apply to San Luis Potosi) if buying in a restricted area.
- A title insurance service can cost up to $8USD per each $1,000 USD, but it depends on the type of service, the property and the company hired.
- If you are planning to get a loan it is important to know that it can be a requirement to buy a title insurance as well a home insurance.
- Closing costs are around 4% (public notary and valuation fees).
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