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Mexico Property Advice
Destinations, Real Estate, Residences, Riviera Nayarit

Mexico Property Advice

If you are thinking about purchasing property in Mexico but you are a bit wary, you are not alone. While there really is nothing to fear when it comes to purchasing real estate in Mexico it can be a bit daunting, and you are right to be here seeking some Mexico property advice before making your investment. This article is aimed at people like you who want to find out more about Mexico property purchasing.

Mexico Property Advice

Get help from someone you trust

It is recommended (but not essential) that you hire an attorney who is familiar with property laws in Mexico and who can speak both Spanish and English. Working with a reputable professional real estate agent whom you trust is another alternative. You will however, need the services of an accredited notary public.

Select the property you want, then verbally agree on a price

The first step is to find the appropriate property for your requirements and desires then agree a price verbally.

Get a sales agreement (Convenio de Compra/Venta)

The next step is to get a “Convenio de Compra/Venta” also known as a sales agreement, which is where your attorney or notary will come in handy. This agreement should cover all the property costs, any exclusions or inclusions and a deposit (generally 5-10%, and if you cancel your purchase, then the deposit is non-refundable).

Property Trust

Non Mexicans need to set up a property trust known as a fideicomiso if the property that you are wanting to purchase is within the 50km border zone, which includes the coastlines. If the property is not within the border zone, then usually no trust will need to be set up. This can be done at most reputable banks and is recommended over having some private third party “lend” their name.

Permission to purchase land

The Foreign Secretary Office must grant permission for you to purchase land in Mexico, and this permission is called the “Calvo Clause”, which states you are not seeking any foreign jurisdiction for the property you are wishing to purchase.

Consulte a Notary Public

If the property that you are purchasing is being sold by a real estate developer, then seek advice from a Notary Public, so the Notary Public can check for all permits. If you are buying directly from the seller, you will need the help of notary to ensure that all tax bills, utilities bills and any service fees on the land have been paid.

Ask to see a copy of the deed

Ask the seller of the property for a copy of the property deed. The Notary Public will make sure the deeds are legal and you should ask the Notary Public to make sure the land is not ejido land, which means that its sale is restricted.

Immigration Status

Make sure that your immigration status is legal when you purchase. That means you will need to have a valid 6 month tourist permit or official visa, so the Mexican government knows you are legally allowed to be in the country.

Prepare Documents

Make sure you have copies of any marriage or birth certificates, your passport, migratory documents, etc and be prepared to have them translated by an official translator (known in Mexico as a “perito”) and apostilled.

Capital Gains Tax

The seller is responsible to pay all Capital Gains Tax unless you, the buyer, have agreed to pay or divide these taxes.

Final Payment

The final payment will be made at the notary public’s office at the signing. You may wish to have your attorney with you when paying with cash or financing from a bank.

If you would like anymore Mexico property advice, click here.

by VLEAdminRE,
Villa La Estancia Residences Nayarit - One Bedroom Suite
FAQ, Real Estate, Residences, Riviera Nayarit

What is a property manager?

You might have heard of property managers before, but there’s a chance you might not know exactly what it is they do. A property manager has many different responsibilities, but at the most basic level they are a third party who handle the day to day responsibilities of your real estate investment when you are not able to do so yourself. A property manager manages many different types of properties from small apartments to large complexes or family homes, and their specific responsibilities will depend on the salary you are willing to pay and the contract that you agree together.

Here are some of the services that a property manager can provide you with:

Responsible for Rent

If you are planning to rent out your property on a short or long term basis, you may require the services of a property manager. Property managers can be responsible for the setting of the initial rent level, adjusting it where necessary and even for collecting it, should the need arise.

  • Setting Rent – A good property managers knows how to set the rent at the right level to attract tenants while still making you a little profit. They will have an understanding of how your property compares to others in the area.

  • Collecting Rent – Property managers can play the role of collector, too, by ensuring that your rent is collected on the correct date each month and by enforcing late fees strictly.

  • Adjusting Rent – Making sure your rent is competitive is one of the key roles of a property manager and, as such , they can increase it by a set amount each year (according to state / municipal laws) or decrease it when necessary.

    • Responsible for Tenants

    One of the main responsibilities of any property manager is to manage your tenants. This means finding tenants, dealing with any complaints and even initiating evictions if needed.

  • Finding Tenants – Property managers are responsible for marketing the property to fill vacancies as well as making sure the apartment is as attractive as possible to tenants. They’ll know how and where to advertise for the best results.

  • Screening Tenants – A good property manager will be able to sort through prospective tenants to ensure that you get one that is a good fit for your property. Experienced property managers will have seen hundreds of tenants in their career and, as such, will be able to weed out the bad ones quickly.

  • Handling Leases – They can set the length of the lease and make sure that it has all the necessary provisions needed to protect the owner. This can include determining the security deposit required from the tenant.

  • Handling Complaints/Emergencies – Property managers are paid to deal with any complaints, maintenance requests, and have the necessary contacts and acumen to handle emergencies.

  • Handling Move Outs – When a tenant moves out your property manager will be responsible for checking it over to make sure that it has not suffered any damage during the tenant’s stay. They can determine how much, if any, of the security deposit should be withheld or returned.

  • Dealing With Evictions – If a tenant breaches the agreement or does not pay rent your property manager will know the proper way in which to file and proceed with an eviction (if you deem it necessary).

    • Responsible for Maintenance and Repairs

    Property managers can also be responsible for the physical condition of your property by keeping up regular maintenance and ensuring repairs are complete quickly.

  • Maintenance – Maintenance aims to keep current tenants happy and attract new tenants. They can take charge of preventative maintenance in your property in order to make sure it is performing at the top of its game. If given the right authority they can hire someone to deal with leaks, deal with exterminations, do landscaping or regularly remove trash.

  • Repairs – When there’s an issue your property manager will either attend to it themselves or hire someone who can. A property manager worth their salt will have a network of plumbers, electricians and contractors that they trust.

    • Responsible for Supervising

  • Other Employees – The property manager can set their salaries and even fire them. If you have other employees, such as a concierge or security, then your property managers will be responsible for making sure they’re doing their jobs properly.

  • Vacant Properties – A property manager can also be hired to look after vacant properties to make sure that there has been no vandalism and perform basic maintenance to keep it ready for tenants.
    • by VLEAdminRE,
    Real Estate, Riviera Nayarit

    Puerto Vallarta 2nd Best Place to Retire According to CNN

    According to a recent article on the CNN website , Puerto Vallarta comes second place after Portugal’s Algarve for the best place to retire in the world. Among the retirement destinations mentioned on the list of amazing locations to retire were Cayo in Belize, Languedoc in France, Abruzzo in Italy, Medellín in Colombia and Hua Hin in Thailand.

    Puerto Vallarta one of the Best Places to Retire

    The CNN’s article regarding the world’s best places to retire confirms what we have known for a long time at Villa La Estancia Residences. Puerto Vallarta and Riviera Nayarit have so much to offer retirees and makes for an amazing place to relocate or enjoy a second home.

    Amongst Puerto Vallarta’s features that were mentioned in the CNN article were its beaches, fishing, shopping, restaurants as well as the picturesque downtown area with its cobblestone streets. The article also mentions the convenience of direct flights to Puerto Vallarta’s international airport from the United States and its tropical climate, comparing it to Hawaii.

    We think you will agree, it’s great to see Puerto Vallarta and Riviera Nayarit getting the recognition that it deserves as a number one place to retire. If you don’t believes us, come and check it out for yourself with our Try and Buy offer.

    by VLEAdminRE,
    Destinations, Real Estate

    Finding a Dream Home in Mexico

    A lot of people ponder the possibility of making their dream home in Mexico but think that it is too difficult or are put off by the seeming language barrier. Thankfully, the reality of finding your dream home in Mexico is somewhat easier than you might think.

    There are a variety of dream homes available to match a diversity of budgets, styles, and luxury pursuits in Mexico. If you are looking for your dream home in Mexico, all you need to do is some research, locate the right broker, and follow your gut. The following steps will help start you on your way to finding your dream home in Mexico.

    Makes Sure the Location Matches your Lifestyle

    Before you buy anything, you need to determine what type of dream home and environment best suits you. This means you must decide how big your home needs to be and what type of weather you are willing to tolerate all year. One big plus about Mexico is the moderate temperatures. So, the climate will feel either like spring or summer in specific locations, and you don’t have to worry about winter weather if you choose intelligently. Also, keep in mind the type of activities you like to do in your community. Do you like to fish? Go golfing? Dining out? Go Salsa Dancing? Shop at farmers’ markets, etc.? These are some of the things you should consider while deciding where you want to reside.

    For example, Nuevo Vallarta in Riviera Nayarit, Puerto Vallarta and Cabo San Lucas are ideal spots for those who like the finer things in life: art galleries, farmer’s markets, vibrant expat neighborhood, diving, whale watching, fine gourmet restaurants, and luxurious golf courses.

    Find a Good Real Estate Agent you Like

    Locate an established real estate agent with great references, and find out if the agent is a member of the Asociación de Profesionales Inmobiliarios, A.C (AMPI). An AMPI real estate agent in Mexico will be highly familiar with the pros and cons of getting a home in Mexico and should be able to provide information on new real estate projects and houses that are for sale. Your agent will help you successfully close the sale and assist you with the particulars involved in buying your dream home in Mexico.

    Visit First

    Very few people will buy a property without having seen it, unless you are purchasing bricks and mortar for your investment portfolio rather than to live in. A try and buy visit is a good way to simulate the experience of living in the communities you are considering for your Mexican dream home. A few of the property developers will grant permission for you to reside at the residence temporarily so you can get a feel of the property before making a final decision to buy.

    Watch the Media

    Scan local newspapers and subscribe to real estate newsletters to locate currently available properties.

    Trust your Instincts and follow your heart

    And last but not least, always trust your instincts when deciding to buy your dream home. Pay attention to your suspicions and ask for clarification when you are uncertain about certain property particulars. Try not to get caught up in hard sell deals because you will recognize your dream home as soon as you step foot into it.

    by VLEAdminRE,