Easy guide to purchasing your new dream home with Mazatlan4Sale
1. Searching for your perfect home
Our user friendly Mazatlan4Sale website can help you easily browse through our property listings which you can save to your favorite property by clicking on the (heart) so you can easily go back to them later. We have included area maps of Mazatlan so you can get your bearings on where you would enjoy living. We have many ways to easily communicate with us, and we are happy to help answer any questions. Furthermore, when you have chosen some likeable properties we can schedule guided visits to your ideal properties so you can appreciate the surroundings and spaces of each property in person.
2. Offer process
Once you have decided on your dream home in Mazatlan, Mazatlan4Sale will help you format an offer agreement for the seller and negotiate the terms of the purchase. Once the offer is accepted, we will help you through all of the required paperwork and Mexican legalities to finish your buying process and enjoy your new home as soon as possible.
3. Why is an In-house Closing Officer so important?
Mazatlan4Sale has experienced Closing Officers to closely supervise the integrity of the transaction from start to finish. Much like a title and escrow agent in the United States, the Closing Officer’s role is to coordinate all aspects of the sale process, working with the Buyer and Seller as well as their respective legal counsel or representatives designated for your closing process. The process involves applying or transfering a bank trust with a notary, getting all of the required documents in order and accepted such as utilities, homeowners, city hall, public property registry, accountants, immigration and possibly others depending on the status of the property in question.
In Mexico, Escrow goes through a Notary Public who is also a lawyer. A Mazatlan4Sale closing agent will gather all of the necessary documentation and go through the process with you step by step. We work with many renowned Notaries who speak English that we can recommend or use any notary that you feel comfortable with. Once the designated Notary has all the required documentation and legally validated them, we coordinate the date and time of the signature for final closing, payments, final inspection and taking possession.
5. What is a Notary?
A Notary in Mexico, called a Notario Publico, is a licensed attorney, certified by the State and Federal government to act as an official and unbiased representative for the government of Mexico. A Notary in Mexico has far greater responsibility than a Notary in the United States. The Notary performs a variety of tasks including the authentication of legal documents, the calculation of capital gains tax and is responsible for ratifying ALL real estate transactions in Mexico. Any real estate transaction not ratified before a Notary and duly recorded in the Public Registry is considered invalid and not enforceable.
6. What are closing costs in Mexico?
Closing costs in Mexico are calculated differently than in the US, and the buyer pays all legal transfer fees and taxes which are tax deductible. The Seller has no responsibility in the sales process with exception to his/her own legal fees and payment of his/her capital gain tax which may be exempted if you have a Residency Immigration status in Mexico. Closings costs can run anywhere from 5% to 7% of the purchase price, depending on notary fees and calculated exemptions on taxes. The Notary’s fees are charged based on an established grid provided by the Mexican government, which is based on the purchase price. The Notary is actually responsible for the transfer of title and maintaining it on file officially, as well as recording the documents with the public registry, tax offices etc.
NOTE: All closing costs are tax deductible expenses for your capital gains tax when you sell your property in the future.
When a document is to be used in a foreign country, it may be necessary to authenticate the notarization or certification. Foreign countries often require documents to be authenticated before the documents will be accepted in the foreign jurisdiction. An “authentication” certifies the signature and the position of the official who has executed, issued or certified a copy of a document. These may done at the US or Canadian consulate, as well as in the city and state of issuance.
7. What documents will I receive after the closing of my new home?
Your final closing package will include:
- Your title deed (Fideicomiso), additional certified copies can be requested.
- An English translation of the deed (optional service)
- Copy of Purchase Agreements
- Copies of closing documentation
- Final Closing Statements and invoices (facturas)
- Copies of the Rules and Regulations of the Homeowners Development in which you have purchased, if applicable
- Copy of the site plan of your property
- Information on how and when to pay your annual bank trust fees and property taxes
- Original utility bills and signed letter from seller to change names over.
and any other information or due diligence materials you have requested.
8. Your new home.
Now it is almost time to enjoy your new home. We have had great success and built a strong reputation for beautifully decorating newly purchased homes with quality furniture and your preferred style of decor. We also provide managing your property through our sister Mazatlan4Rent company, either if you decide have a vacation rental or just need someone trustworthy to manage and maintain your new dream home. Mazatlan4Sale also provides services for additional fees to change names on utility bills, immigration status, translation of your deed, staging your home, etc.