Frequently Asked Questions
The answer is YES. Although Puerto Vallarta and Riviera Nayarit are located in Mexico’s Restricted Zone, the areas that are within 31 miles of the coastline, there are two ways for foreigners to legally purchase properties. The most popular is through a trust that is…
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The purpose of the Fidelcomiso is to allow foreigners to buy coastal properties in the Restricted Zone. The process ensures a legal and secure purchase transaction. The Fidelcomiso is very similar to a Living Trust in the USA & Canada and bestows…
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Good News! Property taxes are generally much lower when compared to the USA & Canada. The average property tax is about 1%, or approximately $100 per every $100,000 of property value. You may receive an additional discount if …
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The average closing costs for foreign investors can range from 4% to 6% of the purchase price. The Notary will provide an estimate of the real closing costs. The Buyers closing costs will usually include…
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Yes. It is common practice to use an Escrow company in Mexico. After negotiations are completed and you have agreed on a purchase price, it is standard to deposit 10% of the purchase price into escrow. The average escrow time period is …
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Most buyers from the USA & Canada believe a notary is someone who only certifies signatures on documents. This is NOT the case in Mexico. Notaries are considered some of the most important people in the country. They must pass the equivalent of a bar exam and are required to take two years of extensive study while practicing in a notary’s office. The notary handles all legal aspects of the closing process. They perform the Title search, making sure the property you purchase is…
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Now that you have an accepted offer it’s important that you do your due diligence to avoid any surprises after the closing. The average due diligence time period is usually from 7 – 14 days. Some of the most important factors to review include your inspection report, Escritura (Deed of Title), Certificate of no Liens, Condominium Regime (for condos), Federal Zone Commission (for oceanfront properties)…
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We always recommend a home inspection from a professional home inspector. The home inspector will verify that the systems are in good working order and…
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Although the majority of property transactions are still All Cash, there are some mortgage options available as well as developer financing on new construction. For standard mortgages, you should be prepared to pay higher interest rates than in the USA & Canada, with current rates averaging between 8.5% – 10.5%. This may seem high but it’s also important to consider that the mortgage is held in Pesos and you may benefit from. …
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With a philosophy of transparency, integrity, and professionalism, the Timothy Real Estate Group has a reputation as the number one selling company since 2011 (MLS statistics), the number one agency for …
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