How to buy property in Mexico: step-by-step instructions

So, we have figured out the specifics of purchasing real estate in Mexico, and now you can go directly to the purchase procedure. To do this, we have created a step-by-step guide for you.

• Find an experienced, licensed real estate agent. This may be one of the most difficult points, but a competent representative of your interests in this case will save you a lot of nerves and money. The "right" agent has all required experience and connections with banks, notaries and the governmental offices, and also a well-established procedure of the whole process. Such agent will not only help you to choose the best option, but also check whether the housing has any problematic "tails", advise on taxation, obtaining a residence permit, as well as on many others. So, approach this point with the all responsibility. Of course, you can try to do without an agent, but it is unlikely that the skin is worth a scratch.
• Select the area where you want to purchase your future property. We have already mentioned that the most colorful and interesting in all respects is the youngest state of Mexico, Quintana Roo, on the Eastern coast of the Yucatan Peninsula.
• Go through the laws and procedures related to the buying real estate in Mexico (correctly selected real estate agent can save you from this, as well as from all other formalities).
• Study the list of offers and choose the options that you like the best. At this point you should have the clear understanding the purpose for which you are buying a property: to live and work in Mexico permanently or just for vacations, to rent it out, etc.
• Take your time to personally review all the selected options of available properties to assess their real state, advantages and disadvantages. It is better to do this with a real estate agent, some agencies offer this procedure remotely, when the agent makes an inspection for you, and sends you a photo or video report.
• When the choice has been made, a preliminary contract is concluded and an initial payment is made. This is usually 10-15% of the property value. The remaining amount is transferred after the conclusion of the purchase and sale contract.
• Decide how you want to formalize ownership: through a Bank trust or Corporation if it is a case (you can read more about this here). Please note that you can deal with the trust remotely, while your presence in Mexico is required to register a Corporation.
• Drawing up a contract of sale and registration of it through a notary. In this next two points, your first assistant is still the same real estate agent.
• Checking all necessary documents and obtaining permits.
• Payment of all taxes and fees and final registration of the transaction.

Now you can thank your real estate agent from the bottom of your heart, pick up the contract and keys and enter a new, Mexican stage of your life. And we congratulate you on the right investment, because buying real estate in Mexico is exactly the deal in which you should invest money and a piece of your soul.