Cabo San Lucas
Here are some tips than can help you in your buying process:
- Closing is more complex, more expensive to the buyer, and often more lengthy, than in the United States, but still the process remains similar. The Closing Coordinator you choose should guide you during the entire closing of your property.
- For handling funds, the use of independent money escrow companies is recommended.
The closing coordinator (it can be a broker, independent closing company or a notary) locally communicates and works with the escrow holder.- Funds transfers are usually done by wire to and from the US escrows involved.
- Expenses of closing are typically much higher for the buyer here than in the US, running from 3% to more than 10% of the purchase price.
- To facilitate your going in and out of Mexico, it is recommended to get the Mexican visa (FM3) either before buying or as soon as possible after.
- If you rent out your condo or home here, the income you earn should be reported to the Mexican tax authority, Hacienda, and to the US. (You will generally not be double-taxed.)
- Real estate taxes in Mexico are extremely low compared to those in most US jurisdictions.
- Closing coordinators have the formula for calculating the gain taxes and can give you a rough calculation.
Pacific Closing Company is dedicated to provide closing services to all buyers and sellers on any type of real estate transaction in Baja California Sur in a professional and timely manner. We coordinate all the parties involved in the title transfer by taking care of all the paperwork and follow up, including US title insurance and third party escrow.
For more information contact us at +52 624 143 0202, toll free from US at 1 866 805 4938 or send us an email at info@pedregal.com.
