Buying Tips

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 notario) locally communicates and workswith 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 inn 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 Coldwell Banker Riveras inhouse closing services provider. They are capable of taking care of all the paperwork that needs to be done when buying and selling a property. For more information of all the services that Pacific Closing Company provides, please contact them at. info@cbriveras.com