Purchasing Mexican Real Estate
Buyer Beware and other Common Sense Tips
Those of us working in the Mexican real estate industry are frequently asked the same question. “Is it safe to buy real estate in Mexico?” The answer is “Yes, if you follow certain guidelines.” In which case, your purchase is as safe as it would be in Canada, the United States, or elsewhere. Only a...
Avoid Dual Agency
Consider a Buyer’s Agent
Dual agency arises when a real estate broker or salesperson represents adverse parties (e.g., a buyer and seller) in the same transaction. In real estate the party that represents a buyer and or a seller in the purchase or sale of a property, is called an agent. In Mexico, as in other countries of the...
Property Taxes
On your vacation home
Just as in any other country, Mexico depends upon income from the annual tax on property to keep local governments functioning and provide important local services for the region… The good part is that the annual tax assessed on Mexican properties is often less than it might be for property in many other countries! And,...
2008 Tax Law Update
Flat Tax Law, law on cash deposits tax, and how to legally minimize your Income Tax payment on Capital Gains
Let’s say it once: It is not a matter of avoiding the pain for the pain is inevitable; it is a matter of choosing the consequences of pain. – Maurice Maeterlink, Belgian writer I. Flat Tax Law (IETU) On January 1, 2008, the Flat Tax Law 2008 (Ley del Impuesto Empresarial a Tasa Unica or...
Acquiring Ejido Land in Mexico
Is it Realistic and Reasonable?
Everyday more people are hearing about ejidos and are also getting more familiar with ejido processes and formalities. Actually, ejidos represent a very interesting topic for real estate and tourism business investors due to the fact that a considerable amount of land in Mexico belongs to ejidos and an important amount of these ejidos are...
Closing Costs
in a Real Estate Transaction
Closing costs in Mexico are often a surprise for foreign buyers… Sometimes they feel the closing costs are too low, sometimes too high, but many times they are just confused why they were told one approximate by their attorney, a different one by their real estate agent, and a completely different one by the seller....
Understanding Closing in Mexico
It is well known that starting a business or purchasing a property can take a long time, anywhere. This can be especially true if you are a foreigner and you want to purchase property in the “restricted zone” (the coastal areas) of Mexico. I’ve spoken to many foreigners who were told “by somebody” that they...
The Mexican Will
Is it Necessary? Protecting your assets through proper planning…
United States and Canadian citizens living in Mexico frequently ask: Do I need a Mexican Will? While there is no legal requirement to have a Testament, or Will, executed in Mexico, it often makes sense for people whose only Mexican asset is a home or condominium, to be proactive and draft a Mexican Will. The...
