We understand that buying a house in Mexico, or in any other country that’s not your own, can feel scary. There are so many legal and financial processes that you’ll need to get familiar with before deciding. That without mentioning that finding a foreign real estate agent that you can trust without personally knowing them, sounds like an impossible mission.
What if we told you, we have a proven method that’s going to help you choose a new house like a local?
This questionnaire will guide you towards asking the right questions to make sure you’re making the right decision for you and your family.
Let’s get to the questionnaire!
- How is safe title assured?
- How is title insurance handled in Mexico?
- Who can issue title insurance and how much does it cost?
- How do I take possession of the property?
- Are occupants in the property now? What are my legal rights?
- What procedures will protect me against a problem with taking possession?
- How will I maintain the property when I’m not there? Who will pay the expenses?
- Will the climate affect the cost and amount of cleaning required for maintenance of my property?
- What natural forces could affect my property, such as earthquakes, hurricanes, floods, wildfires, rain, high humidity, termites, etc?
- Whom can I trust? Does a system for accountability exist?
- What is a fair amount to pay for expenses and property management?
- What taxes do I owe for the property?
- What legal papers do I receive, and when do I receive them?
- Who qualifies to transfer the property and where is it done?
- Do I have to be present at closing?
- How does the process of transferring money for acquiring a property in Mexico works?
- What currency will be used for the sale price?
- Who holds the sale funds until the title is transferred into my name?
- When is the money sent?
- How long does an average closing take?
- How do I make sure that the seller has paid his/her expenses before I own the property?
- Can title insurance be bought?
- What are my closing costs as a buyer or seller?
- What conditions am I agreeing to for recourse by the other party if I default?
- Can I make an offer with contingencies?
- What should the contingencies be?
- Can I negotiate the cost of repairs?
- Who qualifies to do a home inspection?
- Are inspections the same as in my home market?
- How do I take title to a property?
These are just some great ideas to start but make as many questions as you want. Knowledge is EVERYTHING, especially when buying a property.
Hope this list helps you. We’ll always suggest that each potential buyer or seller conduct his/her due diligence and review. Hope to see you in the next entry! Good luck. Please contact us if you have any questions.