This article will help you with five tips that you should know before buying real estate in Puerto Vallarta.
People have a common misconception that foreigners cannot own property in Puerto Vallarta, but in reality, they can. Except for the restricted zone (100 km along the border or 50 km along the coast), a foreigner can acquire property and direct ownership anywhere in the region. If you are interested in purchasing a real estate property here, plenty of options are available. You need to keep the following five things in mind before buying a property in Puerto Vallarta:
Choose an experienced real estate agent
Make sure you do thorough research before you choose an agent to work with. Look into their background, how long have they been in the industry? Do they have local references? Are they efficient with their services? Are they showing you assets outside their guides in Puerto Vallarta real estate Mexico?
Under this system, people from other states and countries can purchase property with the help of a bank trust. Fideicomiso allows you the right to hold the property enjoying all the privileges a citizen would. You will be the beneficiary of the trust and will have all the rights to own, sell, mortgage or lease out the property as and when you want. You can maintain many Puerto Vallarta real estate Mexico properties with a single Fideicomiso, plus you can easily transfer the ownership to another foreign buyer.
Use of Public Notary
A notary public is more potent in Mexico than any other country. Notaries are appointed by the State governor, and he must possess a law degree. Their work is to witness and certify papers ensuring their authenticity. A public notary is essential in the entire process of purchasing property as they manage and safely secure documents and original records. To legally process the property transaction, you will have to use a public notary.
For the entire transaction to go smooth, make sure you have all your original documents and records in place. This involves:
A copy of the seller’s title (the seller will have to provide you with the original title on the closing day), registration copy of the property, a copy of the Regimen of Condominium, etc. Make sure you have no utility bills remaining, and your yearly property tax is up to date.
Invest in what you know
Research is essential no matter what you are doing, and especially when it comes to buying the estate. As an investor, you should have a better understanding of the locality and the property, the rules and regulations, obligations you have to abide by. Gets an estimate of all the costs during the closing of the transaction including notary fees and expense, bank trust fees, property transfer fee, etc.
Remember that you are the boss here and don’t let an agent decide things for you. Price and place are the two crucial factors in deciding a property so don’t let the agent fool you into this. Be cautious of the agents who try to exploit you.