Posts Tagged ‘appraisal’

Details on Closing Costs

The WHAT, WHY and HOW of closing costs…..

Estimated Closing Costs is a list of the standard charges involved in the transfer of the rights in the property purchased in Mexico. The total cost can vary depending upon the circumstances. It is generally prudent, however, for the buyer to set aside 3% to 14% of his budget to pay these costs. (more…)

Real Property Purchases

Real property taxation in Mexico
Mexico Taxes when purchasing a property

U.S. and Canadian buyers of real estate in Baja California are surprised at how high “closing costs in Mexico” are at the moment of property title transfer. The seller pays almost no taxes for the sale if it is their permanent home and can demonstrate that with utility bills in their name and identification listing the property as their domicile. If it is income property or an unimproved lot, the taxes to the seller are a 26 percent tax (impuestos sobre la renta) of the sales price or property appraisal, whichever is highest. And the buyer pays 4.3% of the sales price. Appraisals are typically one half the sales prices. (more…)

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