Owning Property in Puerto Vallarta Mexico
Prospective buyers quickly discover that the process of owning property in Mexico is considerably different than “back home”. The legal, ethical and financial aspects are sure to be new and unfamiliar. It will be exciting, sometimes nerve-wracking and occasionally downright terrifying. However, there is no need to worry, as the best solution is to work with a bilingual real estate pro that knows the market, the process and who will look after your interests at every step!
#1 Tour Properties
I am Alfredo Herrera, your personal gateway to the best properties in Puerto Vallarta and The Riviera Nayarit. Together we will tour a variety of homes and condos. I will share my insider knowledge regarding the value of the property, the lifestyle provided by the area and many other local insider tips.
#2 Make an Offer
We will work together every step of the way to choose a property that meets your lifestyle needs and fits your budget. Once you have chosen the property we will write an offer. This offer is subject to several contingencies, including verifying that it is free of all liens and that all the proper documentation is in order and several others depending on the property you choose.
To protect your investment you will want to hire a property inspection expert. My team and I can recommend local providers who will scrutinize the property and advise you of potential concerns.
#4 Earnest Money
Once the offer has been accepted by both the buyer and the seller and all contingencies have been removed you will make a deposit that goes into an escrow account.
#5 Establish a Bank Trust
As a foreign national buying real property in Puerto Vallarta, you will need to do it through a Bank trust called a Fideicomiso.
This trust is a contract among three parties: The Seller (Settlor) which irrevocably transfers real property to a Bank (Trustee) so that a Buyer (Beneficiary) can use and enjoy the real property. And under Mexican law, only an authorized banking institution can act as a Trustee.
The trust is for a period of 50 years and it can be renewed for consecutive periods of 50 years.
A date will be determined and all money will exchange hands (disbursement instructions will be signed by both parties). You and the seller will the sign the transfer of title at the Public Notary’s office. The same Notary will record the deed.
#7 Registering the Deed
After the closing, the Public Notary will have the deed registered in the public registry of property which can take approximately 4 months. Once it has been recorded you will get the original deed of title.
#8 Enjoy Your New Home!
Now the real fun starts! From meeting your new neighbors, picking out colorful furniture and learning all about what this magical paradise offers. It’s time to kick back and congratulate yourself on making an informed choice that will provide years of memories for you and your loved ones.
Ready to get started?
Call us today and let the journey to home ownership in Puerto Vallarta or The Riviera Nayarit begin.