All the properties we sell are certified by the Public Registry to protect the buyer and ensure there are no liens on the property.

TRUST

Promise Land Realty and Law adheres to American escrow account processes, utilizing an impartial third party, specifically an escrow company.

This third party is responsible for ensuring that the transfer of ownership from the seller to the buyer is carried out in accordance with the terms of the written contract agreed upon by all parties involved.

The third-party escrow agent securely holds the funds until all the conditions stipulated in the contract are met.

The agent then disburses the funds to the designated parties at the agreed-upon time, as stipulated in the escrow agreement signed by the buyer and seller.

CLOSING COSTS

- It is customary for the buyer to pay the acquisition transfer tax and their own closing costs, including notary fees and expenses.

- The seller pays his capital gains tax and the broker's commission.

FEES RELATED TO PURCHASES IN MEXICO

- Closing costs for purchasing a property in Mexico are much higher than in the United States or Canada.

Once you own your property here, you'll find that the costs of property taxes, utilities, groceries, housekeeping, labor, and maintenance in Mexico are surprisingly low.

Of course, we'll use our experience to guide you through the relevant closing costs and help you minimize them.

Expect between 6% and 8% of the recorded sales price.

Cadastral Appraisal Fee

Escrow Fee

Registration Fees

Tax Situation Research Fee

Acquisition Tax

Trust Fees

Closing Coordination Fee

Security Deposit Fee

Notary Public Fees

Attorney's Fees

Typically, you'll receive your estimated closing costs four days after opening escrow. You'll then transfer your down payment to escrow. You'll then receive your legal purchase agreement to review and sign.

OBLIGATIONS OF THE NOTARY

During the purchase and sale of a property, a Notary Public will authenticate all legal documents, the transfer of ownership, calculate capital gains tax, and ratify all real estate transactions in Mexico. If a real estate transaction has not been registered in the Public Registry by a Notary Public, it will not be valid.

Although a Notary Public is a lawyer, they will not act as your attorney. Their job in this situation is to remain neutral, as they work for the buyer, the seller, and the government. We also recommend hiring an attorney to represent your interests.

The attorney will also ensure there are no human or legal errors and that the property title is properly recorded, verifying taxes and utilities.