For Buyers
San Miguel de Allende offers many options to buyers and Premier Real Estate is prepared to meet your needs in all Colonias of the city and surrounding areas:
Mexican Colonial and Modern Homes- Investment Properties
- Condominiums
- Pre-Planned Full Service Communities
- Haciendas
- Land
Whether you are considering purchasing property in San Miguel de Allende for investment, as a second home, or for retirement, there are some things that you should know.
Owning property in Mexico is a safe prospect. People have been investing in Mexican real estate for many decades and there are thousands of foreigners in San Miguel who own their properties with complete legality under Mexican law. Prior to NAFTA (1994) it was necessary for investors and homeowners to purchase properties through a Mexican Bank Trust, or Fideicomiso. That meant that the title (escritura) to a property would be under the trust and you would be listed as the beneficiary of the trust. This still applies to land 30 miles in from the coast and within 50 miles of the border. Because San Miguel is located in Central Mexico, these laws no longer apply. You have the right to purchase property and will be granted full title (escritura) of that property in your own name. This consideration is very important when purchasing property in Mexico.
Historically, buyers have purchased homes in San Miguel outright, without a mortgage as Mexican banks do not issue loans to foreigners. There has been, however, recent interest by American lending institutions to provide financing in San Miguel due to heightened interest of Americans and Canadians in relocating and investing in San Miguel real estate. Please contact us to discuss this option should you require financing.
Purchasing your Mexican dream home is a simple process. The Team at Premier Real Estate is dedicated to showing you properties that fit within the parameters of your requests.
What We Will Do:
- Develop a relationship with you - listening to all of your real estate desires
- Provide comprehensive information about San Miguel to better educate you on all possibilities
- Create a comprehensive tour of homes that match your individual criteria
- Work with you from our first meeting through the closing process – guiding you with consistency, professionalism and dedication
- Establish a clear relationship of total customer service
What We Will Not Do:
- Drag you through homes that do not fit your requests
- Abandon you at any point in your quest – we will be with you each step of the way
- Pressure you into anything – you are the decision maker; we will not try to “sell” you on anything
These are our promises. Nothing is more important to us than to provide the best possible options and information and allow you, the buyer, to choose your home.
Homes sing to different people in different ways; at Premier we understand this very important nuance.
The Purchase Process:
When you have decided to make an offer on a property, a formal written offer will be presented to the seller. Once the seller has accepted and signed this offer, a binding contract is established. It is customary that the buyer provide a 10% earnest money deposit on the full purchase price. This deposit will need to be in the form of a certified or cashiers check made out to the seller. It is important to know that Premier Real Estate will hold this check until the closing. The buyer will have several days to provide the deposit as circumstances require – for example the buyer may need to return to their home country to access these funds. This is a normal procedure with all real estate transactions in Mexico and we will help in this process.
The Buyer and Seller will determine the date of the closing (usually within 30 - 45 days) which will occur at the office of a local Notario Publico. Mexican Notarios are highly trained attorneys authorized by each individual state to attest to the genuineness of the documents they prepare or certify. Notarios play several important roles; however, in real estate transactions their main responsibilities are to formalize the transaction and withhold taxes from the parties involved. At the time of closing, the earnest money and balance of the purchase amount will be presented to the seller and the property transfer will occur. The Notario Publico will release the new property title (esritura) to the buyer at this point.
The Buyer will need to provide their current passport and visa. It is not necessary for the Buyer to hold a FM3 Visa (permanent visa) – a Tourist Visa will suffice. The closing costs required are negotiable and depend on each Notario Publico and include a transfer tax of 0.004368% of the sales price and closing expenses such as Appraisal, Certificate of no Liens, Deed Registration, and other Certifications. The Seller pays all capital gains tax and the agent’s commission. Premier Real Estate will help determine closing costs prior to closing as they are unique to each transaction depending on the purchase price and other variables.
While this process may seem daunting, it’s really quite simple. Your Premier Agent will be with you before, during, and after the closing to ensure a smooth transition.
For Information on Mexican Visas: VISAS
For information on selling property: SELLERS
Looking to Buy? Contact Us Today!
Premier Real Estate agents are here to help! Please let us know what you are interested in,
and we will get back to you within our earliest availability.
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