Guide for Canadians Buying Property in Mexico

by taimur ansari

It’s a great time to buy property in Mexico, which is especially enticing for Canadians who want to invest in a vacation home. There are a number of factors you need to consider when buying property in Mexico, but before we dive into that, let’s start with the basics: what kind of property can you buy? In general, there are four types of property which include residential land and co-ownership properties as well as condominiums and hotels. But what is the process for buying property from your home country?

The first step is to find a reputable real estate company or broker in Mexico that can help you with the process. You’ll also need to engage the services of a qualified lawyer who is familiar with Mexican property law. Once you’ve found the right team, you can start searching for the perfect piece of property.

When it comes to financing your purchase, you’ll need to get a mortgage from a bank in Mexico. The process is similar to getting a mortgage in Canada, but there are some key differences to be aware of. For instance, the down payment required is usually larger – around 50%. It’s also important to note that foreign buyers can only get a mortgage for a maximum of 60% of the purchase price.

Once you’ve found the right property and secured financing, the next step is to negotiate the purchase price with the seller. Once you’ve reached an agreement, it’s time to sign the contract. This is where your lawyer will be able to provide guidance and ensure that all the paperwork is in order.

The final step is to register the property in your name at the Public Registry of Property. This is a government body that keeps track of all real estate transactions in Mexico. Once the property is registered, you’ll be able to get title insurance, which will protect your investment in case there are any problems with the title.

Now that you know the basics of buying property in Mexico, it’s time to start searching for your perfect piece of paradise!

This content is provided by Mexico Sotheby’s International Realty, a member of Luxury Portfolio International.

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