How to buy Properties in Puerto Vallarta

Author Ray Smith Real Estate Agent Century 21
Date November 29, 2021
Buying a property in a foreign country can be challenging. There are many steps involved and the best advise I can give you is have a real estate help you. You may ask yourself why and I will list you a few, although there are many reasons why. 

1. A real estate professional will help you get the proper paperwork before you buy. This means before you write an offer, before you give a deposit, the agent can get a copy of the escritura (deed), the boleta ( ticket on public registry to verify current owner, a copy of property taxes (predial receipt for current year),  and the seller's identification.
2. If the property is pre-construction, then other precautions should be taken such as learning the developer's reputation, previous projects completed, history of sales and the prices.
3. One of the mistakes I have seen Canadian buyers do is buying in US dollars. I recently doubled ended a condo sale and noticed the buyer lost money when completing the escrow deposit.  His Canadian dollars needed to be converted into US dollars, and then on closing, the notario disburses the US funds which in the end were converted to pesos. The seller gets a wire transfer to their Mexican bank account and again, the money gets charged a commission and is converted to pesos. When you are dealing in amounts of 100,000 and more, the conversion to US from Canadian dollars and US dollars back to pesos, it is money lost. If the listing of the property is in US dollars, write the offer in the equivalent amount in pesos. That will eliminate the double conversion and loss of money due to the commission charged by banks. 
4. An agent can also help you understand Capital gains in Mexico for foreign buyers and sellers. 
5. Although as a buyer, you may only be focused on the actual purchase. However, if the buyer can understand the beneficiary options allowed in Mexico deeds, they may make transitions and transfers easier in the future. 

This list is not exhaustive, just a few reasons why a AMPI certified realtor with full access to the MLS can help you buy and sell a property in Puerto Vallarta. Whether you are searching for a condo, a single family home, beach front or retirement home, let a Puerto Vallarta realtor help you.

To view properties for sale, visit VallartaRealtor.com or WhatsApp the author Ray Smith, Century 21, 322 199 6417.