Saturday, May 25, 2024

Steps To Buying Property In San Miguel

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San Miguel De Allende Real Estate is a busy domain. Among the different sections of buyers, there is an increasing interest in buying homes in this most wonderful destination. However, lack of updated and reliable information might make it difficult to make informed decisions when you want to invest in San Miguel real estate. Here are the different steps to home buying in San Miguel explained.

Different steps to home buying in San Miguel De Allende

• Do some research in the local real estate market and set the budget for your dream home in Mexican pesos.

• Contract a certified Mexican real estate agent who has a thorough knowledge of the San Miguel De Allende Real Estate market.

• Tour the properties put on sale and shortlist the options. Colonial charm and closeness to amenities can be some guiding factors to choose properties.

• Inspect the properties and check for their structural integrity. Verify the utilities like electricity and water supply.

• Get property appraisal (Avaluo) done; review the property deed (Escritura) to confirm the ownership and understand the encumbrances.

• Negotiate the buying price of the property with the seller and decide on earnest money (Arras) deposit, which is mostly 5-10% of the value of the property.

• With the help of a Mexican notary, get a Promise of Sale Agreement document (Contrato de Promesa de Compraventa) drafted including the timelines and other conditions.

• Deposit the down payment (Enganche) to the notary’s account, which is usually around 10-30% of the price of the property.

• If needed, approach a Mexican Bank and get a pre-approval letter (Carta de Aprobación ) to secure financing.

• Go with the “Due Diligence” process which also consists of title search and get the certificate from the Public Property Registry.

• Visit the notary’s office and sign the property deed (Escritura) in the presence of the buyer and seller and the notary.

• Pay the balance amount and the closing costs, which is usually 4-5% of the price of the property and then get the property registered with the Public Property Registry.

Take away
If you are a foreigner trying to buy property in San Miguel, you must ensure compliance with several rules and regulations. To this end, it is good to work with a reliable and knowledgeable San Miguel De Allende Real Estate agent who can guide the process to complete smoothly and ensuring full compliance with all the laws and regulations involved. Especially those new to home buying and selling will find the services of a San Miguel De Allende real estate agent very helpful.

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