Rocky Point Review

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Real Estate, Buying

Attorney

Asistencia Legal & Gestorķa

Fremont & Colima

Ph:   (638) 388-5334

Alt Ph:   (638) 388-1038

Office Hours:   
E-mail:    olivas_leyvabogadas@hotmail.com

Ballesteros Attorney at Law

307 Olivares Avenue

Ph:   U.S. - (520) 290-0881

Office Hours:   

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Buyer's Checklist

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Seller's Checklist

If you are planning to sell your property in Rocky Point, there are somethings you can do to assist in expiditing the selling process. There are documents necessary for the Notario Publico to prepare the documents and handle the closing, the payment of taxes and other necessary expenses. If you are living here in town or you are close by, have these document ready upon a acceptable purchase agrement. If you aren't ready available, you should consider giving these to your agent When you are ready to list your property. You should have the following documents;

1.)  Copy of your bank trust, or your sales documents showing the purchase price you paid for your property.
2.)  Copies of all capital improvements with "Factura" - Your manifest (see manifesting your costs)
3.)  Copies of all your taxes statements (paid). This should include any federal zone taxes paid (beachfront properties).
4.)  Copies of Mortgage payments paid or statement of Free & Clear.
5.)  Copies of your HOA statements, C,C & R's & any other pertinent documents to your development & home.
6.)  Copies of any utility statements & bills including water or electric.

Having these documents readily available to your agent can help the Notario Publico.

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What closing costs should the sellers expect?

The seller is responsible for several major costs and some minor costs at the time of closing. The major costs include;

1.)  Commissions to you real estate agent & Company.  The general commission structure is six percent on homes and ten percent on lots.  These rates may vary from company to company as there is no legal set rate.

2.)  Mexico charges a IVA tax.  This is a 10% tax on most services, including the real estate commission. The service tax is the responsibility of the seller, not the agent.

3.)  Capital gains.  There is a tax on the gains realized in the sale of your asset.  Only the Notario Publico can calculate the capital gains.  To understand more about capital gains, (see our capital gains section).

Some of the minor costs that the seller may incur are:

1.)  Back taxes or taxes to current closing period,

2.)  Prorations on HOA dues outstanding some of the other costs can be split between the buyer and seller, as agreed upon in the purchase agreement.

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What closing costs should the buyers expect?

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