Expected Closing Costs on Cabo San Lucas Homes for Sale
There are certain standard costs related to closing the sale of a house. These expenses are often divided between the buyer and seller, as dictated in the sales contract. Many are conventional, but there are nuances to each, so you'll want a real estate expert on Cabo San Lucas homes for sale to help guide you through the process.
In Mexico, real estate transactions are finalized before a Notario Publico. Remember that he is not a representative of either buyer or seller, but represents the government of the state. The Mexican Constitution provides that foreigners who purchase Mexican property must agree to consider themselves as nationals before the Foreign Ministry. They must agree to adhere to the laws of Mexico and not to invoke the protection of their own government.
The practice of title insurance is relatively new in Mexico and is always recommended as part of the transaction. Closing costs on Cabo San Lucas homes for sale are substantial, between 5% to 7% of the cost of the property. Buyers and sellers meet with the Notario Publico to sign all the required documents, but the transfer of money to the sellers does not take place in front of the Notario. It is disbursed by the escrow company, usually by wire transfer once all the documents have been signed.
Sellers: As we get through the details of your sale, not only will I work to get the optimal sales price, but I'll also assist in obtaining a capital gains tax estimate. And once we've reached an agreement, I'll explain in detail the closing costs so you are aware of exactly what you're paying for.
Buyers: At the time you arrive to look at Cabo San Lucas homes for sale, I will provide you with a detailed closing cost estimate. Since closing costs are a significant amount of the real estate purchase, it is best to have this information prior to making a property selection.