| If you are planning on buying or
renting property in Mexico, specifically in San Pancho
and/or Puerto Vallarta area; below you will find informative details
to assist you with:
Property Tax
As a home owner, each year you are responsible for and required to
pay property taxes . A 15% discount is available if you pay in
January. Your tax payments are be made to:
Nayarit:
Municipio de Bahía de Banderas, Nayarit
H. Ayuntamiento Constitucional, Tesorería Municipal
Puebla & Querétaro
Valle de Banderas
(City Hall)
(329)291 08 18
Puerto Vallarta:
H. Ayuntamiento de Puerto Vallarta
Independencia 123
(City Hall)
(322) 223 25 00
Federal Zone Rights
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Owning a Beachfront property is a bit more involved, you are
required to pay an annual Federal beach zone fee. Normally
condominiums Federal Zone Fee is included in the HOA payments.
Please be sure to clarify as to who is responsible for the Federal
beach zone fee when you are considering buying or renting property
in Mexico.
Payment is made to:
Nayarit:
Tesorería Municipal de Bucerías, Nayarit
Héroes de Nacozari & Morelos
Bucerías
(329)298 1319
Puerto Vallarta
H. Ayuntamiento de Puerto Vallarta
Independencia 123
(City Hall)
(322) 223 25 00
Rental Property
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If you want to rent your property, you need to get a tax ID from:
In Puerto Vallarta:
Secretaría de Hacienda y Crédito Público
Fco Medina Ascencio Km 2.5
(Plaza Caracol)
(322)225 04 37
In Nayarit:
Hacienda Federal
Océano Pacífico 17
Bucerías
(329)298 1806
Residency Permit
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If you wish to go beyond buying or renting property in Mexico and
apply for a Residency Permit, and are living in San Pancho or the
Puerto Vallarta/Bahia Banderas area, you can find all the necessary
documents, assistance and other information at:
Instituto Nacional de Migración
Heróica Escuela Naval Militar 2755
(Next to the Maritime Terminal)
(322)224 7653
Mexican
Social Security
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Your house staff (maid, cook, chauffeur), if you desire to have one;
you are responsible to register them with the Mexican Social
Security:
In Nayarit:
Josefa Ortiz de Domínguez s/n
Mezcales
(329)296 5140
In Puerto Vallarta:
Instituto Mexicano del Seguro Social
Fco. Medina Ascencio 2006
(322) 224 3838 ext 202, 212
Utilities
Telephone
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Land Line Phone bills are due monthly and can be paid at some banks
and grocery stores below for cell phones there are various offices
throughout the area to purchase a cell phone as well as time calling
cards. You can visit the
Telmex Website, or explore other cell phone options at
Celluar Abroad,
Mexico Connect for more information and locations: For more
information regarding all phone calling, whether you are buying or
renting property in Mexico, visit
Mexperience. To rent a phone while vacationing you may wish to
review the information at
Bootsnall.com
(SanPancho-SanFrancisco.com is not affiliated in any way with any of
the /individual/s, corporations/companies provided on this
page. The information is provided for your exploratory purposes
only, to assist you in finding multi sources for services
provided in Mexico)
Nayarit:
Telmex
Héroes de Nacozari10
Bucerías
(329)295 1686
Puerto Vallarta:
Telmex
Los Tules 178 (Plaza Caracol)
(322)225 1021
Electricity
Your electric bill is due every two months and can be paid at
For both States:
Comisión Federal de Electricidad
Colombia 118
(322)225 5555
Money Exchange and
Investment Funds
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You can find more than 60 investment funds and get the best exchange
rate below:
For the States of Nayarit and Jalisco:
Intercam (D'Fondos SA de CV)
Blvd. Francisco Medina Ascencio No. 2902 PB L-AB
Col. Villa Las Flores CP 48335
Puerto Vallarta, Jalisco.
Tel 322 209 0696 322 209 0838
www.intercam.com.mx
Find more information for those of you considering buying or renting property in Mexico, in
the San Pancho area here.
BUYING REAL ESTATE
IN MEXICO
AND THE MEXICAN NOTARY PUBLIC A narrative by JAMES
DANIEL BOWERS.
Gathered from
MexConnect Even as a tourist you may buy real
estate in Mexico. This may be owned through a Mexican bank trust or
in your own name. With a bank trust
(fideicomiso) it is simple to
transfer title upon sale through a Mexican notary public.
Beneficiaries may be named in case of death. A Mexican will is not
required.
Should you decide to own property in you own name, a deed called an
escritura, must be prepared by a Mexican notary public. In some
states in Mexico it is now possible to name beneficiaries in the
deed, but if this is not the case it is well to have a Mexican will
prepared to avoid expensive legal fees and probate at the time of
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There are great differences between the United States notary public
and Mexican notary public. In the United States the notary public
may be the local butcher, the new accounts clerk at the bank, the
secretary at the office, or practice any other occupation.
In Mexico, the notary public
(notario público) is a public official
appointed by the State Governor. He has the capacity to attest and
certify documents and business and legal transactions that require
authenticity. He also provides for strict security of original
records and documents.
Some of the requirements for becoming a Mexican notary public are as
follows:
must be a Mexican citizen;
must by thirty-five years of age;
have a law degree;
three years experience working in a notary public office;
must take and pass an examination and
if he passes, in time the governor will give him an appointment.
There is supposed to be one notary for each 30,000 people.
In Mexico, every legal document, such as deeds, wills, powers of
attorney, constitution of corporations, establishment of trusts and
other legal transactions must be made before a notary public in
order to be valid. If the document is not notarized by a Mexican
notary public it is not legal!
When buying real estate and you reach an agreement, go to the notary
public first. The buyer chooses the notary public. For real estate
transactions you do not need an attorney. The notary public is
completely capable and legally authorized to carry out the
transaction.
In many cases an attorney will delay the transaction, charge you
unnecessary high fees, and have absolutely no bearing on the
situation, as it is not of his competence. Before giving any type of
down payment or committing yourself to a deal, take a copy of the
actual escritura (which should be given to you by the seller with no
argument if everything is in order) to the notary public to check
the deed's validity.
If buying property from a developer, have the notary public check to
see that he has his permits for the development and for
construction. A beautifully engraved certificate or formal letter
promising a deed at some future time is not a deed, but merely a
sales contract.
Have the notary public determine that the land is not
ejido land
(communal agricultural land). The right to use this type of land can
be purchased, but always a risky deal, as it is not your property,
you are only allowed to use it.
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Insist on making all real estate transfer agreements before a notary
public. Do not be pressured by someone who says that you need to put
money down right away.
The notary public will need from both parties to the transaction:
proof of full names, marriage certificates, proof of dates and place
of birth, official identification with a photograph, such as
passport or driver's license, and your visa to prove that you are in
Mexico legally.
The notary public will need from the seller: 1. his deed; 2.
Up-to-date tax receipts, water bills, subdivision (fraccionamiento)
fees, and any other public utilities bill, paid up to the date of
sale. The notary public will determine capital gains taxes through
an official appraisal (Avaluo).
The capital gains tax, if any, is paid by the seller. However,
through mutual agreement, it may be paid by the buyer. Make sure you
know how much this will be--the notary will inform you of the cost
before the transaction, almost to the cent. Cash or money changes
hands the minute the seller signs over the deed, usually in the
notary public's office. The buyer ordinarily pays notary fees
incurred, which also must be paid when the title is signed over.
The process is not over yet -- the notary public must register the
escritura in the Registro Público de la Propiedad (Public Registry
of Properties). This should be done promptly, as the transaction is
not valid until registered. A normal time frame for this is around
two weeks.
Property within sixty-two miles (100 kilometers) of the border and
thirty-one miles (fifty kilometers) of the coast must be held in a
bank trust. You will need a permit from the Secretary of Foreign
Affairs.
The buyer may choose the bank that will handle his trust, and may
want to shop around to determine where he can get the lowest fees.
Most real estate transactions in Mexico are not fraudulent. The
fraudulent deals are fairly rare and definitely not the norm. Any
transaction done with a notary public should not have any problems,
as he or she is legally responsible that everything is in order.
People who buy real estate in Mexico often invest their life savings
in their "dream" retirement home, and everyone should be aware of
Mexican laws and be cautious.
Sometimes people are so impressed with the natural beauty and
climate of Mexico that they "throw caution to the wind" or "leave
their brains at the border." This has been referred to as "margarita
fever."
Another consideration: Is the property you are thinking of buying,
readily marketable should you decide to return to the United States
or your native country?
We have found that most real estate brokers and developers are
honest and above board. Should their sales techniques be like those
of a "time share" salesman pressing for "an impending happening
close" for the transaction, be careful.
Basic safeguards on real estate purchase do not yet exist in Mexico
as in the United States or Canada. There is no credit bureau to
check on the developer's financial condition. It may be difficult to
locate liens, and there is no title insurance.
For the typical person off the street, you need a notary public to
hold your hand right from the first steps of the transaction--a
title search takes him at the most a few days. If there is any
potential problem, the notary public will not foul his good name and
will let you know immediately.
Chances are that you will never have a problem when buying real
estate in Mexico. Just be diligent in doing your "homework" and be a
little more cautious!
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|
Initially
you arrive in Mexico with an intent to simply vacation for a few weeks. Shortly
after your arrival you are enchanted with the natural beauty of
the country, almost every area, especially the mountainous Pacific coastal areas
have unparrel combined living conditions.