My husband has been a Realtor and Broker in Ontario, Canada and in New Mexico, USA. If seeking a professional realtor to sell or buy property in San Miguel, please email me. And, we have renovated and built homes. Anyone seeking an excellent architect and builder, please ask.
Listings in Mexico work in a similar fashion to north of the border, however, often there is no official Multiple Listing Service (MLS) so multiple agencies may list your house for sale on their websites. What you will primarily find is the agent you choose and their office will end up showing your house the most. Agent fees range from 5 – 10%, depending on the region.
The buyer selects the notario, but the seller may also have their own or have the buyer’s notario represent them. You will be in the notario’s office with the purchaser for hours on closing. It’s a long process with much paperwork and if you do not speak Spanish, a certified translator must translate every sentence in the very long deed in front of you.
Buyers have been known to record a lower purchase price to reduce property tax. This is a common practice.
In Mexico, real estate agents and brokers usually have far less training versus agents in the U.S. and Canada. There is neither certification nor licensing of realtors. At the same some realtors are very professional. In San Miguel, I am happy to make recommendations. I personally would not rely on a realtor to protect your interests from legal, construction issues, zoning or any similar aspect. Similarly, “home inspectors” are not licensed and anyone may claim to be a home inspector. Due diligence is key in Mexico.
Once a property is sold, you are required to terminate employees, both full and part-time. Otherwise, the buyer has obligations to the employee back to original date of employment. Therefore, you will have to pay severance dated back when they were originally employed at that address. A good real estate agent and notario should always raise this issue. The same may be true when renting if the employee continues from the last tenant.
For capital gains tax and exemption information, please see Captial Gains & Currencies.
