Listings in gringo areas work in a similar fashion to north of the border, however, 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.
Once sold, you are required to terminate employees on paper, both full and part-time. Otherwise, the buyer has obligations to the employee all the way back to originate date of employment and will have to pay out termination fees accordingly when they are fired. 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.
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.
In the past, buyers have been known to record a lower purchase price to reduce property tax. If you buy a home and record a price considerably less than the true purchase price this may significantly affect the taxes when you sell and the purchase is recorded honestly. In Mexico, it is all buyer beware. Real estate agents and brokers usually have minimal training and I personally would not rely on them to protect your interests from legal, construction issues, zoning or any other aspect. Due diligence is key in Mexico.
For capital gains tax and exemption information, please see Captial Gains & Currencies.