Attention all property owners,
As many of you know I have been renting and selling in PV for many years. During that time I have run up against a couple of issues that hinder sellers when the time comes to sell a property
and I would like to pass on a couple of tips that may be of help to you some day.
If your will is not up to date or you do not have one I urge you get one updated asap. Life is uncertain and we never know what things will come our way. I have seen a sale held up for a year
or more because of problems with a Will. Some things to consider are:
– Is there anyone you want removed or added to your Will?
– If you should pass on or become unable to make your own decisions are the details concerning your condo absolutely, crystal clear regarding what you want done with the condo?
– Have there been any changes that have happened since you first made your Will? If so, be sure and get them corrected/updated asap.
– Make sure your Will has witnesses, is notarized and dated. Keep more than 1 notarized copy of your Will in your possession. I personally have even gone so far as to have my Will
recorded in my county. This makes sure that the original Will cannot be changed in anyway.
By taking these simple steps you will save your heirs tremendous grief and time from gathering ALL THE DOCUMENTS the Mexican Notario and Bank Trust will put them through. I am speaking
from experience and am currently in my 3rd such situation because the Will was NOT up to date. I am going on 1 year with a similar situation and it has still not closed. The buyer and seller are
absolutely livid because of the delays.
This is an equally important document regarding your condo. Ask yourself the following questions:
– Do I know where my original is and can I get my hands on it quickly if I needed to? If you don’t know where it is and you decide to sell quickly, generating another escritura is costly and will take time.
– Do I need to make any changes to it since I first got it? Read through it and make sure everything is 100% in order.
– Make sure Sam Rojas has an up to date copy of your Escritura on file at the building.
– I even have an extra copy of my Escritura in my owner’s lock up.
BANK TRUST: The same suggestions apply as it does for the above Escritura. The best thing you can do for yourself or a buyer (should you decide to sell someday) or for your heirs is to make
certain that the above paperwork in in order and up to date.
TERMPORARY AND PERMANENT RESIDENCY
If you own property in Mexico it is to your advantage to establish temporary residency and then permanent residency. This does not mean you are establishing citizenship, that’s another step
all together. Having temporary or permanent residency affords you many advantages. First of all if you sell your property it “could” save you up to 30% on your Capital Gains. Secondly, it sure
helps get through the Custom lines much quicker if you have a residency card. Establishing residency has nothing to do giving up your existing citizenship or with taxes (taxes is another matter altogether).
I personally have established permanent residency and it is a painless and very inexpensive process. If you own property and have not done this, it is to your benefit to do so. Anyone wanting to know more
please feel free to contact me. Our real estate attorney can answer any of your questions and help you establish your residency.
Additionally, there are many things to know about establishing residency in Mexico. You don’t give up up your citizenship, you are not establishing Mexican citizenship. Is it possible to establishing
citizenship and have dual citizenship? Absolutely but this is not being discussed in this blog. It’s important to make sure you have qualified representation when going through this process. There are
many good attornies available and a recommendation from someone who has used an attorney is a good way to go. I’m partial to our attorney and have worked with her a long time. She is very smart
and knows her field very well. If you need a recommendation contact me anytime and I will be happy to put you in touch.
The laws concerning owning, selling, buying, taxes, capital gains, banks trusts, etc are no different than in other countries….. they are subject to change. So before you enter into any transaction make
sure you are working with someone who is on top of the latest laws and changes. A good attorney and accountant is worth their weight in gold and will be of tremendous help. Having said all this I
hope I have not alarmed anyone because if you know and follow the Mexican process of owning, selling and buying property you will find it a very pleasant experience. I have owned several properties
in Mexico and each transaction was a pleasant one. Don’t be afraid to own property in Mexico. It’s a wonderful country, filled with wonderful people and a great place to live, visit and vacation. Feel free
to contact me through our Contact page and I will be happy to assist you in anyway that I can.
Jan 7, 2018