The real estate “Game” is a little different in Mexico than in other countries, the very first that you have to do is: Take your “tourist hat” OFF and start thinking business.
Don’t be greedy, you can find very good bargains in Mexico but it takes time and effort to make a good investment. If someone offers you to sell a property without a “notario” then chances are that you will get in trouble. Someone may say something like “Oh, we don’t have to do that. It cost too much. Just give me the money and I’ll have over the title. That’s how is done in Mexico”. Run away or explain that a “notario” has to be involved in order for you to do real estate business. The old cliché applies here: if is too good to be true….
Inform yourself, as a buyer you should always check the details of proposed transactions and/or engage a reputable person from a reputable office to check them for you.
If you are an American or Canadian with the intention of buying property in Puerto Vallarta, Mexico, here are some tips for you:
1. Stop the party. You will do better if you aren’t distracted by margaritas and fun.
2. Get a professional real estate agent to represent you, preferably a member of the AMPI (Realtor Association).
3. Foreign individuals can purchase residential property with a bank trust. A Mexican corporation can own property outright, but only for business purpose. These are the only two legal ways of doing it. Ask you agent to explain further.
Please let us know If you have any other concerns regarding the real estate industry in Puerto Vallarta, we are always happy to help.