Mexico is the most popular country for real estate in recent years, because the tourism industry in Mexico has driven the development of the real estate market. The following editor of whereisthecheapesthouse.com briefly introduces the list of Mexico’s real estate purchase process, welcome to read.
Mexico Real Estate Process
1.Determine the purpose of the purchase
Before deciding to buy a house overseas, you must first determine whether the house is for living or investment? The purpose of buying a house is different, and the criteria for choosing a property are also different. If it is self-occupation, it is necessary to carefully examine the existing conditions of the property, including the community, surrounding environment, supporting facilities and other issues; if it is an investment, more consideration is given to future appreciation. Try to choose a property with high cost performance, low investment cost, good future development prospects and easy rental.
2.Lock the purchase area
Buying a house is not about being as close to the city center as possible, but about the neighborhood where the property is located. Before buying a house, you may wish to ask the real estate agent to introduce you to the relevant data of the community. If you have the conditions, go for a walk in the community to get a more intuitive understanding.
3.Choose a real estate agent
All listing information can be viewed in the system, there are strict legal constraints on real estate agents, and fraud is rare. “Austen said, so buyers only need to go through a domestic professional agency or go to the local to find a broker with barrier-free communication and a good eye.
4.Loan pre-approval letter
Chinese people who buy a house overseas can apply for a loan, but it is relatively difficult to apply. If you want to take out a loan to buy a house, the buyer needs to get a pre-approval letter from the bank to determine the amount they can borrow before choosing a house. Because it takes a month or two from the application to get the pre-approval letter, the seller may not have the patience to wait for you.
5.Sign the purchase contract
After a period of house selection and inspection, when you come across a house you like, the broker will give you a reference price based on the property’s condition and market performance. The buyer determines an initial purchase price based on the reference price and the seller’s quotation. The broker will then issue a letter of intent (offer) to the selling broker. If the price is agreed, a formal home purchase contract can be signed. At this time, the buyer needs to pay 20% of the house price as a down payment, and this funds will be deposited in a third-party custodial account.
6.Home Inspection
If you buy a second-hand house, after signing the house purchase contract, you must ask a professional house inspection agency to conduct a comprehensive inspection and issue a house inspection report. If you find a problem, you can negotiate with the seller to solve it, ask the seller to be responsible for repairs, or reduce the price of the house. Buyers also have the option to cancel the sale if they find particularly serious problems with the home.
7.Property transfer investigation
About two weeks after the signing of the house purchase contract, the main investigation is whether the property rights of the seller are clear. After confirming that there is no problem, a property transfer document will be issued. Because there are professional institutions to check, generally there will be no such situation as one house and two sales, and the property rights are not clear.
After the buyer applies for a loan to the lender, a third-party appraisal agency will evaluate the house. If the appraisal is lower than the transaction price of the house, the seller can negotiate with the seller to lower the house price or cancel the contract directly. If the buyer cannot get a loan temporarily, he can also request to cancel the contract. Whether you need to pay liquidated damages for cancellation of the contract depends on the specific provisions of the buyer and seller when they sign the house purchase contract.
8.Buy home insurance
When buying a property overseas, it is common to purchase home insurance. If taking out a loan to buy a home, the loan structure will require the buyer to purchase home insurance before closing. In addition to basic insurance items, in areas with frequent natural disasters, it is also necessary to purchase a natural disaster insurance.
9.Transfer of property rights
After obtaining the property rights transfer documents, the buyer will transfer the balance to the third-party supervision account, and then transfer the property rights. In about two weeks, the buyer can get the title deed. The local government’s website will be updated about half a year, and buyers can check the properties under their own names by logging on to the website and entering their names.
So far, the whole process has been completed. More about real estate news please keep an eyes on our site.