Buying a property involves a lot of effort and is an important step in the people's lives, therefore, in CondoTulum we leave you a guide with the steps and all the useful information you should know so that the operation is a complete success.
Guide to buying a house
1. Search: Before beginning the purchase process , it is best to answer the following questions, which will be useful to make your decision.
✧What type of property are you looking for?
✧ How many bedrooms should your ideal property have? With or without parking? With or without terrace/balcony/patio?
✧ Do you want it to have amenities? Which ones?
✧ In which neighborhood or zone can the property be located?
✧ How much is your income? It is important that you consider the real estate expenses, the registration tax, the deed and the notary fees
✧ How much do you estimate you can spend per month? It is essential to consider the expense you make on basic services, in addition to the monthly payment of your credit
2. Tips for visiting a property: If you are already evaluating properties, it is important to visit them before, not only to get to know the property, but to determine if the area in which it is located and the dynamics are in accordance with what you are looking for. To do this you can:
✦Going to the visit with another person, it can be useful to have a trusted second opinion
✦Visit it at different times of the day to see the light it receives and the ventilation
✦Visit at different times of the week to see movement in the area
✦Check the accessibility of the neighborhood and nearby places of interest such as green areas, public transport, shops, schools and hospitals
✦Request invoices for services and expenses
✦Verify the correct state of the apartment, for example water, gas, water heater, pay attention to the presence of moisture or cracks in the walls and verify the heating and ventilation of the property
3. Make an offer: When you find the property that meets all the requirements you need and determine if it fits the budget you can afford, it's time to make an offer.
The offer reflects the will to buy and works as a reservation, which the seller can accept or reject. If accepted, the property must be removed from the market to continue with the procedures corresponding to the purchase; in case of repentance, the seller must return the amount of money from the previously delivered section.
4. Signing of the private purchase-sale contract: Once both parties agree to continue with the real estate operation, a private purchase-sale contract is signed.
It is a bilateral security document, which commits the seller and the buyer to carry out the transaction, prior to the signing of the deeds before a notary public.
In addition, when the private contract is signed, an amount of money is given as part of the payment of the total price, normally corresponds to 10% of the final price. If the buyer cancels the contract, he would lose the amount delivered. In case the owner repents, he will have to return double what he received, unless otherwise indicated in the contract. The document establishes the price, the date or term of the deed, the designation of the notary, the identification of the property, personal data, total price of the property, amount advanced, clauses and signatures. Keep in mind that the deed process before the Public Registry of Property and Commerce can take approximately three weeks, from the delivery of the documents to the notary until the signing of the property deed. 5. Deed: Formal act that establishes the purchase and of the property where the operation is legally carried out. Remember that as a buyer you can choose which notary public you want to carry out the operation and it is one of the expenses that you must consider. Before the deed, the notary is in charge of carrying out a study and prior review of titles, legal and tax aspects for Subsequently register the property in the Public Registry of Property and Commerce (RPPC) of the corresponding locality. The documentation you will need to be able to write is: ☞ The title of the original property registered in the RPPC ☞ Private purchase-sale contract, if signed ☞ Property tax and water bills ☞ Current appraisal ☞ Personal documents of the parties involved (birth certificate, official identification and, if married, marriage certificate marriage and official identification of the spouse) ☞ Letter of credit authorization, which must be delivered to you by the financial institution to which you have requested it In the acquisition of an apartment or in condominium, a copy of the condominium property regime is also needed, as well as a certificate of no debts issued by the condominium administrator. ☛ Deliver all taxes withheld from buyer and seller 15 days after signing the deed ☛ Submit the electronic Complementary-Invoice with verification of withheld taxes ☛ Submit your electronic invoice for notary fees and expenses ☛ Give the seller the ISR calculation with acknowledgment of receipt 6. Payment of the property: It is made together with the deed, there the real and effective delivery of the property is established. It is possible to agree on the division of expenses, but in general, those that you will have to face as a buyer of a property are those generated by the issuance and registration of your title: ♢ The real estate and notary fees, respectively ♢ Writing expenses whose cost depends on the location of the property and the type of construction ♢ The cost of registering your property with the Public Registry of Property and Commerce (RPPC) of your locality ♦ Federal: VAT and ISR ♦ State: ISAI (Real Estate Acquisition Tax) With this you can start the search. Find your next home at CondoTulum !
What Obligations do notaries have?
What taxes are paid to buy a property?
