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Getting the Shaft on REAL ESTATE in MEXICO

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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by Trailrunner on Mon Jan 18, 2016 7:40 pm

Rent. What's the rush?
Rent in different pueblos, they are all different. After awhile you will know where you want to buy. There are a thousand different ways to live here and it takes a little bit to find where you fit.

If you buy, you can't move.

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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by David on Mon Jan 18, 2016 7:46 pm

Good advice. We didn't do that. We lucked out and found a great house in a great barrio and bought it in 2005. No regrets. Never the less, I tell all newcomers to rent first! There's no hurry.
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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by brigitte on Mon Jan 18, 2016 8:29 pm

yes everyone is different. I bought a house the first week I was here and we are still living in the same house 15 years later.

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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by CanuckBob on Tue Jan 19, 2016 8:49 am

We visited the area for 4 - 6 weeks each year for 5 years prior to moving here FT. Each year we would rent a house in a different area. From Chapala to SJC, mountainside (with view) to lakefront, gated community to village. After moving here we rented for the first year then finally purchased a place in a great location in the village. The prices were low and the CDN$$ was 1.02. The timing felt right and we love the place we bought.
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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by gringal on Tue Jan 19, 2016 9:54 am

David wrote:I and one of the other posters above are homeowners. In my case, for over 10 years. The definitions of Factura and Finiquito are correct. The assertion that the future sale is taxable is NOT true if you are Residente Permanente.

I've owned homes in Mexico for over twelve years; one in SMA and the current one in Ajijic. David is also a homeowner.
I'd suggest that Vandre hesitate before making assumptions.
I agree wholeheartedly that, even though it's not the most comfortable situation for some, renting until you are thoroughly familiar with an area is the most practical approach, especially in a market where sales can be very, very slow. Rolling Eyes

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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by CanuckBob on Tue Jan 19, 2016 10:07 am

And paying for a quality inspection and a good Notario when you do find a place you want to purchase.
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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by gringal on Tue Jan 19, 2016 10:10 am

CanuckBob wrote:And paying for a quality inspection and a good Notario when you do find a place you want to purchase.
...And bear in mind the difficulty of inspection I mentioned in my first post on the subject. I'll spare you the horrible details about unseen and inaccessible problems.
I think you took the most practical approach, Bob.

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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by CanuckBob on Tue Jan 19, 2016 10:27 am

Yes, with everything buried in cement it is difficult to inspect the plumbing and electrical to any great degree. I guess the only solace is that it is relatively inexpensive to fix things compared to NOB. I have also found that these Mexican houses require a lot more maintenance than any house I owned NOB. It seems there is always something needing repair or paint. I am fortunate that I can repair most things on my own.
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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by gringal on Tue Jan 19, 2016 10:31 am

CanuckBob wrote:Yes, with everything buried in cement it is difficult to inspect the plumbing and electrical to any great degree. I guess the only solace is that it is relatively inexpensive to fix things compared to NOB. I have also found that these Mexican houses require a lot more maintenance than any house I owned NOB. It seems there is always something needing repair or paint. I am fortunate that I can repair most things on my own.

Well, there's "can" and there's "can, but don't want to", at which time we're grateful to know a small time contractor and an excellent plumber/electrician/ironworker whose bro does tidy painting. Last year, the main sewer line broke and believe me, that Evil or Very Mad fell into the "don't want to" category.

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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by Trailrunner on Tue Jan 19, 2016 10:38 am

gringal wrote:I think you took the most practical approach, Bob.

Me too! That's over and above due diligence and I'm sure it has paid off in spades for them. Way to go.
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Re: Getting the Shaft on REAL ESTATE in MEXICO

Post by DaveP on Wed Jan 20, 2016 6:29 am

Vandre wrote:Slaint -- It's been mentioned here & in other threads, that in times past, it was not uncommon for Notarios to record "lowball" purchase price numbers in an escritura.  It's also said that, now, they enter the "real" numbers.  Can anyone explain the "Incentives" for Notarios  to have falsified these numbers in the past ......  weren't they risking their "lucrative appointment" by defrauding various entities of higher taxes/fees?  Surely, there was some kind of crack-down that forced this change-of-practice, AND wouldn't that, in itself, be a defense against 10yr old falsified escrituras?

DaveP -- I'm not aware of that Treaty.  But I'm finding that rather hard-to-believe .......  in that the IRS (w/FATCA) is sure making it difficult to avoid their taxing my meager MX bank account % (of maybe $750), but that they'd forgive tax.on 100-400K income.  Can you refer me to an official reference to that Treaty & how it is interpreted by the IRS?

I had stopped watching this thread and only just saw your request. This is the reference for you.

https://www.irs.gov/Businesses/International-Businesses/Mexico---Tax-Treaty-Documents and

https://www.irs.gov/pub/irs-trty/mexico.pdf

I have been dealing with tax situations across borders for 26 years and have dealt with many situations between Canada/US, Canada/UK, Canada/Mexico and US/Mexico.

Are you filing declarations on  foreign bank accounts totaling less than $10,000.00 USD? Or investments totaling less than $50,000.00 USD. It is not required.

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