Re: House Purchase Experience

by E-raq Sat Feb 02, 2013 1:41 pm

ferret wrote:E-raq...IF you have residente permanente (used to include FM2 as well)status AND IF you have lived full time in the residence for the last five years AND IF you have not received an exemption on capital gains from the sale of another property within the last five years THEN there is no capital gains.
Keep in mind, that a "specific" amount of land attached to the hourse enters into the equation as well. Anything over that amount is subject to capital gains no matter what. The actual calculation for capital gains is not the simple one that we are used to NOB. IT'S COMPLICATED WITH A NUMBER OF FACTORS THAT HAVE TO BE TAKEN INTO CONSIDERATION.
This information should be confirmed by your Lawyer well in advance of putting your house on the market, so your butt is covered

I believe that Gringal is referring to those who WILL have to pay capital gains...that process is seriously hampered by having a lower purchase value on your deed.

O.K. thanks, it's gonna be complicated a bit I can just feel it. Ah well let's just see how all this shakes out.

by CHILLIN Sat Feb 02, 2013 3:17 pm

Another thing in Mexico - maybe everywhere - the more rich, powerful and well connected the family of the property is, be extra, extra careful!

by brercottage385 Sun Feb 03, 2013 5:43 pm

We closed in October 2012 and took possession a month ago. We used a great and highly recommended realtor from Chapala Realty - Thomas Hellyer! He is second to one - and made our experience an easy one. He also took care of the transfer of the electricity and telephone bills into our names. Connected us with the top notch Ontario #2 who took care of Wills and the like!

Pleased that you also had a good experience Bob!

Sadly the condition the house was left in is another story - for another time!

by joec Mon Feb 04, 2013 9:16 am

We also had a very good experience building a house here. We came to Mexico to visit friends, looked at 10 - 12 houses in different areas with our Realtor friend, a week later signed a P & S agreement to build. Went home in Sepember 2000 and sold our house near Christmas, in one month to 2nd looker. That's what you can do with a move in condition house.

We returned here on March 2001 to monitor the building of our house. Moved in August 2001. Lived here for one year and closed in August 2002.

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