If you’re wondering about the buying and selling process in Baja California Sur, you’ve come to the right place. Today, Nick Fong, the Ronival Real Estate broker and founder provides answers to some of the most commonly asked questions about the buying and selling process. So if you’re in the market for a new property, don’t miss this episode dedicated to real estate agents, new or experienced, as well as our clients, future clients, or clients of other companies that wish to know more.
Real estate agents play a vital role in helping buyers find the right property. Also, they help sellers find the right buyers. It’s not only about negotiating contracts, coordinating inspections, handling paperwork, and keeping everyone on track during the closing, it’s also about day-to-day questions in specific situations. You might be in one of these situations now and we’re here to help!
Read on to uncover what lies behind the buying and selling process in Baja Sur.
How does a home owner sell without a title in hand?
When an owner hasn’t received their title yet, probably from being under a contract that started when they made the purchase, there is a good way to still sell that property without delay. As Nick explains, this situation comes up often since the market has risen values so tremendously. This happens when the owner wants to upgrade to something else using the profit from the sale of their first purchase.
As a new buyer places an offer, the transaction can be executed with a new contract under the new sales price, so the first buyer can cash out their profit. This contract is with the developer, just like the original buyer had, but with the new price. As such, the new buyer will receive the title once it is released. In the video, Nick explains capital gains tax implications and how closing costs are handled – it’s not a simple solution but there are two options explained in the video.
Selling your home in Baja California Sur
Do you own land when buying a condo?
Nick Fong provides a simple answer to this question. That answer is no, land ownership is not part of your purchase agreement. But when you buy a condo, you do own the roof, floor, and the walls of the condo – they are yours. Also, you own a percentage of the development based on the number of condos and their actual sizes. This is stated within the CCNRs, which are the condo bylaws that give you a percentage of ownership.
See the latest immigration process in Mexico
Prior to buying a home in Mexico, you must have an immigration form. Recently, the process for filling out that immigration form has changed. As such, the latest immigration process is to fill it out online. This isn’t required for the average tourist coming into Mexico, but for those who seek to purchase real estate in Mexico.
What’s important to know is that if you intend on buying a home in Mexico, you need a tourist visa to close on a sale of your home. As Nick mentions in the video, many of the clients of Ronival Real Estate don’t have that tourist visa when they start the process. He quickly informs them that when they decide on a home to purchase, they need that visa to present to the notary at closing.
Listen to the full episode on Apple
https://apple.co/3EXflwo
or Spotify
https://spoti.fi/3MPXdqf
Work With Ronival Real Estate
Ronival Real Estate has helped thousands of buyers and sellers across Los Cabos since 2010. If you’re interested in Cabo Real Estate, our team can assist with everything from showings and negotiations to closing and property management. Have questions? Contact us here or call +52 (624) 227 5766.