Acquiring a property is an operation that must be very well thought out before putting your signature on a contract, so if it is your first time buy one propertyit is necessary that you follow a series of steps so that your purchase is satisfactory.
For José Eugenio Castañeda Escobedo, notary 211 of Mexico City, although specifying the process of purchase – sale of a property It may seem like a simple act, it really is as long as you have the tools to conclude the procedure effectively.
Given this, the notary suggests following a series of steps so that the procedure for buying and selling a property be successful:
Consider all costs
Castañeda Escobedo explained that, in Mexico, any real estate acquisition generates costs such as:
- Taxes.
- Rights.
- Notary fees.
- Other expenses.
Therefore, they should be considered together with the cost of ownership. “Depending on the value of the home, these costs can fluctuate between 5 and 7% of the sale price depending on the state where the property is located.”
Compare payment methods
For Castañeda Escobedo, it is necessary to consider the form of payment for the property acquisitionbecause the budget will be different if the sale is made in cash or through a mortgage loan.
“Requesting a loan either from a bank or from a public entity such as Infonavit or Fovissste, implies facilities and advantages, but at the same time it can entail other associated expenses,” said the specialist.
In case it is acquired for a mortgage loan, the notary suggested comparing the different credit products that exist in the market, especially in matters such as interest rates, terms and amount of monthly payments.
Learn about the developer’s background
Castañeda Escobedo emphasized the need to know the background of the developer before signing a contract or handing over any sum of money. For this, he indicated that it is important to know if the builder has experience in the field, if he has delivered on time and if he has all the necessary permits and authorizations from the authorities.
“If it is a recently completed building, it is also very important to know the background of the seller, especially in terms of the quality of the materials used in the work or the seriousness in complying with the guarantee against hidden defects that the property may present,” he said.
Get advice from specialists
If as a buyer you have some doubts that the seller does not answer you as you wish, the notary suggested visiting the property in the company of specialists who can guide you, such as a trusted architect who can advise you on possible additional expenses, remodeling and the state in which the hydraulic and electrical installations are located.
Consider the type of regimen
For the notary, it is extremely important to know the property regimeeither in a condominium or a single house, since both represent advantages that must be known to make the final decision.
“Condominiums represent advantages due to security and lower maintenance costs, but we must not lose sight of the fact that coexistence with neighbors is not always easy,” said Castañeda Escobedo.
Likewise, the notary stressed that acquiring a house alone can represent advantages of greater independence, but it also implies other aspects to consider such as maintenance costs or property taxes, which are usually higher if you live in a condominium.
notarial advice
Castañeda Escobedo stressed that, in an operation of this nature, notarial advice is essential, since the notary will make sure that the selling party is indeed the one who has the right to legitimately dispose of the property and, in addition, will collect information to review all the history of the property and necessary documentation.
“(The notary) will confirm that the property is not seized or encumbered and if so, will make sure that these are canceled prior to the sale or simultaneously with the operation.”
