It’s a great time to buy property in Mexico – let’s just say business is booming all over the country. Tropical cities like Puerto Vallarta are especially popular for foreigners, thanks to warm temperatures and coastal locations. As much fun as it sounds (and is), the process of buying real estate is never easy, and there are important things to know before you get started on this exciting journey. Never fear, at Paradise Properties we are well-versed in all the steps and the pitfalls along the way. We’re here with the full guide to buying Puerto Vallarta real estate for sale.

The Door is Open to Investors – Mostly

You don’t need to have resident status to own property in Mexico. You can absolutely own property in your own name, unless you are in the Zona Restringida, the restricted zone. This zone refers to the area 50 kilometers from an international border or the coast. For those who want to own property in places like Puerto Vallarta, it is necessary to set up a bank trust called a fideocomiso. You are fully in control of the purchase, sale and management of the property, and a bank of your choosing acts as trustee.

If you are hoping to purchase Puerto Vallarta real estate for sale, you can get your fideocomiso from the Department of Foreign Affairs.

Buying Process for Puerto Vallarta Real Estate for Sale

Here are some steps that are fairly standard when buying Puerto Vallarta real estate. If you are using a mortgage to buy your home, your realtor can help you find a broker that will work with you according to your budget and necessary terms. They will also be present for most of these steps.

1. The fun part – searching for property! Get busy searching according to your needs, desires and dreams. Book some viewings and really get to know what homes are available and what communities suit your lifestyle. Work with a trusted realtor that will help you search for properties that fit your lifestyle.
2. Your realtor will help you make an official buying offer and enter into negotiations once you’ve found the house of your dreams. A credible, experienced realtor like those at Paradise Properties will be advising you every step of the way and will maintain close contact with you.
3. Once a price has been agreed upon and your offer has been accepted, it’s time to contact your notary public. In Mexico, the notary public is perhaps the most key person in a real estate transaction. They will make sure that the title can be transferred with confidence. They are the only ones that can prepare and process a property deed.
4. Time for the sales contract. Your realtor can help with this step. It’s important to note that the official contract will always be the Spanish contract. A good realtor will also supply an English version of this contract for you to read, but the Spanish one is the legally binding version. 
5. To seal the deal, you will often make your downpayment at this point. This can vary but plan on putting down at least 20% of the house cost.
6. If you need a fideocomiso, this will be created at this point at the bank of your choice.
7. Your notary public will help to complete the purchase by having your house valued for tax purposes, arranging for any necessary due diligence checks or surveys, and having all documents (including the escrituras or title) signed and notarized.
8. It’s a done deal, congratulations! Your house will be legally registered within three months of closing.

If you’re ready to start searching for Puerto Vallarta real estate for sale, you’ve come to the right place. Paradise Properties is your one-stop shop for finding your home in this tropical wonderland. We are an agency with integrity and years of experience in the real estate buying and selling process.

Contact one of our real estate experts today and let’s get started.