Buying in Los cabos

July 1, 2021 5:40 am

For many people, owning a property in Los Cabos is a dream come true. Beautiful weather, pristine beaches, amazing restaurants and endless activities are just a few of the draws to this beautiful Mexican oasis. However, actually purchasing a property can be confusing, frustrating or daunting to many people. Especially to those who may not be able to afford a full cash purchase. That’s where we’re here to help.

First, let’s address the myths. Yes, foreigners can own property in Mexico. While it is true that foreigners cannot hold a title in their name within 100 KM from any shoreline in Mexico, there are legal trusts in place called fideicomisos that enable foreigners to own property fully protected and transferable indefinitely. Second, the government cannot take your property away from you. This is the same as in any country, like the United States. As long as your representatives do a full title search to ensure the property has a clean title history and the owners are allowed to sell that property, you are good.

If you are ready to move forward to purchase a property, find a reputable agent to represent you in the transaction. They will help you prepare an offer and get the ball moving. If you aren’t purchasing with a full cash offer, there are some mortgage options, including Global Mortgage, who work with many buyers in Los Cabos. Their team is incredibly adept at helping you navigate the waters in purchasing a property.

Now – to place some expectations. Things don’t move as quickly in Mexico as it may state-side. On average a transaction can take 3-4 months before you get to closing. But it is worth it and at the end of the journey you get to enjoy your property in Los Cabos. What are the steps?

1. Make an offer
2. Put 10% down in escrow
3. Ask about title insurance
4. Your team does the title search, gets the appraisal ordered and starts to prepare closing paperwork
5. Inquire about utilities and getting them set up in your name
6. Get ready for closing
7. Order a margarita

Now – the steps may be different depending on the transaction, but generally that’s how it goes. If you are getting a mortgage, there will be some additional steps but your team will be able to get all of that in order. Having worked with Global Mortgage in the past, I can assure you that you will be in great hands throughout the process.

If you are ready to take the next step, send us an email and Sofia will be in touch!