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The closing costs for a purchase in Mexico will be higher than what
you would expect to pay in the United States. While your loan related
fees will not be substantially different than what you’re accustomed
to, the other fees you will be required to pay, including transfer taxes,
value assessment, legal fees, etc., can be a bit of a shock. A good
rule of thumb is to expect about $7000 in fixed fees plus 3% of the
purchase price for government fees and taxes. The amount will vary somewhat
depending on the location and your closing agent. Knowledge is power,
and we believe you should be armed with all the information you can
get. Of course, when you apply for a loan, we will give you a full written
disclosure (just like in the US) that will list all of the fees for
your specific transaction. Below is a general estimate of what you should
expect to pay for the various items that will appear on your closing
statement. If you would like a private consultation, please contact
us.
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Municipal Fees
Acquisition Tax = 2% of purchase price
Value estimation for property tax = .18% of purchase price
Public Registry Fee = .5% of purchase price
Certificate of Freedom from Liens = $150
Bank (Trust) Fees
Foreign Affairs Permit & Registration (SRE)= $1300
Trust Initiation = $375 to $690
Bank Trust Fee (also paid annually) = $375 to $690
Transaction & Legal Fees
Notario Fee = Based on purchase price, generally between $2500
- $6500 for larger transactions
Translation Fees = $100
Transaction Fee = $550 |
Escrow & Title
Escrow Fee = $550
Title Insurance (sometimes optional)= $3 to 7 per $1000
Loan Related Fees
Origination = Please inquire
Underwriting = $400
Administration Fee = $200
Processing = $895
Lender’s Appraisal Fee = .1% of purchase price
(max $1500) |
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