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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. 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. 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. 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 = $690
Bank Trust Fee (also paid annually) = $690
Transaction & Legal Fees
Notario Fee = Based on purchase price, generally between $2500
- $8500 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 = $695
Lender’s Appraisal Fee = .1% of purchase price
(max $1500) |
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