Thinking of selling your property in the area, you'll be interested to read this blog ( Part 1 )
Posted on 2020-05-17 | by Poncho
During my years of being a Real Estate Agent, I saw different changes in the city, buyers and sellers, right now it is a file you must have to have prepared before you list your property ( well, that's my recommendation ) If not, ask your Real Estate Agent to help you and connect you with the people they have the latest information, that's why I sent an email to Orlando Santamaria, Real Estate Lawyer to find out more information for you and this article is in 2 parts.
Orlando said: " HI Alfonso, yes; when clients are thinking about selling their property they should put together a file that includes among others: their original deed, if they bought their property in 2014 or onwards they also should have the note of sale from the notario because this note of sale will be their proof of what they paid or the property and use against the selling price for capital gains. if they don't have that note of sale don´t panic, they simply have to call the notary where they signed that deed and they will provide them with that information.
When foreigners are selling our legislation says they can choose between paying 25% of the total selling amount or 35% of the net gain, 99% of the time clients choose to pay 35% of the net gain, other deductions you can apply are real estate commissions and improvements made to the property although you have to prove those improvements with valid "facturas", now if a foreigner has become a resident of Mexico you could use the exemption on capital gains but you have to meet certain requirements.
Personally, what I do in these cases I set up an appointment with my team, myself and my clients to take them to the hand and have everything ready for them, at the end of the day we are a team, you as the seller, us as the professionals to make the sale happen.
Stay tuned for part 2 in the next blog.