San Jose del Cabo is the most magical little corner of the world. The art, restaurants, beaches, bars, nature, fishing, surfing, and more make San Jose an unforgettable place that everyone wants a piece of. And when I say everyone, I mean everyone. The last two years have pushed more and more people from the cities in the US and Canada to find their little slice of heaven by the beach, and the real estate market has been Booming with a capital B. So is the rental market, but that’s a story for another time.
As more and more folks come to buy or build here, more and more questions (and confusion) arise about how it works to buy & build in San Jose Del Cabo Mexico. It’s no secret things are done a bit differently down south. There’s not as much readily available, accurate, information (in English) online for folks to find out exactly what the buying process here is truly like. So, for my friends and clients, I’ve decided to create a series of videos explaining everything as clearly as possible.
STEP 1
Find an Agent. Not just any agent, but one who is licensed and works for a reputable brokerage. I live breathe and work in San Jose del Cabo, and this area is where I’m a specialist in the market.
STEP 2
Find a home or property you like. Work with your agent to submit an appropriate offer and understand all the fine print.
At this point, you will hear about something called a fideicomiso. You might be confused, but don’t worry. A fideicomiso is similar to a living trust in the states and Canada. The bank is the fiduciary, and the buyer (you) is the sole beneficiary with ALL the rights to the property. It’s sellable, willable, you can tear it down, build on it, etc etc (as your HOA allows). The trust acts in your favor by providing an extra layer of security proving you are indeed the rightful owner, and who exactly your property will go to in case something happens to you.
STEP 3
Submit your final deposit, earnest deposit, and finally your final deposit. Make sure you have a qualified agent who understands the importance of each. Keep in mind closings here take 3-6 months to complete, and the BUYER is responsible for the closing costs (5%-8% of the total cost).
For much more detailed information on the above, and information about building a home, watch my full video here.
Be sure to join my Facebook group, San Jose del Cabo Expats Collaborative for the next informational seminar.
If you want to submit a topic for the vlog, send me an email and your topic might just be next!
Til next time,
Amelia
