Closing costs for Buying Property in Lake Chapala Mexico? (Series Part 2)

Access Lake Chapala has put together a detailed Video Series regarding the most “Common questions when moving to Lake Chapala Mexico & Investing in Real Estate”. It covers many topics that we are constantly asked about and also shows you step by steps processes we go through with our clients when they decide to purchase property in the Ajijic & Lake Chapala Mexico area. You can also see our complete series on our Access Lake Chapala YouTube Channel.

Below is Part 2 of the Series:

How much are closing costs for Buying Property in Lake Chapala Mexico?

1. How much are closing costs in Mexico and who pays them?
In Mexico the “BUYER(s)” are responsible for all closing costs, which include “local, state and federal transfer taxes. The largest fees are the land transfer tax, notary fees and the appraisal. These fees are all based on the appraised tax value, not the actual purchase price. In general, the appraised value is about half of the purchase price. The Notary will provide closing cost breakdown prior to closing, itemizing each cost. You cannot avoid these closing costs as a buyer. They are an obligatory part of the legal process that allows a buyer to safely obtain property in Mexico.
Usually it is between 2.5% to 3.5% on the selling price, so to use an example of a home that sold for 200,000 USD, the closing cost would be between 4,000 USD and 7,000 USD.

2. Closing costs in Mexico are high, how much are property taxes?
Although closings costs in Mexico are higher than most are accustomed to in the USA or Canada, property taxes are extremely low. The average yearly property tax for a residential home would be 200 USD.

At Access Lake Chapala Real Estate we represent your best interest, so for more visit our YouTube Channel and website, our passion for the area shows in the content and quality of our website. We have thousands of pictures and videos related to the area including home tours, local traditions, events and more. Let our expertise and passion for Lake Chapala help you find your new home. We have highly qualified agents that can guide you through the process of buying your home. Please do not hesitate to contact us with any questions you might have. One of our agents would be happy to help you though the buying process and we are there for you every step of the way.

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