Before you complete a real estate transaction in Mexico, it’s essential to account for closing costs in your financial plan. These closing costs in México are comprised of various fees and expenses associated with the property purchase. Typically, they add up to approximately 4% to 6% of the property’s purchase price.
Importantly, these closing costs are the responsibility of the buyer. It’s essential to budget for these expenses when planning your property purchase. On the other hand, the seller will have their own set of financial obligations, including other real estate fees and the payment of their capital gains taxes.
In summary, while closing costs are a necessary part of the property acquisition process in Mexico, they should be considered alongside the purchase price to ensure a comprehensive understanding of the financial aspects involved in your real estate transaction.
