Guide for Buying a Real Estate Property in San Miguel de Allende, Mexico

This is the step-by-step process to purchase a Real Estate Property in San Miguel de Allende.

1. 1. Research the local real estate market and set a budget in Mexican pesos or USD.

   2. Look for  a Mexican real estate agent with knowledge of the San Miguel de Allende Real Estate market.

   3. Visit properties and shortlist options, considering factors like proximity to amenities and colonial charm.

   4. Conduct thorough inspections, checking for structural integrity and verifying utilities like water and electricity.

   5. Request the "Avaluo" (property appraisal) and review the "Escritura" (property deed) to confirm ownership and encumbrances.

   6. Negotiate the purchase price and terms, including the "Arras" (earnest money) deposit, usually 5-10% of the property value.

   7. Hire a Mexican notary to draft the "Contrato de Promesa de Compraventa" (Promise of Sale Agreement), outlining conditions and timelines.

   8. Pay the "Enganche" (down payment), usually 10-30% of the property price, to the notary's escrow account.

   9. Secure financing if needed, obtaining a "Carta de Aprobación" (pre-approval letter) from a Mexican bank.

   10. Complete the "Due Diligence" process, including a title search and certificate from the Public Property Registry.

   11. Sign the final "Escritura" (property deed) at the notary's office, in the presence of both parties and the notary.

   12. Pay the remaining balance and closing costs, approximately 4-5% of the property price, and register the property with the Public Property Registry.

Proposal to Purchase: The first step in purchasing a home is to write a formal offer called the Proposal to Purchase. No earnest money is deposited at this stage.  This document provides a letter of intent to purchase a Seller’s home and briefly outlines general terms for the transaction such as the price, closing date, payment schedule timeline, contingencies, inclusions and exclusions. 

Inspection: Within 3 days of acceptance of the Proposal to purchase, typically, after the Proposal to Purchase is agreed upon by both parties, we try our best to complete an inspection prior to money being deposited into the Escrow account.  Inspectors typically check for the following:  electrical, gas, appliances and structure of home.  Any issues mentioned in the inspection report can be charged to the Seller for a reasonable amount , depending on the price of the property and this will be reflected in the Buy/Sell Agreement.  The price of this report is approximately $300-$500 USD depending on the size of the home and paid for by the buyer.

Buy/Sell Agreement: Within 3 days of receipt of the Inspection Report, the next step in purchasing a home is to complete the Buy/Sell Agreement.  This is a legal binding document that provides the details on the transaction and also establishes any penalties should either party decide to back out of the transaction.

Earnest Money Deposit: Within 3 days of signing the Buy/Sell Agreement, the buyer deposits 10% of the purchase price as earnest money into the Escrow Account.

Escrow Account: The cost of opening the Escrow account is $600 USD.  This cost is split between the Buyer and Seller.  The Buyer pays $300 USD and the Seller pays $300 USD.

Power of Attorney:  If the Buyer is unable to attend the closing, he or she may close with a Power of Attorney.  This costs approximately $4000 pesos.  

     Requested Documents: We require the following information in order to purchase a home in Mexico.

Affordable Homes for Sale, best investment   in San Miguel de Allende.

             This are a great investment for your future.

$4,800,000 MXN          4                            3                    417 m²              1050 m²          Single Family Homes

          CHANGE CURRENCY                          BEDROOMS                  FULL BATHS              INTERIOR                         LOT SIZE                                      PROPERTY TYPE

Best Investment, Lot for Sale Tematzcallis 

  $1,800,000 MXN            1,000 m²

               CHANGE CURRENCY                                                LOT SIZE                            

Can you imagine a place with spectacular views and sunsets full of intense colors, which will give you an impressive panoramic view every day. A place where you can build the home of your dreams. Yes it exists! 1000 m2 of corner land. Located in an extremely quiet area, it will allow you to enjoy the serenity you have always sought. Additionally, a pleasant breeze constantly runs through the area, providing a feeling of freshness and comfort.

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