A Guide to Acquiring Property Safely in Puerto Vallarta and Jalisco
Text by Lic. Alejandro Flores Von Borstel – Photos by Danilo Rottigni
- The first step is to retain the services of a specialized real estate company that will charge a 6 to 8% commission based on the property’s value. You must also choose a trusted notary public.
- Look for the abbreviations AMPI in the real estate company’s description, so that there will be a guarantee in legal review. This will facilitate the transaction since the closing period is fundamental.
- Make clear that the seller is in charge of all closing costs, including expenses, taxes, and fees.
- Analyze all financing possibilities. Now there is direct financing on short and medium terms for Mexican and foreigners. Foreigners also have mortgage credits to buy or build their vacation home in Mexico. This type of financing is available from firms such as Collateral Mortgage LTD, which grants credits of up to 50% of the value of the property, starting at $400.000.00 USD and for 20 years, to American citizens who wish to build, remodel or purchase a vacation property in Mexico.
Another way in which foreigners obtain funds to purchase real estate in our country is by obtaining financing using properties or assets in their home country as collateral.
The minimum down payment is 30%, and the annual interests start at 8.75%. The minimum credit is for the amount of $100.000.00 USD and the maximum is $800.000.00 USD. - The notary public acts as the responsible agent of the real estate property. It is not generally common to have title insurance but there are Mexican and foreign companies that do offer this service.
Having title insurance guarantees validity and priority of their rights on the property to the insured party (owner, trust holder, or mortgagee). It is also an indemnification contract between the insured and the company that issues the policy. An insurance title is also a detailed analysis and evaluation of the public and private documents and plans relating to the property’s deed.
In the case of loss or adverse complaint to the title insurance policy issued by a company, that company is obligated to:
- Compensate the insured party for losses suffered, whenever said loss or damage does not result from the titling or deeding problem that had been expressly exempted from the policy.
- Pay the legal costs of defence and protect the insured party faced with any claim that questions the validity and preference of their rights on the property.
- When possible, eliminate or resolve the fault or encumbrance that affects the title in question.
FAQ
- What is the safest part of Puerto Vallarta to stay in?
The Marina and the Romantic Zone are considered some of the safest areas to stay in Puerto Vallarta. Both areas are popular among tourists and offer a variety of accommodations, restaurants, and attractions. The Marina is known for its upscale atmosphere, luxury resorts, and high-end shops and restaurants. It has a very secure, controlled environment with 24/7 security personnel. The Romantic Zone offers a more authentic Mexican experience with cobblestone streets, colorful colonial buildings, and a vibrant mix of galleries, cafes, and bars. As a central tourist area, it also has a strong police presence and is considered very safe.
- Where do locals go in Puerto Vallarta?
Locals in Puerto Vallarta enjoy spending time at the city’s beautiful beaches, scenic parks, and lively local markets. Popular beach spots include Playa de Oro, Playa Las Animas, and Playa Camarones for their soft sand and calm waters. Many locals visit the Vallarta Botanical Gardens to enjoy the lush vegetation and hiking trails. They also frequent authentic local food venues like Birrieria las 3 Regiones taco stand, cafes like Cafecito Vallarta, and neighborhood bars like La Cerveceria Union. The downtown Lazaro Cardenas market is a favorite for produce, spices, crafts.
- Is Downtown Puerto Vallarta nice?
Yes, downtown Puerto Vallarta is an exceptionally nice and popular area, celebrated for its vibrant mix of historic Mexican charm and a lively beach town atmosphere. It features a picturesque historic center with cobblestone streets, colorful buildings, and the iconic Parish of Our Lady of Guadalupe church. The downtown seamlessly blends into the scenic Malecón, a beautiful oceanfront boardwalk lined with fascinating sculptures, shops, and restaurants, making it perfect for strolling and enjoying the stunning ocean views.
The area offers an excellent variety of dining, from upscale restaurants to authentic street food, along with fantastic shopping in boutiques and art galleries. Adjacent to the main center is the popular Zona Romántica (Romantic Zone), known for its trendy vibe and energetic nightlife. The entire downtown is considered safe and is very walkable, allowing visitors to easily explore its captivating blend of culture, cuisine, and coastal beauty on foot.
Tip: For an unforgettable experience, head down to the Malecón or any beachfront spot about 30 minutes before the scheduled sundown to watch the spectacular sunset over the bay.
- What is considered old town in Puerto Vallarta?
Old Town, also known as the Romantic Zone or Zona Romántica, is considered the historic heart of Puerto Vallarta. It is characterized by its picturesque cobblestone streets, classic whitewashed buildings, red-tiled roofs, and a lively mix of shops, galleries, restaurants and bars. Nestled between the Sierra Madre mountains and Banderas Bay, Old Town has a traditional Mexican village charm with its colonial architecture and slower pace compared to the rest of Puerto Vallarta. Its romantic ambience comes from the area’s natural beauty, outdoor cafes, and charming boutique hotels. Old Town offers visitors a taste of an authentic Mexican neighborhood.
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