Puerto Vallarta Forum (PV Bulletin Board)

Let's say I'm buying a condo, and I'll round the figure to $200,000 USD. Including any closing costs, setting up the trust, any other fees, etc., how much extra would be paid? Thanks!

if your purchase price is 200 thousand your closing costs to the notary willbe approx an additional 12000 dollars. if you are buying through a realtor for 200 thousand you will have an additional 16000 dollars for commission.
its best to buy direct.also keep in mind everything will be based in pesos not dollars as far as the notary and trust are concerned.if you sell you will also be subject to a 30 percent tax on any profit

That's quite steep... good thing I never bought in Vallarta. When I sold my house, the notary and paperwork added up to around 1.5k dollars, but the house was only 50K, even so... in proportion it doesn't add up. Is that because it's done with a Fideicomiso? Or is it just because it's gringos that are involved?

M.

the notary charged about 8 percent of the purchase price

All notaries charge 8%? As stated, in my case it was more like 1%...

you were very fortunate.in our condo there are 12 owners and we all filed about the same time with the notary.we did not use the actual purchase price but adjusted lowere by 50000 dollars so we would not have the higher closing costs.this maybe different if you are out of the restricted zone for ownership, as then you do not even need a bank trust.the other costs will be when you sell.you could still owe capital gains even if you sell at a loss
examaole
purchase price is 100000 dollars converted to pesos at 12 to the dollar= 1,200,0000 pesos
if the peso still devalues to say 16 pesos to the dollar you now have a capital gains on 100000 dollars x 16=1,600,0000
capital gains is 40,000 pesos