Life Style and Info Articles
Welcome to the fun and informative section of Banderas Bay Life. Here you can browse through Lifestyle Articles that will give you a heads up on everything from Art to the best place to get the latest real estate industry news, policies, FAQ and information on the purchase process in Mexico. Feel free to contact me with questions you have regarding any of the information in the articles found her.
The Future’s So Bright We Have to Wear Shades
This summer brought with it a market that has been as hot as the tropical weather. As always there is a silver lining to everything. This past year prices of real estate moderated to a more realistic playing field, which brought back the buyers. Puerto Vallarta is now experiencing a buyer’s market however do not expect it to last long.
Puerto Vallarta Announces First Medical and Wellness Expo
At a crowded press conference the details for the First Medical & Wellness Expo in Puerto Vallarta were announced. This event will be held at Plaza Caracol from September 25 – 27, 2009. Local promoter, Carlos Arceo, heads the organization of this expo that will feature the medical services in our local market provided by private companies. The importance of medical sector tourism was highlighted during the press conference, as members of this segment of the travel industry visit various countries around the world to discover professional medical services at a good price.
Capital Gains Tax (ISR) on the Sale of Homes in Mexico
This is a subject that everyone wants to know about and everyone wants to find a way to legally avoid. In an effort to keep you up to date, the following is the “cliff note” version of what you need to understand. In 2007 the Mexican government modified the rules pertaining to the exemption of income tax obtained in the sale of primary residences.
Ejido - Taking away the fear for foreigners
EJIDO. The word strikes fear and uncertainty into the minds of most foreigners. And well it should. Ejido properties (Mexican co-op farm land) are off limits to the foreign community, despite the fact that many have “purchased the rights to use” these properties through what is called a “prestanombre” (literally translated, lent name). However, for those who have dared to take the chance of not having legal title and borrowing the name of a trusted Mexican friend to hold their title, it appears that their risky behavior is about to pay off.
Find Homes For Sale
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Insuring Your Property's Title in Mexico
Title insurance in the United States is a contract that assures that the buyer will enjoy the property free of liens, encumbrances, limitations of domain or any other real estate rights. It is the obligation of the Title Company to review the title and authorize a clean transfer and enjoyment of the real estate. In México we have an office called "Registro Público de la Propiedad" which records transfers of title, limitations of domain, encumbrances, liens, etc.
A Ten Year Retrospective of Puerto Vallarta Real Estate
Ten years ago, it was very hard for realtors to explain the trust system that was then in place for acquisition of Mexican land rights for foreigners who would be purchasers This trust system, or Fideicomiso, was implemented in 1973 by the Mexican government and established a way in which foreigners could get the equivalent of an actual title.
Agents Pick Up Extra Business from Foreign Buyers
According to the National Association of Realtors, approximately 178,000 of its members closed a transaction with a foreign buyer in 2008, including approximately 61 percent of all Florida real estate agents. About the same number of agents had a deal fall through with a foreign buyer because of price, immigration laws, higher-than-expected property taxes or home insurance costs.