Are you curious about the buying and selling process in Baja Sur? If so, you’re in the right place. In this episode of The Nick Fong PODCAST, Nick answers some of the most commonly asked questions regarding the buying and selling process. That means, if you’re looking to purchase property in Baja Sur, be sure to watch this PODCAST dedicated to both new and experienced real estate agents as well as clients of Ronival Real Estate, future clients, or clients of other companies that are interested in learning the process.
Nick Fong, the Ronival Real Estate founder and broker reveals that real estate professionals are part of the vital role in helping sellers find the right buyers. Also, they help buyers find the right properties. They not only coordinate inspections, negotiate contracts, handle paperwork, and keep everyone on track during the process, they also answer the day-to-day questions when specific situations arise. You might be in one of these situations now. As such, we’re here to help you learn about the process for yourself!
Continue reading to see exactly what lies behind the scenes during the buying and selling process.
Prior to receiving the title, how does a home owner sell?
Before an owner has received their title, which usually occurs while under contract from when they made the purchase, there is a good way to still sell that property without delay. As Nick explains, this situation comes up often since the market has risen values so tremendously. This happens when the owner wants to upgrade to something else using the profit from the sale of their first purchase.
When a new buyer makes their offer on a property under contract with the developer, the transaction can be executed with a new contract. It will be under the new sales price. That way, the first buyer can cash out the profit from market increases. This contract is with the developer, just like the original buyer had, but with the new price. As such, the new buyer will receive the title once it is released. In the video, Nick explains capital gains tax implications and how closing costs are handled – it’s not a simple solution but there are two options explained in the video.
Does condo ownership equal land ownership?
According to Nick, the simple answer is no, you do not own land when you purchase a condo. As he says, when you own a condo, you just own the property itself. To explain, you own the walls, the floor, the roof. Also, you have the CCNR’s, which are the condo bylaws that give you a percentage of ownership based on the number of condos and their sizes within the development. In fact, that percentage is transcribed within the title itself.
The latest immigration process
Before buying a home in Mexico, you must have an immigration form. Recently, the process for filling out that immigration form has changed. As such, the latest immigration process is to fill it out online. This isn’t required for the average tourist coming into Mexico, but for those who seek to purchase real estate in Mexico.
The important thing to know is that if you intend on buying a home in Mexico, you need a tourist visa to close on a sale of your home. As Nick mentions in the video, many of the clients of Ronival Real Estate don’t have that tourist visa when they start the process. He quickly informs them that when they decide on a home to purchase, they need that visa to present to the notary at closing.
Listen to the full episode on Apple
https://apple.co/3EXflwo
or Spotify
https://spoti.fi/3MPXdqf
Baja California Sur real estate
Many Americans, Canadians, and people from other countries choose to make Los Cabos and other magical towns in Baja California Sur, Mexico, their home or vacation home. Discover how to purchase your dream home in Baja. Make an appointment with the top Real Estate Broker in Baja: Nick Fong, featured on HGTV’s Beachfront Bargain Hunt.
Since 2010, Ronival has been helping clients find the best homes in Cabo and throughout Baja California Sur. And, they’re highly-skilled negotiators that’ll get you the best price. Whether you plan to buy a property or quickly sell your Baja real estate, they’ve got you covered!
If you’d like to take a tour of a property in Cabo or anywhere else in Baja California Sur, just click CONTACT to inquire. Or, call directly at 619-831-2000. Ronival will be happy to answer your questions You can also schedule a time to show you around this breathtaking location.
Ronival on YouTube
See Nick Fong in action on his Ronival YouTube Channel. Find his videos on the Rovival VLOG, where you can read a short, yet in-depth post. Below is an example of one of Nick Fong’s Ronival videos:
Thank you for reading The real estate buying and selling process: BEHIND THE SCENES. Be sure to read other posts about Cabo and Baja California Sur on the Ronival blog. There, learn about the many wonderful aspects of Baja California Sur, Mexico, from blog posts like this.