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Discover Baja Sur real estate insights: Q & A with Nick Fong

In this latest to Q and A with Nick Fong, you’ll uncover some great information regarding various aspects about real estate, especially in Baja Sur.  Being the broker and founder of Ronival Real Estate in Baja California Sur, and being the number one real estate broker in all of Mexico, you will gain some wonderful insight.

To begin, uncover the difference between a timeshare and a fractional purchase.  Then, learn about the purchase process and closing time for foreigners in Baja Sur. Next, learn whether you need to pay US taxes when living in Mexico.  Finally, discover the available financing options in Cabo and Baja Sur.

Continue reading to check out this very important information from the top real estate broker in Mexico – Nick Fong himself.

What is the difference between fractionals and timeshares?

The first fact that Nick Fong discusses in the video is how a timeshare is considered “right to use.”  To explain, you get a set amount of time to use the property every year. It’s a contract and it has a limited amount of time.

In the video, Nick states that a fractional is different.  Similar to a timeshare in one aspect, it is still not 100% usage.  But the big difference is that it’s a “titled property.”  As such, fractionals are a much safer way to own a property.  Also, they may be passed down to your heirs like normal real estate.

What is the Baja California Sur real estate purchase process

Within the Mexican Constitution, Article 27 requires that foreigners purchasing residential property in the restricted zone must obtain property rights through a Mexican bank trust, known as a fideicomiso.  Therefore, you need to set up a fideicomiso or Mexican corporation first.

If you’re asking yourself how long it takes, Nick has your answer. In the video, he says that it takes 60 to 90 days to close a sale in Baja Sur. But if you’re a foreigner, like from Canada or the United States along with any other country, it takes a little longer.

Are you responsible for paying US taxes when living in Mexico?

The United States is the only country in the world that requires its citizens to file taxes every year, regardless of what country in which they reside. And since you can file your taxes online, it’s easy. Therefore, the simple answer is yes. Just be sure to file your taxes prior to the 15th of April each and every year to comply.

Uncover your Baja California Sur  real estate financing options

To begin, Global Mortgage, which offers financing for foreigners, is a company that has been partnered-up with Ronival Real Estate for quite a long time now. The company is called Global Mortgage and it provides some amazing financing options in Cabo.

Although foreigners can buy real estate in Mexico, home financing can be limited. So if you’re from the United States, Canada, or elsewhere and purchasing real estate in Baja California Sur, there’s an amazing financing option available.

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 Discover Baja Sur real estate insights: Q & A with Nick Fong.  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.

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