BUYING IN PUERTO VALLARTA
Buying property in Mexico isn't necessarily complicated, but the process may be different from what you're used to. Here are the important things to know before you start.
TIME
The timeline depends largely on how title is currently held and how it will be held after the purchase.
With a fideicomiso: Allow roughly 30-60 days when a trust must be created, transferred, or dissolved.
Direct title transfer: A straightforward titled property can sometimes close in 2-3 weeks.
Most foreign buyers in Puerto Vallarta will be dealing with a fideicomiso in some form.
MONEY
Cash market: Puerto Vallarta is largely a cash market.
Escrow: A 10% deposit is typical but negotiable.
Closing costs: Buyers should generally plan for closing costs of approximately 4-7% of the purchase price.
Currency matters: Consider both the currency specified for the purchase and the currency your funds are held in.
Discuss how the funds will be transferred before signing the offer - not when it's time to send them.
DOCUMENTS
BUYER PREPARATION GUIDE
The key preparation points are also available in a one-page guide you can keep handy as you get ready to buy.
Download the Buyer Preparation Guide ↓One-page PDF · No registration required
PLAN AHEAD
The closing team may need documentation from your financial institution showing the initiation of each wire transfer, including your name, sending account information, recipient escrow information and the amount transferred.
If funds are coming from a company, partnership, trust, or another account that is not in the purchaser's name, additional documentation may be required.
If you won't be in Puerto Vallarta for closing, discuss the available options with your agent and closing team well in advance.
Read the offer's penalty provisions carefully before signing. Depending on the terms, failure to perform can result in substantial penalties and may involve the buyer's escrow deposit.
THE PROCESS
Agree on key terms and sign a purchase agreement.
Property inspection and review of key documents - title, condominium regime, meeting records, etc.
Deposit funds as specified in the signed contract.
File permits, finalize paperwork, and coordinate fideicomiso work with the bank when applicable.
Complete the transaction with signatures on final paperwork.
Receive the keys and take possession.
FOREIGN OWNERSHIP
Foreign buyers can own property in Puerto Vallarta. Because the area is within Mexico's restricted coastal zone, ownership is generally held through a Mexican bank trust called a fideicomiso.
Understanding the Fideicomiso →WHEN YOU'RE READY
Part of our job is making sure you know what's needed, what's happening next, and who is responsible for it.
Buyer Preparation Guide ↓ PDF