What is the process to buy a property in Mexico?
The properties in Lakeside are, for the most part, priced in U.S. dollars although there are a few that are priced in Mexican Pesos. Almost all sales are in cash as mortgages are not available to foreigners. In some situations owner-financing is available but it is not common and the interest rates tend to be high when it is available. Some Buyers have been able to self-finance their purchase with a home equity loan. A 10% deposit is required with an offer to purchase. This is usually handled with a U.S. or Canadian check or through a wire transfer. The balance is due usually 3 days before closing either by a certified check in U.S. funds or a wire transfer. Most closings are from 1 to 3 months from the accepted offer to purchase although a longer closing may be possible if agreeable to both parties. The closings are held before a Notary Public. A Notary Public in Mexico is not the same as a Notary Public in either Canada or the U.S. In Mexico, a Notary Public is a lawyer that has been
